what do you understand by partnership firm ?
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partnership firm means a company in which two or more persons run bussiness . there liability is unlimited I.e. if firm fails to satisfy the loan or any borrowed money than there person assets will use fr clearing debts.they have voting rights &limited resources
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persons who have entered into partnership with one another to carry on a business are individually called partners, and collectively called as a partnership firm and the name under which their business is carried on is called the firm name.
a partnership firm is not a separate legal entity distinct from it's members. It is merely a collective name given to the individuals composing it. Hence, unlike a company which has a separate legal entity distinct from its members, a firm cannot possess property or employee servants, neither it can be a debtor or a creditor. it cannot sue or be sued by others.
a partnership firm is not a separate legal entity distinct from it's members. It is merely a collective name given to the individuals composing it. Hence, unlike a company which has a separate legal entity distinct from its members, a firm cannot possess property or employee servants, neither it can be a debtor or a creditor. it cannot sue or be sued by others.
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