Question

What is the meaning of partnership firm, registration of partnership firm and related concepts.

Answer 1

partnership is an agreement between two or more person to carryout business and share profit or loss in an agreed ratio. the partners firm in which the business are carryout are called partnership firm. in india registration of firm is not mandatory it is optional. non registered firm will not get any legal protection as a firm.in case of absence of proper agreement and incurred any dispute the provisions of indian partership act will apply to fix the profit sharing ratio,int. on capital,etc

Answer 2

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$\color{Pink}\boxed{\colorbox{Black}{❥Meaning}}$

Partnership is such a business system in which the ownership of the business remains with more than one person and in the same way it is managed by all the partners.

$\color{Pink}\boxed{\colorbox{Black}{❥Registration}}$

It is not compulsory to register a partnership firm. It's not mandatory.

$\color{Pink}\boxed{\colorbox{Black}{❥Number Of Partners}}$

Number of partner is more than one and maximum number is 100 according to companies act 2013.

$\color{Pink}\boxed{\colorbox{Black}{❥Relation By Agreement}}$

Partnership comes in existence by an agreement. This agreement can be oral or written. But it is better to have a written agreement.

$\color{Pink}\boxed{\colorbox{Black}{❥Liability}}$

In this type of firm liability is shared by all the partners. If any of the partner is not able to pay it then he or she have to sell his or her properties inorder to pay it.

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