Write short note on type of partnership firm.
Answers
Answer:
Partnership is one of the most commonly formed type of business organizations. It has further types such as General partnership, Limited partnership, limited liability partnership and limited liability limited partnership. Various people have different reasons for choosing he different types of partnerships. For instance, in a general partnership its much easier to form, there are less legal requirements and has the benefit of low cost of formation which is why its preferred. On the other-hand in a limited partnership there is unlimited liability present for the general partners who take on small projects in their business. And the other two types remaining also have their distinct characteristics.
Answer:
As per the question
There may be different kinds of partnership firm
Active partner
Nominal partner
Senior Partner
Junior Partner
Secret partner
Minor partner
A partnership is an unincorporated business owned by two or more partners A partnership often is referred to as a firm
Partnership firm is an agreement between two or more persons who have agreed to profits and losses of the business carried on by ball or any one of them acting upon all. " -as per Sec ( 4 ) . partnership act 1932.