Tag Archives | Partnership

What is Partnership?

Everything you need to know about what is partnership. The partnership deed is a must for a partnership. Indian Partnership Act defines certain rights and duties of a partner, but mostly the provisions of the Act come into operation only when there is no agreements among the partners. If there is no agreement, differences may […]

What are the essential contents of a Partnership Deed ?

Partnership is formed by an agreement. The agreement nay be verbal or in writing or may be inferred from the conduct of the partners. To avoid future disputes and differences between the partners it is desirable to have a written agreement.

What are the different types of partners in a partnership firm ?

Partner who takes an active part in the management of the business is called active partner. He may also be called ‘actual’ or ‘ostensible’ partner. He is an agent of the other partners in the ordinary course of business of the firm and considered a full fledged partner in the real sense of the term.

What are the different Kinds of Partnership that you can do in India ?

The partnership may be broadly divided into two kinds such as general partnership and limited partnership. The partnership arises from agreement among persons who share the profits of a business with joint and separate liability, the business being carried on by all the partners or any of them acting on behalf of others.

What is the difference between Partnership and Co-ownership?

Co-ownership means joint ownership of some property which does not necessarily result in partnership. In partnership, the partners are necessarily co-owners of the proper the firm, but in co-ownership the co-owners are not necessarily partners. The enterprise may also go for business of co-ownership.

What are the characteristics of Partnership?

If the entrepreneur individually unable to take up the business because of shortcomings attached to sole proprietor form of business, he may go for partnership form of business nose characteristics or essential features are as follows:

Write a brief note on partnership in your own words

A sole proprietorship as one man business is characterized by limited financial resources limited managerial capability, unlimited liability for the obligations of the business etc. to mention a few.

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