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Partnership - Meaning & Features

Steps involved in Establishing Business
Elements of Business
Class 9

Overview

Discuss about origin and need of Partnership; Discuss about reason for formation of partnership; Discuss the rights and obligations of partners; Discuss essentials of an ideal partnership; Discuss the merits of Partnership.

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Partnership Firm

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Related Questions to study

A and B entered into an agreement to carry on a business of manufacturing and selling toys. Each one of them contributed Rs. lakhs as their capital with a condition that A and B will share the profits equally, but the loss, if any is to be borne by A alone. Referring to the provisions of the Indian Partnership Act, decide whether there exists a partnership between A and B.

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Which of the following are the essentials of partnership?

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A partnership business doing the business of banking can have ______________.

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A particular partnership____________________ .

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Limited liability partnership possesses not more than 2 of the following character.
1. Limited liability
2. Raise funds from public
3. No separation of management from owners
4. No Restriction on number of partners.

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_________is an artificial person created by law, having separate entity, with perpetual succession and a common seal. 

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Suresh was an employee in ZPA & Co. a partnership firm with salary of Rs. 50,000 p.m. and he will get share of profit if he profits of the firm exceed Rs. 10 lakhs ____________________.

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Firm may be dissolved :
A. With the consent of all the partners.
B. In accordance with the contract between them.
Select the correct the answer from the options given.

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Every Partner shall indemnify the Firm for any loss caused to it by his fraud in the conduct of the Firm's business. However, the Parties may agree that some Partners need not indemnify the Firm.

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In normal trading business, which of the following would not be found in a partner's current account?

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