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Types of Partnerships

Steps involved in Establishing Business
Elements of Business
Class 9

Overview

Discuss the types of partnership firms; Discuss about the concept of limited liability; Discuss about advantages and disadvantages of limited liability partnership; Discuss the dissolution of partnership firms.

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Advanced Knowledge of Partnership Firm

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Related Questions to study

After dissolution, the authority to bind the Firm, other mutual rights and liabilities of Partners continue, in so far as may be necessary _____________.

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Which of the following is/are advantage of LLP?

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After dissolution, the Firm is not bound by the acts of a Partner who __________.

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On which of the following grounds, court may dissolve a firm at the suit of a partner?

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A partner of a trading or non trading firm signs a Negotiable instrument liability incurs in _____________.

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Any change in the relations of partners due to admission, retirement or death of partner is called _______________.

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Which of the following statement is incorrect as to a minor's position in a partnership firm?

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Upon dissolution, which is the proper order for application of the Firm's assets?
I.     Payment of Debts & Liabilities of the Firm
II.    Payment of Partner's Loan
III.  Payment of Partner's Capital
IV.   Distribution of Surplus to Partners in their Profit Sharing Ratio.

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Identify the disadvantage of LLP.

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In which of the following case Garner Vs Murray rule is NOT applicable?
. Only one partner is solvent.
. All partners are insolvent.
. When partnership deed provides a specific method to be followed in case of insolvency of a partner
Select the correct answer from the options given.

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