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प्रश्न
Explain the limitations of partnership.
उत्तर
Limitations of Partnership
(a) Unlimited liability: In a partnership, all the partners have unlimited liability. This means that if the firm’s assets fall short of the requirement for the repayment of the firm’s debts, then the personal assets of the partners can be used.
(b) Limited resources: Apartnership firm faces limited availability of finance, because of the restrictions imposed on the following fronts:
(i) maximum number of partners allowed in a partnership firm by definition
(ii) maximum number of new partners who can be admitted in the firm
Hence, as a result, a partnership firm faces financial constraints, which in turn impedes its growth prospects.
(c) Possibility of conflicts: In a partnership firm, the power of decision making is shared among the partners. This further depends on their respective levels of skills, capabilities and foresightedness. The differences in these qualities may possibly lead to conflicts among the partners.
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संबंधित प्रश्न
In partnership the liability of partners of a firm is unlimited.
Define 'partnership firm'. Explain its merits and demerits.
Long answer type question.
Define Joint Stock Company and explain its features.
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Group 'A'
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Group 'B'
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a. Public Company
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1. Father of Scientific Management
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b. Henry Fayol
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2. Corrective action taking.
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c. Controlling
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3. Commercial bank
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d. Reserve Bank Of India. (R.B.I.)
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4. Withdrawal after fixed period of time.
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e. Fixed deposit account
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5. Maximum 50 members.
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6. Central Bank
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7. Unlimited members
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8. Father of modern management
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9. Taking action against employees
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10. Withdrawal before the fixed period of time.
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Features of Joint Stock Company?
Distinguish between the following.
Joint Hindu Family firm and Partnership
State with reasons whether the following statement true or false.
In a partnership the liability of every partner of a firm is unlimited.
Write short answer of the following.
Define partnership and state its important features.
Feature of Partnership Firm?
State Whether the Following Statement Is True Or False (Give Reason).
The liability of the Karta is limited and that of coparceners is unlimited.
Explain the merits of partnership.
The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organisation is a sole proprietorship firm
(b) The organisation is a partnership firm with Anthony and Akbar as partners. Which of the two partners can the creditors approach for repayment of debt? Explain giving reasons
Define the following business entities:
Partnership
The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
