Advertisements
Advertisements
प्रश्न
Define Partnership Firm and explain its features
उत्तर
A partnership firm is a form of organisation wherein two or more persons work together, pool funds and share the profits earned (or bear the losses incurred).
The following are features of a partnership firm:
i. Easy formation: A partnership firm requires an agreement (oral or written) among the members on the share of profits and losses.
ii. Unlimited liability: In a partnership, all partners have unlimited liability. That is, all partners are liable for the debts of the firm to an unlimited extent.
iii. Risk bearing: The risk associated with the fluctuations in the firm’s profits is borne jointly by the partners. This reduces the burden on each partner.
iv. Sharing of decision making and control: In a partnership firm, the decision making and control are shared by the partners.
v. Agreement: A partnership requires an agreement (oral or written) between two or more partners.
APPEARS IN
संबंधित प्रश्न
Indian Partnership Act was passed in the year...............................
Distinguish between Partnership Firm Joint Stock Company
|
Group 'A'
|
Group 'B'
|
|
a. Public Company
|
1. Father of Scientific Management
|
|
b. Henry Fayol
|
2. Corrective action taking.
|
|
c. Controlling
|
3. Commercial bank
|
|
d. Reserve Bank Of India. (R.B.I.)
|
4. Withdrawal after fixed period of time.
|
|
e. Fixed deposit account
|
5. Maximum 50 members.
|
|
6. Central Bank
|
|
|
7. Unlimited members
|
|
|
8. Father of modern management
|
|
|
9. Taking action against employees
|
|
|
10. Withdrawal before the fixed period of time.
|
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.
Feature of Partnership Firm?
State Whether the Following Statement Are True Or False (Give Reason).
A partnership agreement cen be verbal or written.
State Whether the Following Statement Are True Or False (Give Reason)
The liability of partners is limited.
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.
Explain the limitations of partnership.
In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
