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प्रश्न
Write short answer of the following.
Define partnership and state its important features.
उत्तर
Partnership 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 some of the important features of partnership:
i. Easy formation: A partnership firm requires an agreement (oral or written) among its members to share the profits and losses as per the specified ratio.
ii. Unlimited liability: All the partners have unlimited liability. In other words, if the business assets fail to meet all the business debts, personal properties of the partners can be utilised for the purpose.
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. Number of members: In a partnership business, the minimum number of members is 2 and the maximum number of members is 20. However, for a banking business, the maximum number of members is 10.
vi. Continuity: According to the Partnership Act, the death, lunacy, insolvency or insanity of any of the partners ends the partnership.
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संबंधित प्रश्न
Indian Partnership Act was passed in the year...............................
Define 'partnership firm'. Explain its merits and demerits.
A Joint Stock Company can raise huge capital.
Write a word or a phrase or a term which can substitute the following.
A partner who gives his name to a partnership firm.
Long answer type question.
Define Joint Stock Company and explain its features.
Write the word. or phrase or tenn which can substitute the following statement~:
The senior most family member of a Joint· Hindu family firm.
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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?
Define Partnership Firm and explain its features
Feature of Partnership Firm?
State Whether the Following Statement Are True Or False (Give Reason).
A partnership agreement cen be verbal or written.
Why is partnership considered by some to be a relatively unpopular form of business ownership?
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 ______.
