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Question
Write short answer of the following.
State the types of partnership firm.
Solution
Partnership firms can be classified into the following categories:
i. On the basis of duration:
a. Partnership at will: This partnership exists as long as the partners wish to carry on the partnership. It comes to an end when a partner gives a notice to the firm regarding the withdrawal of his/her partnership from the business.
b. Particular partnership: It is formed for the accomplishment of a particular project. It comes to an end as soon as the project
gets completed or the period of partnership gets over.
ii. On the basis of liability:
a. General partnership: Under this partnership, partners have unlimited liability. The registration of the business is optional.
b. Limited partnership: Under this partnership, the liability of the partners is limited to the share they have in the partnership
agreement. Such partnerships must be compulsorily registered with the Registrar of Firms.
iii. On the basis of registration:
a. Registered partnership: Under this partnership, the firm must be registered under the Indian Partnership Act 1932.
b. Unregistered partnership: Such partnerships are not registered under the Indian Partnership Act 1932.
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