PARTNERSHIP
Hello Readers, How are you all today? It's
Beautiful to be here with y'all doing this now and being a source of help to
you all. I thank God everyday for meeting you all and being able to write to
you and generally interact with you all. Let's Get Started.....
Types of
Partnership:
a. Limited
Partnership is a type of partnership which is formed and registered under
the Limited Partnership Act. In a Limited Partnership, there must be one
general partner with unlimited liability and one limited partner whose
liability is limited to the amount invested. The Partners cannot take equal
part in management and administration of the business. The Limited Partner can
have access to the account of the partnership.
Features of Limited Partnership:
* A Limited Partner cannot participate in the
Management of the Business.
* Liability is Limited but there must be a
partner with Unlimited Liability.
* It must be
Registered.
b. General/Ordinary
Partnership is a partnership where partners have equal responsibility and
risk in the business. All Partners are agents of the Firm and they all share
the
