Significant features of partnership, Finance Basics

Significant Features of Partnership

1) The capital is contributed by the partners and no appeal is made to the public.

2) Like the sole proprietorship, a partnership has a limited life. It may be ended at any time by the death, withdrawal, bankruptcy or incapacity of any member of the firm.

3) Each partner acts as an agent of the firm with authority to enter into a contract or purchase of or sale of goods or services.

4) Each partner is personally responsible for all the debts of the firm. Thus the liability of the ordinary members of the firm is unlimited.

5) Responsibility, profit and losses are shared on the agreed basis.




Posted Date: 8/29/2012 6:03:44 AM | Location : United States

Related Discussions:- Significant features of partnership, Assignment Help, Ask Question on Significant features of partnership, Get Answer, Expert's Help, Significant features of partnership Discussions

Write discussion on Significant features of partnership
Your posts are moderated
Related Questions
Factors that Influence the Cost of Finance 1. Terms of reference - if short term, the cost is generally low and vice versa. 2. Economic conditions prevailing - If a com

Role of Stock Exchange in Economic Development The Roles of Stock Exchange in Economic Development are as follow: 1. Raising Capital for Businesses The Stock Exchange

The table below gives data on the average number of football games attended per year among a population of students at a small college, separately by major. All students are in one

monthly income $7,000 Monthly repay $911 what is the maximum I qualify for

I need help with : an introduction to financial markets and institutions , 2 edition , brown, nesiba, burton

investment procedure of mutual fund

What are the financial fluctuations? Financial Fluctuations: a. Financial market fluctuations can be a basis of macroeconomic instability. b. Are markets irrational? c

Profitability Ratio These ratios signify the performance of the firm in relation to its capability to derive returns or profit from investment or from sale of goods that is pr

Why are financial institutions heavily regulated, with specific focus on their ability to increase or reduce the money supply?

Stock Split and Reverse Split This is whereas a block of shares is broken down into smaller units or shares hence the number of ordinary shares rises and their respective par