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
Zoeckler Mowing & Landscaping''s year-end 2012 balance sheet lists current assets of $436,500, fixed assets of $551,500, current liabilities of $417,900, and long-term debt of $317

Management of Sole Proprietorship  In sole proprietorship the owner is usually in charge of day to day running of the business. If the business is large he may give some duties

A company that manufactures electrical appliances is looking at one of its lines (washing machines), where it offers three different levels of specification: Basic which sells for

Suppose an entrepreneur owns a firm which has two production opportunities. Technology A generates an output (net profit) of 10 in state 1, an output of 20 in state 2, and an outpu

how to do basic accountancy and what can i claim back


Business Finance and Financial Management Business finance is the process through which a financial manager or accountant gives finance for business use as and whenever it i

Cash and Bonus Issue - Dividend For a firm to pay cash dividends, it should contain adequate liquid funds.Though, under conditions of liquidity and financial constraints, a fi

Type of Partners 1) Active Partner 2) Sleeping Partner 3) Quasi or Nominal Partner 4) Minor Partner 5) Major Partner 6) In-coming Partner 7) Out-going Partner