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Type of Partnerships
There are two main kinds of partnerships. Namely:
Ordinary Partnership - An ordinary partnership is one in which all members have unlimited liability. That is, they are all answerable to all the debts of the firm up to the extent of sale of their personal property.
Limited Partnerships - A limited partnership is one in which the liability of members is restricted to the amount of capital they have invested in the business. In such a partnership, however there must be at least one partner whose liability is unlimited. Limited partners do not participate in the management of the firm. A limited partnership must also register with the registrar of companies. In that case a partnership deed or article of partnership must be drawn up.
What are the Types of orders (i) Spot Delivery: Spot delivery means delivery and payment on the same day as date of the contract or on the next day. (ii) Hand Delivery:
LOMBARD COMPANY
The Balance Sheet of International Trade Ltd. as on 31/3/2008 is as under:- Liabilities Amount Assets
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