TYPES OF PARTNERSHIP FIRM
1. General or Unlimited Partnership
A partnership in which the liability of all the partners is
unlimited is known as unlimited partnership. All the partners can
take part in the working of the business. In India, only this kind of
partnership exists. General partnership can be classified into three
types such as partnership-at-will, particular partnership and joint
venture. They are discussed below.
a. Partnership–at–will
Partnership-at-will is a partnership which is formed to carry
on business without specifying any period of time. The life of such
a partnership continues as long as the partners are willing to continue
it as such. The partnership can be terminated, if any partner notifies
his desire to quit.
b. Particular Partnership
It is a partnership established for a stipulated period of time
or for the completion of a specified venture. It automatically comes
to an end with the expiry of the stipulated period or on the
completion of the specified venture, as the case may be. For
example, a partnership may be created for one year only. When the
time lapses, the partnership comes to an end.
c. Joint Venture
A joint venture is a temporary partnership which is formed
to complete a specific venture or job during a specified period of
time. Every partner does not have the right of implied agency. No
partner can withdraw his interest in the firm before the completion
of the venture. For example, a partnership is formed for the
construction of a building. The partnership comes to an end if the
construction is over.
2. Limited Partnership
A partnership in which the liability of the partner is limited
is called limited partnership. The Law does not permit the formation
of a limited partnership in India. But in Europe and U.S.A. limited
partnership is allowed. A limited partnership firm must have at
least one partner whose liability is unlimited. The liability of
remaining partners is limited. Thus limited partnership consists of
two types of partners, general partner and limited partner.
1. General or Unlimited Partnership
A partnership in which the liability of all the partners is
unlimited is known as unlimited partnership. All the partners can
take part in the working of the business. In India, only this kind of
partnership exists. General partnership can be classified into three
types such as partnership-at-will, particular partnership and joint
venture. They are discussed below.
a. Partnership–at–will
Partnership-at-will is a partnership which is formed to carry
on business without specifying any period of time. The life of such
a partnership continues as long as the partners are willing to continue
it as such. The partnership can be terminated, if any partner notifies
his desire to quit.
b. Particular Partnership
It is a partnership established for a stipulated period of time
or for the completion of a specified venture. It automatically comes
to an end with the expiry of the stipulated period or on the
completion of the specified venture, as the case may be. For
example, a partnership may be created for one year only. When the
time lapses, the partnership comes to an end.
c. Joint Venture
A joint venture is a temporary partnership which is formed
to complete a specific venture or job during a specified period of
time. Every partner does not have the right of implied agency. No
partner can withdraw his interest in the firm before the completion
of the venture. For example, a partnership is formed for the
construction of a building. The partnership comes to an end if the
construction is over.
2. Limited Partnership
A partnership in which the liability of the partner is limited
is called limited partnership. The Law does not permit the formation
of a limited partnership in India. But in Europe and U.S.A. limited
partnership is allowed. A limited partnership firm must have at
least one partner whose liability is unlimited. The liability of
remaining partners is limited. Thus limited partnership consists of
two types of partners, general partner and limited partner.
Thanks for sharing such a good information. A partnership company is an entity founded with two or more individuals to run a business with a view to earning income. Click here to know more: partnership deed format
ReplyDeletewant to know more about this related kind of information check Company Registration in ahmedabad.
ReplyDeleteand the blog was very useful for me man thx
company Registration is the start for all kind of business startup's with our professional you can get the process done fast Company Registration in hyderabad
ReplyDeleteIf one or more people come together and create a new business entity, they enter into an agreement known as a partnership. Reach us to get to know about Partnership Deed Format
ReplyDeleteThanks for sharing this informative blog.
ReplyDeleteFirm Registration
Thank you, Visit to our Vakilsearch website to Partnership firm registration online
ReplyDeletePartnering Facilitator Wow, cool post. I'd like to write like this too - taking time and real hard work to make a great article... but I put things off too much and never seem to get started. Thanks though.
ReplyDeleteA Partnership is one of the main types of a business association. A partnership firm is the place where at least two people meet up to shape a business and gap the benefits in a concurred proportion. The partnership business incorporates any sort of exchange, occupation and calling. A partnership firm is not difficult to frame with less compliances when contrasted with organizations.
ReplyDeleteNidhi consultancy helps in registration of many things such as partnership firm registration in delhi, new company registration in delhi etc. We help in many other things also msme registration in delhi, gst return filing in delhi and others. For our services you can contact us or please visit at our website.
Nidhi Consultancy
Thank you for Sharing Useful information.The most common type of legal entity is company registration. It is not easy to start a business. Certain businesses can make a significant difference in people's lives
ReplyDelete<a href="https://www.infinityjaipur.com/company-registration-in-jaipur</a>
A form of agreement between two or more parties for structuring a new business of joint venture agreement format. It usually involves the formation of a new company.
ReplyDeleteGet CMBT bus stand advertising agency and Hoardings in chennai through Eumaxindia over Chennai cities. Look at cities, pics and get a free quote.
ReplyDeleteHoarding Advertising in Chennai
This significant goal turns out to be particularly difficult with an outsider specialist co-op who doesn't work under similar business regulations and guidelines. pourtek.com
ReplyDeleteMake sure to acquire the business cards and corporate exposure guarantee. in the press
ReplyDeleteThank You So Much For Posting a Informative Post. Keep Sharing. Get in touch with us for ISO Certifications and Company Registration Services.
ReplyDeleteCompany Registration Services
Trademark Registration Services
ISO Certifications
n most pessimistic scenario conditions, in the event that they can't redress the issue without further ado basically they can tow your vehicle to the nearest administration station.
ReplyDeletetowing near me
n most pessimistic scenario conditions, in the event that they can't redress the issue without further ado basically they can tow your vehicle to the nearest administration station.
ReplyDeletetowing near me
I recently went through Partnership Firm Registration in Delhi with Taxcellent, and it was smoother than I expected. Their guidance made a big difference. Highly recommend their services for anyone starting a business!
ReplyDelete