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Partnership (sem 3)
 

Partnership (sem 3)

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    Partnership (sem 3) Partnership (sem 3) Presentation Transcript

    • PARTNERSHIPNAME :FRAZER TAYLORSTD: SYBCOM BROLL NO: C-10 4437
    • SUB TOPICS DEFINITIONREGISTRATION ELEMENTS OF OF A FIRM PARTNERSHIP FORMATION TYPES OF OFPARTNERSHIPS PARTNERSHIP DIFF CLASSES OF PARTNERS
    • DEFINITION A legal form of business operation between two or more individuals who share management and profits.
    • ELEMENTS OF PARTNERSHIP 1) PERSONS 2) RESTRICTION ON THE NO OF PERSON 3) WHO HAVE AGREED 4) THE PROFIT OF A BUSINESS 5) CARRIED ON BY ALL 6) MUTUAL AGENCY
    • MEANING1)PARTNERS2)PARTNERSHIP3)FIRM4)FIRM NAME
    • FORMATION OF A PARTNERSHIP1) THE DEED OF PARTNERSHIP: Partnership deed is the document that deals with the rights and obligations of the partnership. 2) WHO MAY BE PARTNERS: Major, sound mind etc
    • DIFFERENT CLASSES OF PARTNERS 1) ACTIVE PARTNERS 5) PARTNERS 2) DORMANT SHARING OR SLEEPINGPROFITS ONLY PARTNERS 4) SUB 3) NOMINAL PARTNERS PARTNERS
    • 1) Active partners: The partners who actively participate They contribute capital2) Dormant, or sleeping Partners: Do not participate. Only contribute capital
    • 3) Nominal partners: allow the firm to use their “name” as a partner. They do not invest any capital4) Sub partners: If a partner wants to share his profits to others he can enter into the partnership with others stating the profit sharing levels or ratio.5) Partners sharing profits only: Partners who does not like loss bearing can enter into partnership sharing only the profit.
    • 3 TYPES OF PARTNERSHIP PARTNERSHIP 3) LIMITED 1) GENERAL 2) LIMITED LIABILITYPARTNERSHIP PARTNERSHIP PARTNERSHIP
    • 1) GENERAL PARTNERSHIP Each general partner takes part in the management of the business. If one partner is sued, all partners are held liable.
    • 2) LIMITED LIABILITIES A limited partner does not participate, and his liability is limited. They only provide an investment and receive a share of the profits.
    • 3) LIMITED LIABILITY PARTNERSHIP closer to a limited liability company (LLC). In the LLP, all partners have limited liability. partners involved in wrongful or negligent acts are still personally liable, but other partners are protected from liability for those acts.
    • MINOR AS A PARTNER In special cases a minor can be admitted as partner with certain conditions. A minor can only share the profit of the business. In case of loss his liability is limited to the extent of his capital contribution for the business.
    • REGISTRATION OF FIRMS Business registration is very important in running a business. Registration of a company is very important as there are many provisions in the company registration.
    • THANK YOU…..