This is the ppt about partnership i hav done for my project and i am implementing it here so it will be helpful to everyone particularly who search for this topic THANK Q

1. Financial accounting
SUB:PARTNERSHI
P
BY:

2. EXAMPLES…….,
 MC DONALDS –RICHARDS AND MAURICE DONALD
 HP BILL HEWLETT AND DAVE PACKARD
 WB(WARNERBROS)-SAM, JACK,HARRY,ALBERT WARNER
 MICROSOFT –BILL GATES AND PAUL ALLEN
 APPLE INC. STEVE JOBS AND STEVE WOZNIAK
 GOOGLE LARRY PAGE AND SERGEY BRIN
 TWITTER – EVAN WILLIAMS,BIZ STONE AND JACK DORSEY

3. FATHER OF ACCOUNTING
Luca Bartolomeo Pacioli aka
Birth date : 1446 – 1447
Died: June 19, 1517
Parents : Bartholomeus Pacioli

4. PARTNERSHI
P

5. PARTNERSHIP
DEED
It is a document that defines the rights and
obligations of a partner. Besides
namer,address,occupations of partner it lays
down the duration of the business,profit
share ratio,rights,salry,commissions etc..

6. 1: GENERALPARTNERSHIP
2: LIMITED PARTNERSHIP
3: LIMITED LIABILITY
PARTNERSHIP (LLP)
TYPES OF PARTNERSHIP

7. 1.GENERAL PARTNERSHIPS
A partnership arises whenever two or more people co-own a
business and share in the profits and losses of the business.
Other business legal structures include sole proprietorships,
limited liability companies (LLCs), corporations, and
nonprofit corporations. In a partnership, each person
contributes something to the business -- such as ideas,
money, property, or some ,combination of these. Management
rights, profit share, and personal liability will vary
depending on which of the three modern partnership forms the
business takes: general partnership, limited partnership, or
limited liability partnership (LLP). Below are basic
summaries of the main types of business partnerships.

8. 2:LIMITED PARTNERSHIP
A limited partnership allows each partner to restrict
his or her personal liability to the amount of his or
her business investment. Not every partner can
benefit from this limitation at least one participant
must accept general partnership status, exposing
himself or herself to full personal liability for the
business's debts and obligations. The general
partner retains the right to control the business,
while the limited partners does not participate in
management decisions. Both general and limited
partners benefit from business profits

9. 3.LIMITED LIABILITY
PARTNERSHIPS
Limited Liability Partnerships (LLP) Limited liability partnerships (LLP) retain the tax
advantages of the general partnership form, but offer some personal liability
protection to the participants. Individual partners in a limited liability partnership are
not personally responsible for the wrongful acts of other partners, or for the debts or
obligations of the business. Because the LLP form changes some of the fundamental
aspects of the traditional partnership, some state tax authorities may subject a limited
liability partnership to non-partnership tax rules. The Internal Revenue Service views
these businesses as partnerships, however, and allows partners to use the pass
through technique. Existing partnerships that wish to take advantage of LLP status do
not need to modify their existing partnership agreement, though they may choose to
do so. In order to change status, a partnership simply files an application for
registration as a limited liability partnership with the appropriate state agency. All
states require disclosure of the partnership's name and principle place of business.
Some states also require, among other things, identification of the number of
partners, a brief description of the business, a statement that the partnership will
maintain insurance., and written acknowledgment that the limited liability status may
expire.
Partnership_steed
It is a document that defines the rights and obligations of a partner. Besides
namer,address,occupations of partner it lays down the duration of the business,profit
share ratio,rights,salry,commissions etc..

10. TYPES OF PARTNERSHIP
 ACTIVE PARTNER
 SLEEPING PARTNER
 NOMINAL PARTNER
 PARTNER IN PROFITS
 SUB PARTNERS
 PARTNERSHIP BY ESTOPPEL
 MINOR PARTNER

11. TYPES OF PARTNER
 ACTIVE PARTNER - partner who takes an active part in the management of
the business is called active partner. He may also be called 'actual' or
'ostensible' partner. He is an agent of the other partners in the ordinary course
of business of the firm and considered a full fledged partner in the real
sense of the term.
 SLEEPING PARTNER - A sleeping or dormant partner is one who does not
take any active part in the management of the business. He contributes capital
and shares'the profits which is usually less than that of the active partners. He
is liable for all the de of the firm but his relationship with the firm is not
disclosed to the general public.
 NOMINAL PARTNERS-A partner who simply lends his name to the firm is
called nominal partner. He neither contributes any capital nor shares in the
profits or take part the management of the business. But he is liable to third
parties like other partners. A nominal partner must be distinguished from the
sleeping partner. While the nominal partner is known to the outsiders and does
not share in the profits, the sleeping partner shares the profit a his relationship
is kept secret

12.  PARTNER IN PROFIT - A partner who shares in the profits only without being
liable of the losses is known as partner in profits. He does not take part in
the management of the business but he is liable to third parties for all the
debts of the firm.
 SUB-PARTNER - When a stranger shares the profits derived from the firm by a
partner he is regarded as a sub-partner. A sub-partner is in no way connected
with the firm or he not a partner of the firm. He is simply a partners' partner.
Therefore, he has no rights again the firm nor he is liablle for the debts of the
firm. He only shares profits from a partner.
 PARTNER BY ESTOPPEL OR HOLDING OUT - When a partner is not a partner
but represent to the outside world that he is a partner in a firm, he is
stopped or prevented from denying the truth. He is considered as a partner
in the eyes of law. Similarly, if a person is declared i be a partner by a
partner of a firm and such person remained silent without denying it, he also
considered a partner by holding out. Thus, such persons are liable to
outsiders i partners n the principle of estoppel or holding out because on
faith of their representation action outsiders have granted credit to the firm
 MINOR PARTNER - Partnership arises from contract and a minor is
not competent to enter into contract. Therefore, strictly speaking, a
minor cannot be a full-fledged partners. But with the consent of all the
partners he can be admitted into partnership for benefits only. He is not
personally liable to third parties for the debts of the firm, on attaining
majority, if he continues as a partner, his liability will become unlimited
with effect from the date of hi original admission into the firm.

13. DUTIES OF PARTNER
 LOYALTY AND GOOD FAITH
 OBEDIENCE
 REASONABLE CARE
 INFORMATION
 MANAGEMENT
 INSPECTION OF BOOKS
 SHARE OF PROFITS

14. DUTIES
 LOYALITY AND GOOD FAITH - Each partner must act in good faith
toward the other partners and must not take any advantage over the other
partners by misrepresentation or concealment. Each partner owes a duty of
loyalty to the partnership, and this duty bars the making of any secret profit
at the expense of the firm and bars the use of the firm's property for
personal benefit. A partner cannot promote a competing business, and if he
does so, he can be liable for any damages sustained by the partnership.
 OBEDIENCE - Partners must observe any limitations adopted by a
majority of the partners with regard to the ordinary details of the partnership
business. For example, if a majority of the partners operate a retail store and
decide that no sales can be made on credit, a partner placed in charge of
the store must obey this limitation. If a third person does not know of the
limitation, the managing partner will have the power to make a binding sale
on credit to such a person, but if the third person does not pay his bill, the
partner who violated the limitation is liable for any loss caused by his
disobedience to the limitation.
 REASONABLE CARE - A partner must use reasonable care in
transacting the partnership's business and is liable for any loss
resulting from a failure to act with reasonable care.

15.  INFORMATION - A partner has the duty to inform the partnership of
all matters relevant to the partnership. For example, if one partner
is going to buy out the interest of another partner, this must be
revealed to the partnership.
 MANAGEMENT - Each partner has the right to take an
equal part in transacting the business of the partnership. It is
irrelevant that one partner contributed more than another
financially or that one contributed only services when the
partnership was farmed.
 INSPECTION OF BOOKS - All partners are equally entitled to
inspect the books of the partnership
 SHARE OF PROFIT - Each partner is entitled to a share of the
profits. The partners may provide that profits shall be shared in
unequal proportions. However, in the absence of such an
agreement, each partner is entitled to an equal share of the profits
without regard to the amount of capital or services contributed to
the partnership by each partner.

16. EXAMPLES…….,
 MC DONALDS –RICHARDS AND MAURICE DONALD
 HP BILL HEWLETT AND DAVE PACKARD
 WB(WARNERBROS)-SAM, JACK,HARRY,ALBERT WARNER
 MICROSOFT –BILL GATES AND PAUL ALLEN
 APPLE INC. STEVE JOBS AND STEVE WOZNIAK
 GOOGLE LARRY PAGE AND SERGEY BRIN
 TWITTER – EVAN WILLIAMS,BIZ STONE AND JACK DORSEY

17. PPT BY :- SHREYAS S