Sponsored Links


+ Reply to Thread
Results 1 to 1 of 1

Thread: Define partnership. What are the essentials of partnership

  1. #1
    Administrator Xpert's Avatar Users Flag!
    Join Date
    May 2010
    Location
    Jhelum
    Posts
    5,683

    Moodle Define partnership. What are the essentials of partnership

    Sponsored Links


    Partnership
    Q. Define partnership. What are the essentials of partnership.
    1. Introduction:
    A partnership is mean of bringing together the person who can contributes capital skill for expansion of business. This type of business is very popular in our country.
    2. Definition:
    According to Sec. 4
    “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all”.
    3. Elements of partnership:
    Following are the features of partnership.
    (i) It is the result of an agreement.
    (ii) Agreement is between two or more persons.
    (iii) It is organized to carry on some business.
    (iv) Persons should be agree to share the profit of business.
    (v) Business is to be carried on by all or any of them acting for all.
    4. Feature of partnership:
    Following are the essentials of partnership.
    (I) Agreement:
    Partnership is the result of agreement without it partnership can not be formed. It may be written or oral.
    (II) Registration:
    Registration of partnership is not necessary.
    (III) Number of patners:
    There must be two member.
    (IV) Business:
    The object of partnership is to carry on business.
    (V) Unlimited liability:
    The liability of partner is unlimited to the invested.
    (VI) Profit and loss distribution:
    Profits is distributed among the partners according to their agreement in case of loss all the partners share in it.
    Case law
    P. L. D 1971 Lah. 396
    It was held that where a partnership deed instead of fixing the shares of the partners incorporates the provisions of partnership act in the deed, the shares of the partners will be governed by he partnership act.
    (VII) Legal entity:
    Partnership has not separate entity from its member.
    (VIII) Management:
    All the partner can participate activity in the affairs of business.
    (IX) Payment of tax:
    Each partner pays tax on his share of profit individually.
    (X) Co-operation:
    The success of the business depends upon mutual trust and confidence.
    (XI) Share in capital:
    Capital of the firm is supplied by the all partners according to the agreement.
    (XII) No audit:
    In the business of partnership no audit is necessary.
    (XIII) Mutual agency:
    Business may be carried on by all or any of them acting for all. Each is a principal and an agent.
    (XIV) Transfer of interest:
    A partner cannot transfer his interest with out the consent of other partners.
    (XV) Dissolution:
    Partnership is dissolved easily. It operates the pleasure of partner.
    5. Kinds of partnership:
    Following are the kinds of partnership.
    (I) Partnership at will:
    If no provision is made in the agreement regarding the duration of the partnership it is called partner ship at will.
    (II) Particular partnership:
    Such partnership is formed to do a particular business.
    (III) Limited partnership:
    The liability of limited partner is limited to the extent of his investment in the business.
    (IV) Registered partnership:
    The registration of partnership is not compulsory when a partnership is registered. It is called registered partnership.
    (V) Un-registered partnership:
    Partnership which is not registered. It is called unregistered partnership.
    6. Conclusion:
    To conclusion it can be said that, A partnership is a form of business. It has at least two member. Who joined capital or services for prosecuting of some business.

    Sponsored Links
    Attached Files
      Please register or login to download the attachments.

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

     

Similar Threads

  1. Replies: 0
    Last Post: 11-30-2011, 03:58 PM
  2. Replies: 0
    Last Post: 11-30-2011, 03:52 PM
  3. Replies: 0
    Last Post: 09-06-2011, 07:07 PM
  4. Essentials Of Crime
    By vustudents in forum Bise
    Replies: 0
    Last Post: 08-25-2011, 02:53 PM
  5. Replies: 0
    Last Post: 07-10-2011, 08:17 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
-: Vuhelp Disclaimer :-
None of the files shown here are hosted or transmitted by this server. The links are provided solely by this site's users. The administrator's or staff of Vuhelp.net cannot be held responsible for what its users post, or any other actions of its users. You may not use this site to distribute or download any material when you do not have the legal rights to do so. It is your own responsibility to adhere to these terms. If you have any doubts about legality of content or you have any suspicions, feel free to contact us.
Pknews |Vugurus|Online Education