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Question
Define the following business entities:
Partnership
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Solution
A partnership is a form of business in which two or more persons come together to carry on a business and share its profits and losses as per an agreed-upon partnership deed.
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RELATED QUESTIONS
Indian Partnership Act was passed in the year...............................
In partnership the liability of partners of a firm is unlimited.
Distinguish between Partnership Firm Joint Stock Company
Write the word. or phrase or tenn which can substitute the following statement~:
The senior most family member of a Joint· Hindu family firm.
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Group 'A'
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Group 'B'
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a. Public Company
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1. Father of Scientific Management
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b. Henry Fayol
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2. Corrective action taking.
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c. Controlling
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3. Commercial bank
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d. Reserve Bank Of India. (R.B.I.)
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4. Withdrawal after fixed period of time.
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e. Fixed deposit account
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5. Maximum 50 members.
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6. Central Bank
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7. Unlimited members
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8. Father of modern management
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9. Taking action against employees
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10. Withdrawal before the fixed period of time.
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Define Partnership Firm and explain its features
Write short answer of the following.
Define partnership and state its important features.
Feature of Partnership Firm?
Explain the limitations of partnership.
The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organisation is a sole proprietorship firm
(b) The organisation is a partnership firm with Anthony and Akbar as partners. Which of the two partners can the creditors approach for repayment of debt? Explain giving reasons
