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Question
Why is partnership considered by some to be a relatively unpopular form of business ownership?
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Solution
Partnership is considered to be a relatively unpopular form of business ownership because of the various limitations associated with it. These limitations include unlimited liability, limited resources, possibility of conflicts and lack of continuity.
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Define 'partnership firm'. Explain its merits and demerits.
Distinguish between Partnership Firm Joint Stock Company
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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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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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The liability of partners is limited.
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The Partnership Act limits the maximum number of partners in a non-banking partnership firm to ______.
