No products in the cart.

Explain general partnership and limited partnership?

CBSE, JEE, NEET, CUET

CBSE, JEE, NEET, CUET

Question Bank, Mock Tests, Exam Papers

NCERT Solutions, Sample Papers, Notes, Videos

Explain general partnership and limited partnership?
  • 1 answers

Yogita Ingle 4 years, 2 months ago

(i)General partnership: The partnership in which the liability of the partners in unlimited is called general partnership. In this type of partnership, partners have the right to take part in the management of the firm. Each partner as well as the firm is bound by the acts of all the partners. It is optional for the firm to get itself registered. Death, insolvency, retirement or lunacy of any partner adversely affects the existence of the firm.
(ii)Limited partnership : Limited partnership is the partnership in which the liability of at least one member is unlimited while others have limited liability. The members with limited liability neither have the rights to participate in the management of the business nor are their acts binding on other partners or the firm. It is compulsory to register such partnership.

http://mycbseguide.com/examin8/

Related Questions

What's the business
  • 0 answers
Shubhash dey class 11 bst ch3 cbq
  • 0 answers

myCBSEguide App

myCBSEguide

Trusted by 1 Crore+ Students

Test Generator

Test Generator

Create papers online. It's FREE.

CUET Mock Tests

CUET Mock Tests

75,000+ questions to practice only on myCBSEguide app

Download myCBSEguide App