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Business Studies

Partnership

Name of the f...

Question

Name of the following:
(a) A partnership in which the liability of one or more partners is limited.
(b) A partnership which is set up for an indefinite period of time.
(c) The document containing the terms and conditions of a partnership.
(d) The partner who contributes capital but does not take active part in the management.
(e) Person who lends his name and goodwill for the benefit of a partnership firm.

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Solution

(a) Limited Liability Partnership.
(b) Partnership at will .
(c) Partnership Deed.
(d) Dormant partner
(e) Nominal Partner

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Q. Name the following:
1. A person who lends his name and goodwill for the benefits of a partnership film.
2. A person who contributes capital but does not take part in the business of the firm.
3. A document containing terms and conditions of partnership.
4. A partnership set up for a specific project
5. A person who contributes capital, participates in the business but whose identity is not disclosed to outsiders.

Q. 'A', 'B', 'C', 'D' and 'V are partners in partnership firm. The firm has different types of partners. Mr. A has contributed capital and participates in the management of firm. He shares profits and losses and is liable to an unlimited extent to the creditors of the firm.
Mr. B has contributed capital and shares its profits and losses. He also has unlimited liability but he does not take part in day to day activities of business. Association of Mr. C is not known to the general public but in all other respects he is like an active partner. Mr. D has allowed the firm to use his name as he enjoys good reputation among clients but he does not either contribute capital or take part in the management.
Master 'E', 15 years of age is entitled to the benefits of partnership with mutual consent of all their members. He is not eligible to take part in management of firm and shares only profits and not losses of the firm.
(i) How many partners do the firm has?
(ii) Who is the active partner and what is the nature of his liability in the firm?
(iii) Who is the sleeping partner in the firm and what is the nature of his liability?
(iv) What kind of partner is Mr.0 and what kind of liability does he have in the firm?
(v) How does the partnership relationship of Mr. C differs from Mr. D ? How do they differ in their liability?
(vi) Is Mast. E a legal partner? Can be held liable for the liability of the firm?

Q. Write a word or a phrase or a term which can substitute each one of the following.

A partner who gave his name to partnership firm.

A partner who contributes capital but does not take part in the business management of a firm.

Q. Give the word / term or phrase which can substitute each of the following statement.

A partner who contributes only capital for the business but does not take any active part.

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