Two features you may notice in a partnership firm?
1. Credit
2. Limited Resources
1. Risk of the business
2. Profit or Losses
1. Possibility of Conflicts
2. Debit
None of the above
These two features are shared by the partners in the same ratio.
State any two features that you may notice in partnership a firm.
Abid and Rashid come together to form a partnership, pool in resources, and decide to share the profit and losses. Their liability is unlimited and joint. Their personal resources may be called to pay the debts of the business. What type of partnership do they share?
A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admit C into the partnership with 1/6 share in the profits. Calculate the new profit sharing ratio?