The three kinds of partnerships are general partnership, limited partnership and limited liability partnership.
These three differ from each other as follows:
In a general partnership, all the share duties and all are liable for the business debts. Whereas, in a limited partnership, at least one partner is found to be not involved in any business decisions regarding the day to day operations.
The role of that partner is to provide a part of capital to the business. In a limited liability partnership, the partners are having limited liability to the extent of their contribution in the business and are not responsible for other partners’ debts.
- Dissolution of Partnership Firm
- Reconstitution of a Partnership Firm Retirement Death of a Partner
- MCQs on Partnership
- Partnership Deed
- Modes of Reconstitution of a Partnership Firm
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