Business Development

Business Development

Provide information and keep in. mind that business dealings are going well to grow the. business if it

If there is any specific. information. related to business matters, they should immediately provide this. information to all other participants, so that. they, can, manage, the business.

steps can be. taken.

(7) Sharing in. Loss)

It is the duty of all participants. involved in the partnership, to, share the loss, if any, in the partnership. business, because in the partnership.

Business losses are. divided. among all. participants, so it, is the duty of, each participant to bear the loss of, his share.

(8) Secrecy

It is the duty of all participants. involved in the partnership to keep all policies related to the business secret as long as they

May not be. implemented. because of privacy. the process guarantees the success of any business. Confidentiality in all decisions related to the participatory business

What is? done so that the business output is. presented to the general consumer in a unique. the way from the competing organizations, so it is the duty of each participant.

He is. supposed to take full care of the confidentiality of the business.

Responsibilities of Participants of Partners

To run a partnership business, it is necessary. for all participants to cooperate with each other so that the. partnership business can be. managed.

In this way, each participant. has. certain responsibilities, by fulfilling which the partner can. fulfill his responsibility. Responsibilities of participants in the partnership

can be. described as follows.

(1) Responsibilities of existing participants. (2) Responsibilities of new participants (3) Responsibilities of. participants leaving the firm

(1) Responsibilities of existing participants (Liabilities of Present Partners)

The current participants in the partnership. are responsible for all the affairs of the. partnership firm.

They are also obliged. to use their personal. property to complete business transactions, whether performed by one partner or all

The responsibility of doing business transactions. together is on all the participants, except if there is any loss.

If this happens, the responsibility is also on all the participants.

(2) Responsibilities of new participants

Participants who join a partnership. after its start while the business has been. managed under the partnership are new participants.

New participants have their own responsibilities. in partnerships for new participants joining. any partnership.

There is no obligation. to pay for losses or debts incurred before the date, but if they enter into an agreement. with the participants to the contrary.

If they do, then their responsibility becomes the. same as other participants, thus making the new partners out of the profits made before the join date.

I don't get a share either.

(3) Liabilities of Retiring Partners of participants leaving the firm

All participants who leave the partnership firm. have certain responsibilities left in their partnership.

Are responsible for repaying loans taken in the. partnership business before. the date of leaving the firm, as well as the loss in the partnership business before the date of leaving the firm.