To run the business

To run the business

Under a firm, the smallest number of participants. in a typical type of business can be. in two and greatest, but if the business is. related to banking, the largest number of participants is ten. For partnership, a law is. followed, which is. called the Partnership Act 1923.

Types of Partnerships In a partnership firm, a particular type of business is. run by the evil that uses its capital and its capabilities and the type of business that comes from profits.

They divide it among themselves according to the fixed relationship. All partnership matters are. done by the contract partnership. The main types of partnerships are as follows:

(1) General Contribution (2) Optional Contribution

(3) Specific contributions (4) Limited contributions

(1) General Partnership: A partnership in which the responsibility of all participants is. unlimited and all participants are. given equal rights and all are. allowed to, take part in all, activities related, to business.

Businesses are usually established under this type of partnership.

(2) Optional partnership at will) A partnership in which the duration of the partnership is. determined, such a partnership is. called an optional partnership.

In this type of partnership, the participants. come together for the business and agree to run the business. and for this, no specific date is set. the end of the partnership, but any. the .participant can end it by giving the notice to end the partnership.

(3) A partnership in which a partnership is. established for a specific period of time by setting specific goals. called a partnership.

For this type of partnership, the contract. determines the period of the. beginning of the partnership and. the end of the partnership, the details of the specific purpose for which the partnership

was formed are also recorded.

Apart, from this, the date is, also recorded as the end of, the partnership. intended, otherwise, if the purpose of which the partnership was. established is. fulfilled, then the partnership

is avenged.

(4) Limited Partnership: A partnership in which. the liability of at least one partner involved is. limited and is. called Muhammad with Partnership.

Which was. formed by the British Government. Limited contributions include more and more participants in the case of normal turnover

While the largest number of participants is ten, the word limited

is written with the name of the limited partnership business.

In limited partnerships, the partner with. limited responsibility does not take part in the administration. affairs of the business and his capital is not given until then.

As long as he remains a partner with limited responsibility. A participant with limited liability has the right to. inspect business accounts and get copies of them. the information he or she wants from them.

Besides, he has the right to present suggestions to the. rest of the business participants for the development of the business. This

is taken care of with limited participation.

that whenever a new partner is. involved in such a. partnership, the will of the partner with limited responsibility is. determined.

Besides, a participant with limited liability is. allowed to transfer his share to a new partner without the consent of other participants.