Partnership, Finance Basics

Assignment Help:

Partnership

Definition -Partnership may be defined as a relationship between persons carrying on a business in common with a view of profits. In partnership business, two or more persons jointly run a business. The liability of the individual partner is unlimited unless the partnership agreement provides for any limitations. A partnership consists of not more than twenty persons except in certain cases e.g. practicing lawyers, professional accountants, and members of the stock exchange where this figure can be exceeded. Normally, the number of partners in a partnership business varies from two to five partners. In a case of banking business the number of banking partners is limited to ten.

In Kenya all partnerships are formed in accordance with Partnership Act of 1934 (Chap 29). The name of the partnership must be registered first under the Registration of Business Act. The formation of partnership is not very complicated.

 

 


Related Discussions:- Partnership

Explain the term - underwriting, Explain the term - Underwriting Und...

Explain the term - Underwriting Underwriting is an agreement whereby underwriter promises to subscribe to a specified number of debentures or shares or a specified amount of

What does beta measure and how is it interpreted, The Beta of several indus...

The Beta of several industry sectors is shown below. Industry                                                                                            Beta (β) Banks

Assignment, Discuss the applicabilty of an operating cycle to poultry busin...

Discuss the applicabilty of an operating cycle to poultry business(consider broilers)

PERDIEM CLAIM, how to make a perdiem claim format to maintain the records o...

how to make a perdiem claim format to maintain the records of staff

Management of sole proprietorship, Management of Sole Proprietorship  I...

Management of Sole Proprietorship  In sole proprietorship the owner is usually in charge of day to day running of the business. If the business is large he may give some duties

Goods and service tax-business activity statement, Asset: - An asset stand...

Asset: - An asset stands for an item of value owned and controlled by an organization which can generate revenue for the organization or can help in generating the organization re

Constant amount per share or fixed d.p.s., Constant amount per share or fix...

Constant amount per share or fixed D.P.S. 1. The DPS is fixed in total amount of irrespective of the earnings level. These generate certainty and are consequently preferred vi

Political and technological factor - investment decisions, Political Factor...

Political Factors and Technological Factors - Investment Decisions i) Political factors - Under conditions of political uncertainty, that decisions cannot be completed as it

Percentage of sales method - financial forecasting, Percentage of Sales Met...

Percentage of Sales Method - Financial Forecasting This method includes expressing various balance sheet items such are directly concerned to sales as a percentage of sales.

Business finance., what are the sources of business finance?

what are the sources of business finance?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd