After reading this article you will learn about the mode of dissolution of partnership firm and settlement of accounts thereof. According to Section 39 of the Partnership Act, 1932, "The dissolution of partnership between all the partners of a firm is called dissolution of the firm." The Indian Partnership Act, 1932 recognises the difference between 'dissolution of partnership' and 'dissolution [...]
After reading this article you will learn about the advantages and disadvantages of partnership form of organisation. Advantages of Partnership: The partnership form of organisation is most suitable when the size of business is medium and, thus the capital can be contributed to meet its needs by the partners themselves. The following are the advantages of partnership form of organisation: [...]
There are different kinds of partners and they may be classified in the following manner: 1. Active Partner 2. Sleeping or Dormant Partner 3. Nominal Partner 4. Partner in Profits Only 5. Minor as a Partner 6. Incoming Partner 7. Outgoing Partner 8. Partner by Estoppel or Holding Out. Kind # 1. Active Partner: A partner who is actively engaged [...]