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AIOU Solved Assignment code
Define partnership. Explain kinds of partners in partnership business. Answer (a): Partnership A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favorable tax treatment relative to corporations. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Kinds of Partners There are three types of partner in a firm which are given below:-1. General partners. 2. Special partners. 3. Other partners. 1. General Partners: The liability of those partners in the business which are unlimited is called General partners. There are two types. Active partners and sleeping partner and both are discussed in detail in this solved assignment.
AIOU Solved Assignment 2 Code 438 Spring 2017