Search merits and demerits of partnership
Kinds of partners
...Types of Partners The partners of a firm are broadly divided into three main categories. (1) General Partners.(2) Special Partners. (3) Other Partners.(1) General PartnersBasically all the partners of a firm are general partners. General partners we those whose liability is unlimited in the f General partners are of two types (a) Active partner, and (b) Sleeping partner. (a) Active Partner A partn.... 
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Salient features or characteristics of partnership
...Definitions of Partnership. A partnership is an association of two at more persons to carry on as co owners of a business and to share its profits and losses. Section 4 of the Partnership Act defines partnership as “the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.” ‘Persons who have entered into partnership w.... Read
Business organization nature and scope
...Meaning of Business OrganizationBusiness organization is composed of two words, business and organization. In order to understand the nature of business organization, it is necessary that the meaning of these two words is made clear to the readers.(1) BusinessBusiness is a human economic activity. It involves continuous and regular production and distribution of goods and services with a view to e.... Read
Merits and demerits of partnership form of organization
...easy and simple. It is formed to meet the need for” more capital, effective supervision and control, greater specialization, division of work between proprietors and for spreading of risk. The main merits claimed of partnership organization are as follows. Advantages of Partnership 1. Easy to Form The partnership, like the sole proprietorship, can be easily organized. There are no complicated le.... Read
Mutual duties rights and liabilities of partners in the absence of partnership agreement
...The duties, rights and liabilities of partners in the conduct and management of the affairs of the partnership are contained in its partnership deed. However, if on any point, the deed is silent, then the relevant rule of the Partnership Act, 1932, will apply. In the absence of a written partnership agreement, the mutual rights and duties of partners shall be governed by the Partnership Act which .... Read
The position of a minor in partnership
...A Minor Cannot Be a Partner A minor partner is a partner who is not major (not completed 18 years). A minor cannot enter into a contract according to Section 20 of Partnership Act. A contract with minor is void. Since partnership is a relation resulting from contact, therefore a minor cannot be a partner in a firm. A Minor Can Be Admitted to The Benefits of Partnership AloneA minor can be admitted.... Read
Partnership distinguished from co ownership
...Meaning of Co-Ownership Partnership and co-ownership have different meanings. In partnership, there is an association of two or more, persons who carry on common business for earning profit. They share its profits and losses as per oral or verbal agreement. Co-Ownership refers to joint ownership in a property by more than one person. If two, or more persons A 6 and C, purchase a property collecUve.... Read
Partnership agreement deed
...What is Partnership Deed? Partnership agreement in writing is called partnership deed. Partnership deed is a document which is signed by all the partners and which contains all the matters determining and governing the mutual rights, duties and liabilities of the partners in the conduct and management of the affairs of the partnership. It may also be referred to as articles of partnership” conta.... Read
One man control is best in the world
...What is Meant By One Man Control? One man control or one man business (also called sole proprietorship) is the simplest form of business organization. The description ‘One man business’ or ‘one man control’ is sometimes con as misleading one, as there may be more than one persons working as employees in the business. The essential condition of one man control or one man business is that it.... Read
Different types of bank customers
...DIFFERENT TYPES OF BANK CUSTOMERSEvery commercial bank is anxious to increase its customers. However, every one cannot be accepted as its customer. Only those persons who are competent in law to enter into a contract can be considered as customers. The bank is and should be very cautious in the selection of customers as it is to have a continued relationship with them. The customers of a bank can .... Read
Reconstitution of partnership or admission and withdrawal of partners in a firm
...(1) Admission of a New Partner According to the Partnership Act, no new partner can be taken in a firm without the consent of all the existing partners. The new partner when admitted is called ‘incoming partner’. An incoming partner is not liable for any act of the firm done before he became a partner.2. According to Section 31 of the Partnership Act, subject to contract between the partners a.... Read
Hero honda splendor nxg review
...The most reliable two-wheeler manufacturers Hero Honda Motors Limited has reported the brilliant growth with the total sale of the 5, 00, 234 units in month of May 2011. Hero Honda is the joint venture of Honda Groups Japan and Hero Groups India that has got an end, after the successful partnership of the 26 years. However, as per some official sources Honda will offer the technology support .... Read
Registration of a firm
...Meaning of Registration Partnership is the result of an agreement between persons (minimum 2 maximum 20) who agree to carry on a lawful business with the object of earning profit. The name of the firm under which the business is carried on may be recorded with the Registrar of Partnership Firms, The registration is the evidence Of the existence of the firm. Is Registration of a Partnership Compuls.... Read
Balance of payments theory of exchange rate
...reign exchange demanded and supplied. In case the exchange rate goes up to OR1, or falls to OR2, the OR exchange rate will ultimately be restored as has already been explained.ASSESSMENT OF THE THEORYMerits:1. The balance of payments theory is consistent with the demand and supply analysis.2. The theory is more realistic as it considers other variables which affect domestic price of foreign money..... Read
Special types of individual customers
...SPECIAL TYPES OF INDIVIDUAL CUSTOMERSThe special types of individual customers of the commercial banks are (i) Minor (ii) Lunatic (iii) Drunkard (iv) Married Women (v) Purdah Observing Women and (vi) Illiterate persons. The relationships between the bank and the special type of individual customers are governed by the legal rules enforced in the country.(1) Minor:A person who has not attained the .... Read
Abhijit kadam football development centre in india
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India: In what promises to be a new chapter in Indian football, Civil Aviation Minister Mr. Praful Patel inaugurated today the BV & KW’s Abhijit Kadam Football Development Centre (AKFDC), India’s first truly international football training centre in association with The FA, AIFF and Liverpool. Also present at the inauguration were MP Loksabha & IOA President Suresh Kalmadi and Chancellor o.... Read
Manufacturers of mechanical seals and engineered cartridge seals
...Mechanical seals mechanical seals, find listings of mechanical seals, mechanical seals manufacturers, suppliers, exporters, traders and wholesalers from mumbai, ahmedabad, chennai and india. San diego seal, inc offering industrial & marine sealing find here mechanical seals manufacturers, mechanical seals suppliers, mechanical seals traders, mechanical seals producers, mechanical seals exporters, .... Read
Merits and demerits of ploughing back of profits
...The main advantages of ploughing back of profits to (a) company (b) shareholders and (c) society are as under:-(A) Advantages to the Company.(i) Shock absorber. In a period of depression, the part of profits reinvested in business act as shock absorber. The company can easily face the shocks of ups and downs of business cycles.(ii) Aids in smooth running of business. This self financing method (pl.... Read
Sources of company financing
...ancing, modernization and expansion of the industrial units. Debenture financing in Pakistan has been replaced by issuance of a new corporate security called Participation Term Certificate (PTC). The merits of debentures are that they are generally low cost. The debenture holders do not have any control or interference in the management of the company. The company has also the advantage of trading.... Read
Definition of audit note book
...DEFINITION OF AUDIT NOTE BOOK
“Audit notebook is a diary on which auditor scribble down all important inquiries to avoid the possibility of unquestioned material facts.”
IMPORTANCE: Justice William throws light on the importance of audit notebook in the following words, “The audit note book that contained detailed information proved to be very helpful to the auditor in every critical momen.... Read
