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X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:
- a)Limited Partnership
- b)Partnership at Will
- c)Particular Partnership
- d)Joint venture
Correct answer is option 'C'. Can you explain this answer?
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X and Y formed a partnership firm to undertake construction of a Termi...
In the above case X and Y undertake a particular project of railway and partnership done for a particular project is called particular partnership.
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X and Y formed a partnership firm to undertake construction of a Termi...
Particular Partnership
Particular Partnership refers to a partnership formed for a specific purpose or project. In this case, X and Y formed a partnership firm specifically to undertake the construction of a Terminal for Northern Railway at Pune.
Characteristics of a Particular Partnership
- Formed for a specific project or purpose
- Limited in duration and scope
- Partners may not have intentions of continuing the partnership after the completion of the project
- Partners have a common goal or objective that brought them together
Distinguishing Particular Partnership from Other Types of Partnerships
- Limited Partnership: In a limited partnership, there are both general partners and limited partners, with different levels of liability and involvement. X and Y in this case do not indicate such a structure.
- Partnership at Will: Partnership at Will is a partnership without a specific duration or purpose. X and Y have a clear purpose for their partnership - the construction of the Terminal.
- Joint venture: Joint ventures involve two or more parties coming together for a specific business opportunity or project. While similar to a particular partnership, joint ventures often involve separate entities collaborating, whereas X and Y have formed a partnership firm.
In conclusion, the partnership between X and Y for the construction of the Terminal for Northern Railway at Pune fits the description of a Particular Partnership due to its specific purpose and limited scope.
Particular Partnership refers to a partnership formed for a specific purpose or project. In this case, X and Y formed a partnership firm specifically to undertake the construction of a Terminal for Northern Railway at Pune.
Characteristics of a Particular Partnership
- Formed for a specific project or purpose
- Limited in duration and scope
- Partners may not have intentions of continuing the partnership after the completion of the project
- Partners have a common goal or objective that brought them together
Distinguishing Particular Partnership from Other Types of Partnerships
- Limited Partnership: In a limited partnership, there are both general partners and limited partners, with different levels of liability and involvement. X and Y in this case do not indicate such a structure.
- Partnership at Will: Partnership at Will is a partnership without a specific duration or purpose. X and Y have a clear purpose for their partnership - the construction of the Terminal.
- Joint venture: Joint ventures involve two or more parties coming together for a specific business opportunity or project. While similar to a particular partnership, joint ventures often involve separate entities collaborating, whereas X and Y have formed a partnership firm.
In conclusion, the partnership between X and Y for the construction of the Terminal for Northern Railway at Pune fits the description of a Particular Partnership due to its specific purpose and limited scope.
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X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:a)Limited Partnershipb)Partnership at Willc)Particular Partnershipd)Joint ventureCorrect answer is option 'C'. Can you explain this answer?
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X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:a)Limited Partnershipb)Partnership at Willc)Particular Partnershipd)Joint ventureCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:a)Limited Partnershipb)Partnership at Willc)Particular Partnershipd)Joint ventureCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X and Y formed a partnership firm to undertake construction of a Terminal for Northern Railway at Pune. This partnership is a:a)Limited Partnershipb)Partnership at Willc)Particular Partnershipd)Joint ventureCorrect answer is option 'C'. Can you explain this answer?.
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