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A. Types of Partners B. Partnership Deed Video Lecture | CMAT Mock Test Series - CAT

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FAQs on A. Types of Partners B. Partnership Deed Video Lecture - CMAT Mock Test Series - CAT

1. What are the different types of partners in a partnership?
Ans. The different types of partners in a partnership are general partners, limited partners, active partners, sleeping partners, and nominal partners.
2. What is a partnership deed in commerce?
Ans. A partnership deed in commerce is a legally binding agreement that outlines the rights, responsibilities, and obligations of the partners in a partnership. It includes details about profit-sharing, decision-making, capital contributions, and other important aspects of the partnership.
3. How is a partnership deed different from a partnership agreement?
Ans. A partnership deed and a partnership agreement are essentially the same thing. The term "partnership deed" is commonly used in countries like India, while "partnership agreement" is more commonly used in other countries. Both refer to the same legal document that governs the partnership.
4. What are some important clauses that should be included in a partnership deed?
Ans. Some important clauses that should be included in a partnership deed are the name and address of the partnership, the nature of the business, the duration of the partnership, the capital contribution of each partner, the profit-sharing ratio, the rights and responsibilities of each partner, the procedure for admitting new partners or retiring existing partners, and the dispute resolution mechanism.
5. Is a partnership deed a mandatory requirement for all partnerships?
Ans. While a partnership deed is not legally required for all partnerships, it is highly recommended to have one in place. A partnership deed helps avoid misunderstandings, conflicts, and legal disputes among partners by clearly defining their rights and obligations. It provides a solid foundation for the smooth operation of the partnership and protects the interests of all partners.
18 videos|55 docs|26 tests
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