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Tips & Tricks: Partnership Video Lecture | Tips & Tricks for Government Exams - Bank Exams

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FAQs on Tips & Tricks: Partnership Video Lecture - Tips & Tricks for Government Exams - Bank Exams

1. What is a partnership?
Ans. A partnership is a type of business structure where two or more individuals or entities come together to form a legally recognized entity. In a partnership, the partners share the profits, losses, and responsibilities of the business.
2. How does a partnership differ from other business structures?
Ans. Unlike a sole proprietorship where a single individual owns and operates the business, a partnership involves multiple owners who share the profits, losses, and decision-making. It differs from a corporation as partnerships are not separate legal entities and the partners are personally liable for the business's debts and obligations.
3. What are the advantages of forming a partnership?
Ans. Forming a partnership offers several advantages, such as shared decision-making, combined resources and expertise, shared workload, and the ability to pool capital and investments. Partnerships also enjoy more flexibility in terms of taxation and have fewer legal formalities compared to corporations.
4. What are the different types of partnerships?
Ans. There are several types of partnerships, including general partnerships, limited partnerships (LP), and limited liability partnerships (LLP). In a general partnership, all partners have equal rights and responsibilities. LPs have both general partners and limited partners, where general partners have unlimited liability while limited partners have limited liability. LLPs provide limited liability protection to all partners.
5. How can a partnership be dissolved?
Ans. A partnership can be dissolved through various means, such as mutual agreement between the partners, expiration of a partnership agreement, bankruptcy of a partner, or a court order. It is important to follow the dissolution process outlined in the partnership agreement and settle any outstanding debts and obligations before formally terminating the partnership.
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