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Can you add your wife to be fourth business partner in your business partnership of 3 business partners?
Wiki User
∙ 10y ago
only if shes a prostitute
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∙ 10y ago
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What is features of a partnership business?
Features of Partnership form of business organisationAfter having a brief idea about partnership, let us identify the various features of this form ofbusiness organisation.i. Two or more Members - You know that the members of the partnership firm arecalled partners. But do you know how many persons are required to form apartnership firm? At least two members are required to start a partnership business.But the number of members should not exceed 10 in case of banking business and 20in case of other business. If the number of members exceeds this maximum limit thenthat business cannot be termed as partnership business. A new form of business willbe formed, the details of which you will learn in your next lesson.ii. Agreement: Whenever you think of joining hands with others to start a partnershipbusiness, first of all, there must be an agreement between all of you. This agreementcontainsothe amount of capital contributed by each partner;o profit or loss sharing ratio;o salary or commission payable to the partner, if any;o duration of business, if any ;o name and address of the partners and the firm;o duties and powers of each partner;o nature and place of business; ando any other terms and conditions to run the business.iii. Lawful Business - The partners should always join hands to carry on any kind oflawful business. To indulge in smuggling, black marketing, etc., cannot be calledpartnership business in the eye of the law. Again, doing social or philanthropic work isnot termed as partnership business.iv. Competence of Partners - Since individuals join hands to become the partners, it isnecessary that they must be competent to enter into a partnership contract. Thus,minors, lunatics and insolvent persons are not eligible to become the partners.However, a minor can be admitted to the benefits of partnership i.e., he can have ashare in the profits only.Business Studies74v. Sharing of Profit - The main objective of every partnership firm is sharing of profitsof the business amongst the partners in the agreed proportion. In the absence of anyagreement for the profit sharing, it should be shared equally among the partners.Suppose, there are two partners in the business and they earn a profit of Rs. 20,000.They may share the profits equally i.e., Rs. 10,000 each or in any other agreedproportion, say one forth and three fourth i.e. Rs 5,000/- and Rs. 15000/-.vi. Unlimited Liability - Just like the sole proprietor the liability of partners is alsounlimited. That means, if the assets of the firm are insufficient to meet the liabilities, thepersonal properties of the partners, if any, can also be utilised to meet the businessliabilities. Suppose, the firm has to make payment of Rs. 25,000/- to the suppliers ofgoods. The partners are able to arrange only Rs. 19,000/- from the business. Thebalance amount of Rs. 6,000/- will have to be arranged from the personal propertiesof the partners.vii. Voluntary Registration - It is not compulsory that you register your partnershipfirm. However, if you don't get your firm registered, you will be deprived of certainbenefits, therefore it is desirable. The effects of non-registration are:o Your firm cannot take any action in a court of law against any other parties forsettlement of claims.o In case there is any dispute among partners, it is not possible to settle thedisputes through a court of law.o Your firm cannot claim adjustments for amount payable to or receivable from anyother parties.viii. No Separate Legal Existence - Just like sole proprietorship, partnership firm alsohas no separate legal existence from that of it owners. Partnership firm is just a namefor the business as a whole. The firm means the partners and the partners collectivelymean the firm.ix. Principal Agent Relationship - All the partners of the firm are the joint owners ofthe business. They all have an equal right to actively participate in its management.Every partner has a right to act on behalf of the firm. When a partner deals with otherparties in business transactions, he/she acts as an agent of the others and at the sametime the others become the principal. So there always exists a principal agent relationshipin every partnership firm.x. Restriction on Transfer of Interest - No partner can sell or transfer his interest toany one without the constent of other partners. For example - A, B, and C are threepartners. A wants to sell his share to D as his health does not permit him to work anymore. He can not do so until B and C both agree.xi. Continuity of Business - A partnership firm comes to an end in the event ofdeath, lunacy or bankruptcy of any partner. Even otherwise, it can discontinue itsbusiness at the will of the partners. At any time, they may take a decision to end theirrelationship.
What is a feature of partnerships?
Features of Partnership form of business organisationAfter having a brief idea about partnership, let us identify the various features of this form ofbusiness organisation.i. Two or more Members - You know that the members of the partnership firm arecalled partners. But do you know how many persons are required to form apartnership firm? At least two members are required to start a partnership business.But the number of members should not exceed 10 in case of banking business and 20in case of other business. If the number of members exceeds this maximum limit thenthat business cannot be termed as partnership business. A new form of business willbe formed, the details of which you will learn in your next lesson.ii. Agreement: Whenever you think of joining hands with others to start a partnershipbusiness, first of all, there must be an agreement between all of you. This agreementcontainsothe amount of capital contributed by each partner;o profit or loss sharing ratio;o salary or commission payable to the partner, if any;o duration of business, if any ;o name and address of the partners and the firm;o duties and powers of each partner;o nature and place of business; ando any other terms and conditions to run the business.iii. Lawful Business - The partners should always join hands to carry on any kind oflawful business. To indulge in smuggling, black marketing, etc., cannot be calledpartnership business in the eye of the law. Again, doing social or philanthropic work isnot termed as partnership business.iv. Competence of Partners - Since individuals join hands to become the partners, it isnecessary that they must be competent to enter into a partnership contract. Thus,minors, lunatics and insolvent persons are not eligible to become the partners.However, a minor can be admitted to the benefits of partnership i.e., he can have ashare in the profits only.Business Studies74v. Sharing of Profit - The main objective of every partnership firm is sharing of profitsof the business amongst the partners in the agreed proportion. In the absence of anyagreement for the profit sharing, it should be shared equally among the partners.Suppose, there are two partners in the business and they earn a profit of Rs. 20,000.They may share the profits equally i.e., Rs. 10,000 each or in any other agreedproportion, say one forth and three fourth i.e. Rs 5,000/- and Rs. 15000/-.vi. Unlimited Liability - Just like the sole proprietor the liability of partners is alsounlimited. That means, if the assets of the firm are insufficient to meet the liabilities, thepersonal properties of the partners, if any, can also be utilised to meet the businessliabilities. Suppose, the firm has to make payment of Rs. 25,000/- to the suppliers ofgoods. The partners are able to arrange only Rs. 19,000/- from the business. Thebalance amount of Rs. 6,000/- will have to be arranged from the personal propertiesof the partners.vii. Voluntary Registration - It is not compulsory that you register your partnershipfirm. However, if you don't get your firm registered, you will be deprived of certainbenefits, therefore it is desirable. The effects of non-registration are:o Your firm cannot take any action in a court of law against any other parties forsettlement of claims.o In case there is any dispute among partners, it is not possible to settle thedisputes through a court of law.o Your firm cannot claim adjustments for amount payable to or receivable from anyother parties.viii. No Separate Legal Existence - Just like sole proprietorship, partnership firm alsohas no separate legal existence from that of it owners. Partnership firm is just a namefor the business as a whole. The firm means the partners and the partners collectivelymean the firm.ix. Principal Agent Relationship - All the partners of the firm are the joint owners ofthe business. They all have an equal right to actively participate in its management.Every partner has a right to act on behalf of the firm. When a partner deals with otherparties in business transactions, he/she acts as an agent of the others and at the sametime the others become the principal. So there always exists a principal agent relationshipin every partnership firm.x. Restriction on Transfer of Interest - No partner can sell or transfer his interest toany one without the constent of other partners. For example - A, B, and C are threepartners. A wants to sell his share to D as his health does not permit him to work anymore. He can not do so until B and C both agree.xi. Continuity of Business - A partnership firm comes to an end in the event ofdeath, lunacy or bankruptcy of any partner. Even otherwise, it can discontinue itsbusiness at the will of the partners. At any time, they may take a decision to end theirrelationship.
Someone associated with another such as in business or dancing the answer must have its fourth letter as t?
the word you're looking for is... parTner
Which Indian holds the highest partnership for any wicket in one day?
Azhaarudin and jadeja holds the highest fourth wicket partnership of 275 runs(not out) for any wicket in one day.
What are the tax consequences of selling a share of a limited partnership?
Terminating a PartnershipA partnership terminates when one of the following events takes place.All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership.At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner.Unlike other partnerships, an electing large partnership does not terminate on the sale or exchange of 50% or more of the partnership interests within a 12-month period.See section 1.708-1(b) of the regulations for more information on the termination of a partnership. For special rules that apply to a merger, consolidation, or division of a partnership, see sections 1.708-1(c) and 1.708-1(d) of the regulations.Date of termination. The partnership's tax year ends on the date of termination. For the event described in (1), earlier, the date of termination is the date the partnership completes the winding up of its affairs. For the event described in (2), earlier, the date of termination is the date of the sale or exchange of a partnership interest that, by itself or together with other sales or exchanges in the preceding 12 months, transfers an interest of 50% or more in both capital and profits.Short period return. If a partnership is terminated before the end of the tax year, Form 1065 must be filed for the short period, which is the period from the beginning of the tax year through the date of termination. The return is due the 15th day of the fourth month following the date of termination. See Partnership Return (Form 1065), later, for information about filing Form 1065.Click on the below Related Link
Is Fourth of July a business day?
The Fourth of July is a Federal Holiday, meaning that most companies do not treat this day like a business day, but a holiday.Have a great Independence Day!
Who is cordillera energy partners?
"Cordillera Energy Partners is a private exploration and production company backed by the financial strength of EnCap and other participating institutional investors. Cordillera Energy Partners is headquartered in Greenwood Village, Colorado with a field office located in Canadian, Texas. Founded in 2000, Cordillera is proud to be celebrating its 10th year in business and making plans to form its fourth enterprise centered around the "acquire/exploit" strategy. Cordillera Energy Partners has a technically advanced team of professionals who are hard-working, loyal, and committed to creating value for its shareholders." Source: http://www.cordilleraep.com/
What is the standard margin in a business letter?
A business letter is typically a letter written to a company. The standard margin in a business letter is one to one and a fourth inches.
What celeberties were born on the fourth of September?
my life money health job business
What is the 4th day of the week?
The fourth day of the rabbinical week is Wednesday. For the business and non secular week it is Thursday.
Who was voted off dancing with the stars May 18?
NFL Wide Receiver Chad Ochocinco and his professional partner Cheryl Burke were eliminated that night, putting them in fourth place.
What has the author Jeff Baker written?
Jeff Baker has written: 'African flying doctor' -- subject(s): Medical Charities, Public health 'The Fourth Partner' 'Band on the Run'
