a) On the first Rs. 75,000 of _ Rs. 50000 or @ 90% of book profit, whichever the book profits is more b) On the next Rs. 75,000 _ @ 60% c) On the balance of _ @ 40% book profit
1.In a Limited Liability Company the liability of the Directors is limited to the extent of in the value of the shares held by them in the company. In a Partnership firm the liability of the partners is in proportion to their profit sharing ratio. 2.The directors in a Limited Liability Company may or may not be shareholders in the company.They could be executive directors on salary. The partners in a partnership firm are the co owners of the company in proportion of capital employed individually. 3.The directors in a Limited Liability company earns salary.They are not liable individually in case of losses in the company. In a Partnership Firm the Partners earns salary (remuneration), Interst on capital employed in the business and a share of profit. 4.The terms and conditions and the the nature of business to be done by a Limited liability company is covered in the Memorandum and Articles of association. The same is covered by a Partnership deed in a partnership firm. The Profit and loss sharing ratio,remuneration to be paid and interest to be paid to partners is mentioned explicitly in the deed.
No, partnership deed is not a public document it is mutual agreement among the partners of the partnership firm stating there profit/loss sharing ratios, rate of interest on loan & on capital and salaries/remuneration of the partners etc
No, a partnership firm has no legal entity. Registering the partnership firm means registering the partnership relation. firm has no separate legal entity.
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.
A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.
State Bank of India is one example of a partnership firm in India.
If the Partnership firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Partnership firm.
can a non resident indian become a parter in partnership firm as per Indian Partnership firm.
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided.
If all the partners agree, then gift can be given by the partnership firm.
The aims and objectives of a partnership firm is to provide a service and be successful. All businesses have the same objective and that is to survive.
It is when a firm has the whole thing!!