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What else can I help you with?
Can a partner freeze the bank accounts of a partnership firm?
yes
What are the rights and liabilities of a minor in a partnership firm?
In a partnership firm, a minor cannot be a full partner but can be admitted to the benefits of the partnership. They have the right to share in the profits but cannot be held personally liable for the debts of the partnership beyond their share of the profits. Additionally, a minor's agreement can be ratified upon reaching the age of majority, allowing them to assume full rights and liabilities as a partner. However, they cannot participate in the management of the firm until they become a major.
What is desolution of partnership firm?
Dissolution of partnership means the closing or the end of business. At the time of dissolution business closes its activities and share of all partners are returned back to them.
What is the rate of tax for partnership firm?
A partnership computes its income and files its return in the same manner as an individual. However, certain deductions are not allowed to the partnership.Go to the IRS.gov website and use the search box for Tax Information For Partnerships Partnership Income or Loss
Taxation advantages in partnership?
are you talking about buisiness mergers, or marriage, or perhaps a buisiness partner, like in a law firm?
Can I later convert my Partnership firm into a Company or LLP?
Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.
What is the conversion process from an accounting perspective when converting a partnership to a company structure?
a partnership converts to a company structure
What does lcc firm mean?
LCC firm refers to a business company or organization which has the characteristics of a partnership and a corporation. It does not matter whether the partnership is a sole proprietorship or not.
Can a public limited company become a partner in a partnership firm?
Yes, it can
Can a pvt ltd company be a partner in a partnership firm in India?
india
Can a partnership firm become member in company?
Yes, a partnership firm can become a member of a company, typically through one of its partners acting on behalf of the firm. However, the partnership itself does not have a separate legal personality, so the individual partners would generally be the ones registered as members. The company's articles of association may specify the conditions under which a partnership can be a member, so it's essential to review those documents.
Is a partnership firm has any legal entity?
No, a partnership firm has no legal entity. Registering the partnership firm means registering the partnership relation. firm has no separate legal entity.
Please I want a list of similarities between partnership firm and a company?
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Can a pvt limited company be a partner in partnership firm?
Liability of a Pvt limited Company is limited - a mith. The fact is that liability of a share holder of a limited company is limited to the extent of value of the shares. In other words, the other assets of the shareholder can not attached for default of the company. So the liability of a limited company is limited to the assets of the company, not limited to the face value of the shares. On the other hand the partner of a partnership company has unlimited liability. i.e., the assets of the partner can be attached in case of default. Similarly, when a pvt limited company is a partner the liability of the company is unlimited and to the extent of assets of the company not to the assets of individual shareholders. So a limited company is a legal entity and can become a partner or proprietor of a firm.
What is a “Limited Liability Partnership” or “LLP”?
LLP or Limited Liability Partnership has become a popular form of organization among entrepreneurs in India. A Limited Liability Partnership gives the benefits of a Company & a Partnership Firm. An LLP in India is a Partnership Firm established by at least 2 Partners who enter into an LLP Agreement. However, the LLP Partner have limited liability and the LLP has perpetual succession just like a Company.
What is the capital required to start a Partnership firm?
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.
What is the synonym for company?
business, firm, association, corporation, partnership, establishment, syndicate, house, group, fellowship
