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What are the designation of partnership business?
Managing Partner Executive Chairman. Founder & CEO
What is the difference between Firm and Enterprise?
The term Firm is a company as a whole, as i found in some definitions. the company is a business organization. A Business is also known as a firm or enterprise. then both firm and enterprise under the umbrella of business. in some definitions enterprise is modern expression than firm and in other definition enterprise is a project, project defined as a collaborative enterprise frequently involving research or design that is carefully planned to achieve a particular aim, this definition prove definition number one as we know in modern business no business achieve without briefly research and investigations. Hozaifa Zaki
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.
Example of dominant-business firm?
A dominant business firm is close to a monopoly. It has no close competitors, and dominates more than half of the market that it is in.
What is a business firm with many owners who each owns shares called?
A business with many owners with each owning shares of the firm is called a corporation. Corporations can be a profit or not for profit business.
What is the difference in a partner and a principal of a firm?
The difference in a partner and principal of a firm is huge. A partner is an equal and a principle is the boss.
How much does a financial consultant make annually in a top firm like mckinsey esp as a principal or as a partner Assume New York area?
Principal - mid 6 figures Partner - high 6 to 7 figures
What is the difference between firm and industry?
An industry is a type of business in the economy while a firm is a unit or entity carrying a portion of the business in an economy.
What is difference between associates and partner?
A partner is more senior to an associate. An associate is the grade below partner and basically an employee who is on the career path to becoming a partner at some point. There are different kinds of partner too. A salaried partner is a senior member of the firm. An equity partner owns a share in the firm.
What is the difference between dissolution of partnership and dissolution of firm?
Dissolution of a Partnership firm* Dissolution of a partnership means:-The act of ending of the old Partnershipagreement and a reconstruction of the firm due to admission, retirement and death of a partner. It may or may not close the business.* Dissolution of a Partnership 'firm' means:-The firm close its business then the assets of the firm are sold and liabilities are paid off and remaining amount is distributed among the partners.*Cases of Dissolution of Partnership :-1. In case of change in profit-sharing ratio of the exiting partners.2. In case of admission of a new partner.3. In case of retirement of a partner.4. In case of expulsion of a partner.5. In case of death of a partner.6. In case of insolvency of a partner.7. In case of expiry of the period of partnership.*Cases of Dissolution of Partnership firm:-*Without the intervention of the court:1. When all partners agree to dissolve the firm.[sec.40]2. Compulsory Dissolution [sec.41]· When all or one partner of the firm becomes insolvent.· When business of the firm becomes unlawful.3. On the happening of any incidents:[sec.42]· Insolvency of a partner.· Fulfilment of the object for which the firm was formed.· Expiry of the period.4. When any partner giving notice to other partners can dissolve the firm.[sec.43 ]· By order of the court [sec.44]: cases in which the court may order the dissolution of the partnership firm.1. A partner has become of unsound mind.2. When a partner unable to perform his duties as a partner.3. When a partner is guilty of misconduct.4. When a partner wilfully, commits violation of law of partnership agreement.5. When a partner has transferred the whole of his interest in the firm to a third party.6. The firm cannot be carried on except at a loss.7. The dissolution is just and equitable due to some other reasons.*Difference between Dissolution of Partnership and Dissolution of firm:-s.no.Dissolution of partnershipDissolution of firmI.Change in the exiting agreement between the partners.Dissolution of partnership between all the partners of the firm.II.The firm continues its business.The firm dose not continue its business.III.Books of accounts may not be closed.Books of accounts have to be closed.IV.Dissolution of partnership dose not mean the dissolution of firm.Dissolution of firm means the dissolution of partnership also.V.It is voluntary nature.It is voluntary and compulsory nature.
What is the difference between an agency and principal trade?
An agency trade is when a firm buys or sells a security on behalf of a client to a third party. They will usually collect a commission for this service. During this transaction the firm does not own the security itself. A principal trade is when a firm buys or sells securities from their own account. Anytime the firm is buying or selling from within their own inventories, it is a principal trade. -Will Storey.
How much does a management consultant make annually in a top firm like mckinsey Esp as a principal or as a partner. Assume New York area.?
$400k to $2mm+
Under what circumstances a partnership can come to an end?
Partnership can come to an end by the following reasons. If they mentioned the validity to be a partner in the firm, under the partners mutual willingness to terminate himself from de partnership and if any partner misbehavied in a firm others can revoke that partner from the firm
What is the meaning of dissolution of firm?
Dissolution of partnership and Dissolution of firm are two different terms.Dissolution of partnership means termination of existing partnership agreement and the formation of a new agreement which can be due to any reason like admission of a new partner or death or retirement of an old partner. In the case of dissolution of partnership the remaining partners may agree to carry on the business under a new agreement.Whereas Dissolution of Partnership firm means that the firm is closing down its business. In the case of dissolution of firm the Assets of the business are sold, Liabilities are paid off and the accounts of the partners are settled out
Can a partner property is a joint Hindu family firm property?
yes because firm is not a legal entity in the name of firm partner earn money n they get purchase property in the name of partner.
Difference between firm and industry?
a firm is a business unit that operates under a single management. while industry is a group of firm that produce similar products for the same market.
What are the designation of partnership business?
Managing Partner Executive Chairman. Founder & CEO
