example for all the types of business partnership
Dear Student,
Following are the types of partnership with their examples:
1. General Partnership : In such partnerships all the partners have unlimited liability, which will include their personal assets in case of dissolution of the firm. For example: If A and B are partner in a general partnership firm, than assets of both the partners will be liable for payment is case of dissolution.
2.Limited Partnership: In this type of partnership partners have limited liability towards the creditors of the firm. For Example: In case of Dissolution partners will be liable to the creditors to the extent of assets in the firm and their personal asset will not be held liable.
Following are the types of partnership with their examples:
1. General Partnership : In such partnerships all the partners have unlimited liability, which will include their personal assets in case of dissolution of the firm. For example: If A and B are partner in a general partnership firm, than assets of both the partners will be liable for payment is case of dissolution.
2.Limited Partnership: In this type of partnership partners have limited liability towards the creditors of the firm. For Example: In case of Dissolution partners will be liable to the creditors to the extent of assets in the firm and their personal asset will not be held liable.