Experts pls help me with this que
Dear Student
a.
Nominal Partner is the one who is not the active partner rather he allows others to use his name in the business.
He generally does not contribute any capital, has no share in profits and losses but has unlimited liability.
b.
There is a General Partnership in the given case where the liabilities of partners is unlimited.
c.
The agreement between the partners is called Partnership deed which specifies the terms and conditions between them.
d.
Pardeep and Ravi are active partners. They are the contributors of capital, have active participation in the managerial activities, have unlimited liability, and also have share in profits and losses of the business.
e.
Merits of getting firm registered are -
Partners can be sued under this and can sue others too.
There will be less of conflicts and more clarity
Regards
a.
Nominal Partner is the one who is not the active partner rather he allows others to use his name in the business.
He generally does not contribute any capital, has no share in profits and losses but has unlimited liability.
b.
There is a General Partnership in the given case where the liabilities of partners is unlimited.
c.
The agreement between the partners is called Partnership deed which specifies the terms and conditions between them.
d.
Pardeep and Ravi are active partners. They are the contributors of capital, have active participation in the managerial activities, have unlimited liability, and also have share in profits and losses of the business.
e.
Merits of getting firm registered are -
Partners can be sued under this and can sue others too.
There will be less of conflicts and more clarity
Regards