1. General partnership
Partners have equal rights and all of them participate in management. It is jointly involved to operate the business. There are the types of general partnership.
A. Partnership at will
It continues up to time of partner. It is dissolved when all partners want dissolution. They can leave the firm at will. There is no fixation of duration of firm
B. Particular partnership
It is established for definite workers at definite period. When task is finished partnership is dissolved in particular partnership.
2. Limited partnership
A limited partnership is that type of partnership in which there is one or more partners having limited liability. The liability of limited partners is limited to their capital invested. They can’t participate in the managerial activities but they can advice. They also don’t have right to make decision and close the firm
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Rahul-Notes