Unit - 49:Definition, Meaning and Nature of Partnership
Legal & Regulatory Aspects of Banking -
Unit - 49 : Definition,Meaning and Nature of Partnership Partnership is the relation between persons who have agreed to share the profits of a lawful business, carried on by all or any of them acting for all. There is a mutual relation of ' agency ' between the partners.
Any Partner can, by his acts , bind all the partners of the firm .
Different Types of Partnership: Partnership at will Partnership for a fixed period Particular partnership
Limited Liability Partnership (LLP) shall be a body corporate and a legal entity separate from its partners.
It will have perpetual succession. While the LLP will be a separate legal entity liable to the full extent of its assets , the liability of partners would be limited to their agreed contribution .