ppt on partnership

1. By: Haneef Hameed
Abdullah Aman
Fawad Azeem
Noman Khan
Zubair Gohar
Sheryar baloch
Saim Khan

2. A partnership is a voluntary
association of two or more
persons to contribute
money, property, time and
skill to carry on business for
profit and losses.

3.  Legal Entity
 Agreement
 Number Of
Partners
 Existence of
business
 Sharing Of
Profits
 Capital
 Utmost Faith
 Management
 Control
 Transfer Of
Ownership
 Duration

4. ADVANTAGES
 Easy Formation
 Better
Management
 More Participation
 Skilled Employees
 Public Relation
 Business secrets
 Spirit Of
Cooperation
 Personal
supervision
 Easy Dissolution
 Flexibility

5.  Unlimited
Liability
 Risk Of
Dissolution
 Possibility Of
Disagreement
 No Transfer Of
Ownership
 Lack Of Authorit
 Lack of harmony
 Lack Of Secrecy
 Loss of
opportunity
 Possibility of
fraud

6.  Active partner
 Sleeping partner
 Nominal partner
 Senior partner
 Junior partner
 Partners in profit only
 Secret partner
 Minor partner

7.  Right to take part
in business
 Right to express
opinion
 Right to inspect
books
 Right to share
profits
 Right to interest
on advances
 Right to act in
emergency
 Right to give
consent
 Right to retire
 Right to enforce

8.  Duty to carry on
business
 Duty to be just
and faithful
 Duty to render
accounts
 Duty to provide
information
 Duty to attend
diligently
 Duty to share
losses
 Duty not to
transfer right
 Duty to use firm’s
property for firm