Introduction The dissolution of a partnership by court order is complex because the court can be involved easily. We always think that the partnership is dissolved by the partners by way of their mutual understanding. But it does not always happen. The same scenarios do not effectively work in every partnership firm. If a partnership […]
Introduction There are some differences between the dissolution of a partnership and the dissolution of a partnership firm. But, people are confused while thinking about the dissolution of a partnership firm and the dissolution of a partnership because it looks like both have the same meaning. The dissolution of a partnership firm refers to the […]
Introduction Dissolution of a partnership firm is a process as the end of the relationship between the partners of the partnership firm by the dissolution of the partnership firm business- with the dissolution of a partnership firm, all relations between the partners are terminated with the firm, it is known as the dissolution of a […]
What is the reconstitution of a partnership firm? We often notice that sometimes the partnership firms undergo changes or restructure. Most of these changes are related to specific conditions in the partnership firm, such as a new addition of a partner, retirement of an existing partner, changes in business terms among the existing partners of […]
Reconstitution of Partnership Firm Reconstitution of a partnership refers to a typical change or restructuring of an existing partnership firm enterprise. That may change depending on some event, such as when a new partner enters the firm business, when an existing partner retires from the firm, or the death of the existing partner, etc. Due […]
Reconstitution of a partnership firm Sometimes, the partnership firm needs to be restructured due to the reason behind the admission of a new partner, death of a partner, retirement of a partner, or partner’s wish to change terms between them, Etc. Thus, if the partnership goes to restructure, it is known as the reconstitution of […]
Definition of Nominal Partner The Nominal Partner is an individual who is not a part-owner and not actively involved in the firm’s operations. They are often well-known figures who lend their name to the company for a fee. Who is the Nominal Partner in the Partnership? A nominal partner lends their name to a firm […]
What Is Active Partner? An active partner in a partnership refers to being involved in the firm’s daily work and operations. An active partner plays a significant role in growing and helping the partnership firm’s business. As active partners manage the activities of a firm’s business, that’s why they take more risk than other partners, […]
Introduction What happens when you enter into a partnership without a partnership deed?- In the absence of a partnership deed in written form, you might suffer losses of some benefits that can be eligible as a partner of the partnership firm. So, it is always advisable for you, if you want to enter into a […]
Introduction When we look up the pros and cons of a partnership, we should also know that it is an easy way to form a new business and run any existing business. A partnership is one type of document between two or more than one person. Here, persons who want to be involved in the […]