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Accounts Partnership

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Samantha Johnson
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21 views1 page

Accounts Partnership

Uploaded by

Samantha Johnson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Partnership

Types of partners
● Secret Partners - in the business but no one know about they just pay their input and
collect their interest
● Silent Partner - Are those that people knows about but they do not give input they are
silent
● General / Ordinary Partners - Bare most risk. If the business should go in risk they might
lose most as well as their belonging
● Limited Partners - they only risk what they have input.

Types of partnership
1. General/ Ordinary Partnership - In a general partnership all the members/partners have
unlimited liability.
Unlimited liability means your liability is not limited to what you have invested. You can
lose what you have invested plus personal belongings.
a. Limited Partnerships - In a Limited partnership you must have at least one
general partner and all the other partners have limited liability. The unlimited
partner must have means/ possessions.

Partnerships share profits with APPROPRIATION - to share in a prescribed manner.

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