(1a) Partnership business can be defined as the relationship which subsists between persons carrying on a business in common with a view of profit. It can be formed by one to twenty persons in business. (1b) Dormant partner is define a person who does not partake in the day to day running of the business but only contribute capital. it can also be called a sleeping partner (1c) i. The capital to be contributed by each partner ii. the rate of interest on capital iii. the rate of interest on drawings iv. the division of profits and losses v. the basis of valuing goodwill on the death or retirement of a partner
Posted on: Tue, 09 Sep 2014 09:10:08 +0000