Classification
of Partnerships
Partnerships are classified in the following way:
1: Classification with respect to liability.
(1)
Unlimited Partnership.
(2)
Limited Partnership.
2: Classification with respect to duration
(1)
Partnership at will
(2)
Particular partnership
(3)
Partnership for a specified period
Following is a brief description of each type of
partnership.
1: Classification with respect to liability
.
.
( 1)Unlimited
Partnership
In general partnership liability of
all partners are unlimited. Every partner entitled to participate in the management.
( 2)Limited
Partnership
In the special partnership liability
of partners, expect at least one is limited partners with limited liability are
not entitled to participate in the management.
2: Classification with respect to duration
1)
Partnership at will
Where
no mode for termination of partnership is specified, the partnership is a partnership at will.
2)
Particular partnership
A partnership
formed for a particular business adventure is called a particular partnership.
3)
Partnership for a specified period
It is formed for a specified period and terminates at
the expiry of the specified period.
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