Why Form 2220 Partnership 2022-2023

Instructions and Help about Why Form 2220 Partnership

Partnership as a form of business and it's essential aspects meet mr. a he is a young man from Chandni Chowk who makes a living by selling hand-woven saris he always dreams of owning a departmental store one day where he can sell designer watches Footwear and stylish accessories although he has the experience of selling he lacks land and the required funds meet mr. B he is a middle-aged person from Delhi having a flourishing business and also a number of shops in the prime areas of Delhi he always dreams of generating revenue from his additional shops over and above his normal business income although he has the land he is running short of time for additional businesses meet mr. C he is a young and ambitious man who has recently attained his master's degree he has an excellent command over his speech and has a very good network of business associates he always dreams of making it big with the help of his marketing and networking talents although he has the skills he is short of funds meet mr. d he is an experienced person with enough extra funds at his disposal he has excellent financial acumen he dreams of earning more interest on his idle funds than that offered by the banks although he has the funds he has no time all of them mutually agreed to start a business to achieve a common goal that is to earn profits they enter into an agreement stating various terms and conditions to carry on business they have formed a partnership firm let us take this example and understand further about the various aspects of a partnership firm what is partnership as per Section 4 of the Indian Partnership Act 1932 partnership is defined as relation between persons...