A partnership is a type of commercial organisation in which two or more people come together to conduct business together. It is an upgrade above “Sole-Trade Businesses,” which are run by a single person using just his or her own resources, expertise, and effort..
Any two people can work together to form a partnership. A restriction on the maximum number of partners is imposed under Section 11 of the Companies Act of 1956. The number of partners in a partnership that is formed to conduct banking business is limited to a maximum of 10, as opposed to a maximum of 20 participants in a partnership that is formed to conduct any other type of company. Every association that has more members than the aforementioned maximums must register as a company under the Companies Act. There is no upper restriction on the number of members in a public company, however there is a cap of 50 for private companies
It is an artificial person, distinct from its members, and has a substantially longer life than a partnership, which is just an accumulation of all the partners and has a much shorter life span than a company. In a corporation, a member’s (shareholder’s) liability is restricted to the number of shares he has purchased, whereas in a partnership, each partner’s liability is unlimited. If you want to be a judicial officer and are looking for RJS coaching, here, at Jyoti Judiciary we provide comprehensive study material to make your preparation solidified and topnotch. From preliminary mock tests, to mains answer writing sessions every material required for clearing the exam is provided. We have separate legal current affairs classes, legal general knowledge, current affairs classes all in one time enrolment. Hurry up.
