1.

Write a short note on partnership firm according to the type of business.

Answer»

Partnership according to business:

1. Banking firm:

  • A partnership firm that accepts deposits from public and as per specific conditions lend money to the customers is called a banking firm.
  • A banking firm has minimum 2 partners and maximum 10 partners.

2. General (Non-banking) firm:

  • A partnership firm created for any legal activity other than banking is called a general partnership firm.
  • This firm can.have minimum 2 partners and maximum 20.


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