Classification of partnership based on liability takes into account the nature of liability of partners concerned, unlimited or limited. Based on liability, the partnership may be either a general or a limited partnership.
General Partnership: In a general partnership, the liability of all partners is unlimited. The partners have the right to participate in the management of the firm and their acts are binding on each other. Registration of partnership is optional. In case of death, insolvency, or insanity of any partner, the partnership ends.
Limited Partnership: In the case of a limited partnership, there are two classifications of partners: general partners and limited partners, also known as limited liability partners.
The main features of a limited partnership are as follows:
There must be at least one partner whose liability is unlimited while the liability of other partners may be unlimited to the extent of the capital invested by them in the firm.
The partners with limited liability are called special partners or limited partners.
The limited partners are not entitled to participate in the management of the firm.
Any limited partner can withdraw himself from the firm.
The withdrawal, death, insolvency, or insanity of any restricted partner does not affect the presence of the firm.
Types of Partnership Based on Duration
India being a developing country has all general or unlimited firms in which all partners have unlimited liability. The general or unlimited partnership firms may be of three types:
Partnership-At-Will: This type of partnership is formed to carry on business without specifying any period and the partnership continues as long as the partners are willing to continue. It is not decided as to when and how the firm will end. Any partner, giving a notice to that effect, can dissolve partnership-at-will.
Partnership for Stipulated Period/Particular Partnership: When a partnership firm is established for a specified or stipulated period, it automatically ends after the completion of the specified or stipulated period.
Partnership for a Certain Venture or Purpose: A partnership established for completing specific tasks or venture or purpose during a specified period ends automatically on the completion of the venture or purpose.
In the UK, the USA, and some of the European countries â€œLimited Partnershipâ€ firms can be formed. Under a limited type of partnership firm, the liability of the partners is limited except that of one or more partners. There must be at least one partner with unlimited liability in the case of a limited firm.
Such a partner is not entitled to take part in the management of the business and is not allowed to act as an agent of the firm or the other partners, but he can transfer his interest in the firm to another person with the consent of other partners with unlimited liability. The liability of the partners is limited means to the extent of capital contributed by them and such partners are called limited partners or special partners.
Essential Elements of a Partnership Firm
The different essential elements of a partnership firm can be as follows:
Division Of Gains And Losses: Associates might agree to share in the gains and losses depending on the weightage of their ownership, or this may be assigned to each partner equally regardless of who the owner is. These clauses need to be should be mentioned in the partnership agreement to prevent any future conflicts at any point in time during the businessâ€™ life cycle. The partnership agreement should also specify the profit withdrawal period.
Duration Of Cooperation: It is a common practice of these firms to continue to work indefinitely, but there are instances where the business ends after a certain period. The partnership agreement must also include this clause, whether the duration is specified or not.
Resolution And Dispute Resolution: The most common conflicts in partnerships arise from the obstacle of decision-making and thus creating differences among the partners. Several rules are included in the agreement regarding the decision-making process such as by a voting system; rules to resolve disputes between partners are also mentioned in the agreement.
Authority: In the agreement, the partner officer must be defined; they are supposed to possess the binding powers. To avoid any potential debt or any other loss situation, the agreement should define the terms that state the responsibilities of the partners in these circumstances.
Withdrawal Or Death: In the agreement, rules regarding any situation involving death or withdrawal from the business should be added. clauses regarding this circumstance may include a purchase and sale agreement that outlines the valuation process or that may require each partner to buy a life insurance policy and opting for other partners as beneficiaries.
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