# Partnership

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Created on By Kamal Raj

Partnership Free Online Quiz Test

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X and Y started a business with capitals Rs. 20000 and Rs. 25000. After few months Z joined them with a capital of Rs. 30000. If the share of Z in the annual profit of Rs. 50000 is Rs. 14000, then after how many months from the beginning did Z join?

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P and Q started a business with respective investments of Rs. 4 lakhs and Rs. 10 lakhs. As P runs the business, his salary is Rs. 5000 per month. If they earned a profit of Rs. 2 lakhs at the end of the year, then find the ratio of their earnings?

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A and B starts a business with Rs.8000 each, and after 4 months, B withdraws half of his capital . How should they share the profits at the end of the 18 months?

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The ratio of investments of two partners P and Q is 7:5 and the ratio of their profits is 7:10. If P invested the money for 5 months, find for how much time did Q invest the money?

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In a partnership between A, B and C. A's capital is Rs.5000. If his share of a profit of Rs.800 is Rs.200 and C's share is Rs.130, what is B's capital?

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A and B invests Rs.3000 and Rs.4000 respectively in a business. If A doubles his capital after 6 months. In what ratio should A and B divide that year's profit?

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Three persons invested Rs.9000 in a joint business. The second person invested Rs.1000 more than the first and the third Rs.1000 more than second. After two years, they gained Rs.5400. How much third person will get?

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A, B and C rents a pasture for Rs.870. A put in 12 horses for 8 months, B 16 horses for 9 months and 18 horses for 6 months. How much should C pay?

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A, B and C are partners in a business. Their capitals are respectively, Rs.5000, Rs.6000 and Rs.4000. A gets 30% of the total profit for managing the business. The remaining profit is divided among three in the ratio of their capitals. In the end of the year, the profit of A is Rs.200 more than the sum of the profits of B and C. Find the total profit.

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A, B and C are entered into a partnership. A invested Rs.6500 for 6 months, B invested Rs.8400 for 5 months and C invested for Rs.10000 for 3 months. A is a working partner and gets 5% of the total profit for the same. Find the share of C in a total profit of Rs.7400.

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If 6 (A's capital) = 8 (B's capital) = 10 (C's capital). Then the ratio of their capitals is:

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A starts business with a capital of Rs.1200 B and C join with some investments after 3 and 6 months respectively. If the end of a year, the profit is divided in the ratio 2:3:5 respectively. What is B's investment in the business?

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A and B began business with Rs.3000 and Rs.4000 after 8 months, A withdraws Rs.1000 and B advances Rs.1000 more. At the end of the year, their profits amounted to Rs.630 find the share of A.

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A and B enter into partnership with capital as 7:9. At the end of 8 months, A withdraws. If they receive the profits in the ratio of 8:9 find how long B's capital was used?

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A and B entered into a partnership investing Rs.25000 and Rs.30000 respectively. After 4 months C also joined the business with an investment of Rs.35000. What is the share of C in an annual profit of Rs.47000?

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If Rs.3250 be divided among Ram, Shyam and Mohan in the ratio of 1/2:1/3:1/4 then the share of each are?

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A, B, C and D enter into partnership. A subscribes 1/3 of the capital B 1/4, C 1/5 and D the rest. How much share did A get in a profit of Rs.2460?

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A, B and C invested Rs.6300, Rs.4200 and Rs.10500 respectively, in a partnership business. Find the share of A in profit of Rs.12100 after a year?

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Matt sold 35 tickets to the school play and Renee sold 45 tickets. What is the ratio of the number of tickets Matt sold to the number of tickets Renee sold?

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A watch was sold at a loss of 10%. If it was sold for Rs.140 more, there would have been a gain of 4%. What is the cost price?

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# What do you understand by partnership?

Partnership is a business relationship between two or more people who agree to work together to achieve a common goal. It is a legal relationship where the parties involved share ownership and profits, as well as liabilities and losses. Partnerships can be formed in many different ways, with each type of partnership having different advantages and disadvantages.

The most common type of partnership is the general partnership, which is a business with two or more owners who are all equally liable for the business’s debts and obligations. Another popular form of partnership is the limited partnership, which is a business with two or more owners who have limited liability for the business’s debts and obligations. Limited partners are only liable for their own contributions to the business.

Partnerships can also be formed in other ways, such as through a joint venture, where two or more parties join together to form a new business venture. This type of partnership is commonly used in the production of films, television shows, and other creative projects.

Partnerships offer many advantages, such as increased resources and knowledge, shared risk and liability, and the potential for greater profits. Partnerships also provide an opportunity for partners to work together to solve problems, leverage each other’s strengths, and share ideas.

When forming a partnership, it is important to create a partnership agreement that outlines the rights and responsibilities of each partner. This agreement should include the percentage of ownership of each partner, the roles and responsibilities of each partner, and any dispute resolution procedures.

Partnerships can be both rewarding and challenging. It is important to carefully consider all the advantages and disadvantages of forming a partnership before making a decision. It is also important to work with partners who share similar values and goals, as this can help ensure the success of the partnership.

## Different types of partnership?

A partnership is a legal business structure that involves two or more people. Partnerships can take many forms and the type of partnership will be determined by the agreement between the partners. Depending on the business objectives of the partners, the partnership can be classified into different types.

General Partnership: A general partnership is a business structure where two or more people share the same goals and objectives, and all partners are equally responsible for the success or failure of the business. All partners are jointly and severally liable for any debts or obligations incurred by the business.

Limited Partnership: A limited partnership is similar to a general partnership, but with one or more limited partners who are not actively involved in running the business. The limited partners contribute capital to the business, but they are not personally liable for any debts or obligations of the business.

Joint Venture: A joint venture is a temporary business arrangement where two or more parties agree to pursue a specific business opportunity. Each partner contributes resources, such as capital, labor, expertise, or property, to the venture. Unlike a partnership, a joint venture is usually limited to a specific project or venture.

Limited Liability Partnership: A limited liability partnership (LLP) is similar to a general partnership, but with limited liability for each partner. This means that each partner is only responsible for the debts and obligations of the partnership up to the amount of their contribution.

Corporate Partnership: A corporate partnership is an arrangement between two or more corporations where they share resources and profits, but maintain separate legal entities. This type of partnership is often used to share expertise and resources, or to expand into new markets.

Strategic Alliance: A strategic alliance is a business relationship between two or more companies that agree to cooperate on a specific project or venture. The companies involved in the alliance may remain independent, but they benefit from the combined resources of the other partners.

Franchise: A franchise is a business arrangement where a franchisor grants a franchisee the right to use its trademarks, business processes, and other proprietary information to operate a business. The franchisee pays a fee to use the franchisor’s name and processes.

These are the most common types of partnerships. Depending on the needs of the partners, the structure of the partnership can be tailored to meet the needs of the business. It is important to seek the advice of an experienced attorney when entering into any type of partnership arrangement.