9. X, Y and Z are partners of a company. At the time of the distribution of the net profit, there was a dispute between the shareholders. The profit before interest on the partner`s capital was ?6,000,000 and Z required a minimum profit of ?5,00,000 because his financial situation was not good. However, there was no written agreement on this point. Partnerships have a long history; they were already used in Europe and the Middle East in the Middle Ages. According to a 2006 article, the first partnership was introduced in 1383 by Francesco di Marco Datini, a merchant from Prato and Florence. The Covoni Company (1336-40) and the Del Buono-Bencivenni Company (1336-40) were also called early partnerships, but they were not formal partnerships. [1] A partnership is an agreement in which the parties known as trading partners agree to work together to advance their mutual interests. Partners in a partnership can be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations can work together to increase the likelihood that everyone will achieve their mission and increase their reach. A partnership may lead to the issuance and holding of equity or may only be regulated by contract. 73.

Pay A and B ?1,00,000 and ? ?60,000 in a partnership as capital, on which they undertake to admit interest at the rate of 8% per annum. Your profit or loss sharing ratio is 3:2. Profit at the end of the year was ?2,800 before interest was allowed on the principal. If there is a clear agreement that interest on capital will also be paid in case of loss, then S`s share will be: (A) profit ?6,000 (B) profit ?4,000 (C) loss ?6,000 (D) loss ?4,000 Mongols have adopted and developed the concepts of responsibility with regard to investments and loans in Mongolian-ortoq partnerships and promoted trade and investment, facilitate the commercial integration of the Mongol Empire. The contractual characteristics of a Mongolian-ortoq partnership were very similar to those of the Qirad and Commenda agreements, but Mongolian investors used metal coins, paper money, gold and silver bars, and tradable goods for partnership investments and mainly financed silver lending and trading activities. [6] In addition, Mongolian elites entered into commercial partnerships with merchants from Central and Western Asia and Europe, including Marco Polo`s family. [7] The legal regulation of partnerships in Canada is the responsibility of the provinces. A partnership is not a separate legal entity and the partnership`s income is taxed at the rate of the partner receiving the income. It can be assumed that it exists independently of the intention of the partners.

The common elements that are taken into account by the courts when establishing the existence of a partnership are only two or more legal entities: Under the United States. A partnership is an association of two or more persons through which the partners share the profits and liability for the liabilities of their business. [27] U.S. states recognize forms of limited partnership that may allow a partner who is not involved in the corporation to avoid liability for the debts and obligations of the corporation. [28] Partnerships generally pay less tax than corporations in areas such as fund management. [29] [30] 24. In the absence of an agreement, shareholders are not entitled to: (A) Salary (B) Commission (C) Equal profit sharing (D) Both (a) and (b) 12. X, Y and Z are partners who share profits and losses equally.

Their capital balances as at 31 March 2012 were ?80,000, ?60,000 and ?40,000 respectively. Your personal property is worth as follows: X – ? 20,000, Y – ? 15,000 and Z – ? 10,000. The extent of their responsibility in the company would be: (C.S. Foundation; June 2013) (A) X — ?80,000: Y — ?60,000: and Z — ?40,000 (B) X — ?20,000: Y — ?15,000: and Z — ?10,000 (C) X — ?1,00,000: Y — ?75,000: and Z — ?50,000 (D) Equal Partners share profits and losses. A partnership is essentially a settlement between two or more groups or companies in which profits and losses are divided equally because there is no title to a corporation, certain provisions of the Indian Partnership Act 1932 apply. The partners are not entitled to interest on the capital they contribute and cannot receive a salary for the work they have done for the company. They are entitled to interest on any loan they grant to the company @ 6% per year. A close look at medieval trade in Europe shows that many large credit-based companies did not bear interest. Therefore, pragmatism and common sense demanded fair compensation for the risk of lending money and compensation for the opportunity cost of lending money without using it for other fruitful purposes.

In order to circumvent the laws on usury promulgated by the Church, other forms of reward were created, especially through the widespread form of partnership called commenda, which is very popular among Italian commercial bankers. [3] Florentine commercial banks were almost certain to get a positive return on their loans, but this would be the case before considering solvency risks. .