Registration of a partnership firm Meaning of Registration : partnership is the result of an agreement between persons (minimum 2, Maximum 20) who agree to carry on a lawful business with the object of earning profit. the name of the firm under which the business is carried on may be recorded with the registrar of […]
Admission of a New Partner in a Partnership
Admission of a New partner in a Partnership According to the partnership act , no new partner can be taken in a firm without the consent of all the existing partners. the new partner when admitted is called “Incoming Partner” . an incoming partner is not liable for any act of the firm done before […]
Difference between Business Profession and Employment
Business difference from profession and employment in the following respects. 1.Business: A business is organized to produce or distribute goods or services to society in order to earn profit. It involves various kinds of activities such as purchase, sale, store, transport, finance, service which all aim at gaining profit. Business is useful to society in […]
What is Business Risk and its main Causes?
What is Business Risk Business is mainly run to earn profit. However, there is always a chance of suffering loss in it. This danger of loss from unforeseeable events in future in business ins named as business risk. Business risk is an essential element of business. It cannot be avoided but it can be minimized […]
Alteration of Memorandum and Articles of Association
Alteration of Memorandum and Articles of Association Introduction Memorandum of association is regarded as an unalterable document of a company. Companies ordinance Sec 21 prohibits any alteration of the conditions in the memorandum of association except as is expressly permitted by the later sections of the ordinance. Alteration of Memorandum of Association Any clause in the memorandum of association may be […]