Question:

What are the rules and regulations for Partnership in business?

by Guest2824  |  earlier

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My husband started a business with someone, it was a partnership and due to some reason that person left the business and we suffered loss, what are the laws of partnership in business?

 Tags: business, PARTNERSHIP, Regulations, rules

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  1. Tom Reeds

    A partnership is an agreement where individuals for their interest start a business and are responsible for its growth and also have a share in the profit as well as losses.
    Although there is no special rules and regulations and any specific statutory that has a specific rule for the establishment of partnerships but still there are certain laws and rules for each of the fifty states as well as the District of Columbia which follows some regulations which govern the partnership. Although there are different rules regarding general partnership, limited partnership or limited liability partnership but each of the partnership each state has its own rules and regulations for each of these types. There is Uniform Partnership Act and the Uniform Limited Partnership act which encourages the adoption of uniformity of partnership law into the states by their respective legislatures. For the purpose of establishing partnerships there is no specific statutory.
    Under the common law legal system, the first form or the basic form of the partnership is a general partnership. In this basic form of the partnership all the partners are responsible for its debt and also responsible for the enhancement of the business. There is another form which has recently evolved in the partnerships is Limited Partnership. In this type of partnership there are some general specification which can result in a limited way and give a limited control to the partners who have been managing the activity and business for limited liability for the partnership debts. There is also a limited liability partnership in which all partners have some degree of limited liability.
     

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