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  1. Yenepoya Pharmacy College & Research Centre Yenepoya (Deemed to be University), Deralakatte, Mangaluru PARTNERSHIP Dr. Summayath T Assistant Professor Department of Pharmacology
  2. Table of Content • Specific learning objectives (SLOs) • Characteristics & types of partnership, partnership deed and kinds of partners • Summary • Reference 2 YPCRC
  3. SLOs • Upon completion of the teaching session student should know the concept of partnership and kinds of partners YPCRC 3
  4. PARTNERSHIP • Two or more persons combine together contributing to the common stock & sharing profit or loss of the business carried on by all or any one of them acting for all. YPCRC 4
  5. Characteristics of the partnership: – Mutual & voluntary agreement – At least two persons to commence a partnership firm. – Earn profit & share it – Agreement on some business, trade, occupation or profession YPCRC 5
  6. – May be carried out by all the partners or anyone of them for all – All have equal right – Liability is unlimited – Can’t transfer right without the consent of other partners YPCRC 6
  7. Advantages: – Availability of more capital, so is the size of business & profit – Life of business is more – Less possibility to take wrong decision – Better management YPCRC 7
  8. – Legal formalities are easier – Financial results – no need to declare – Quick decision – Better human public relations – Partners are flexible to start new business YPCRC 8
  9. Disadvantages • Unlimited Liability • Limited Life • Difficult to raise capital • Chances of Dispute YPCRC 9
  10. Partnership Deed • The relation between the partners is created in the form of a contract. Written contract is called “Partnership Deed” – Retirement/ death may end the business. – Personal ambition – may bring YPCRC 10
  11. Types of partnership 1. General partnership firm a) Particular partnership b) Partnership at will 2. Limited partnership firm – Not allowed in India YPCRC 11
  12. Kinds of partners • Active partner • Sleeping partner • Nominal partner • Minor partner YPCRC 12
  13. a)Secret partner b)Partners in profit only c)Sub partner d)Silent partner e)Partnership by estoppel f) Partnership on holding out YPCRC 13
  14. Summary • Partnership is the concept of doing business together (two or more persons) contributing to the common stock & sharing profit or loss of the business carried on by all or any one of them acting for all. • Written contract between partners is known as ‘Partnership deed’. 14 YPCRC
  15. References • Text book of drug store & business management by Dr. S Sambath Kumar and Dr. N Murugesh 15 YPCRC
  16. 16 YPCRC