Partnership - introduction, types of partnership

 Hello friends, in this post we will discuss the basic concept of partnership, types of partnership. So we will start with the introduction of partnership. 

Introduction of partnership

When two or more persons make an association and invest money for running a certain business and after certain time they receive profit in the ratio of their invested money and time period then such an association is called partnership and the person involved in the partnership are called partners. 


Types of partnership

There are two types of partnership which are as follows 

1. Simple partnership

If all partners invest their different capital for same time period or same capital for different time period then their profit or loss is in the ratio of their investment or time period of investment then such a partnership is called simple partnership. 

2. Compound partnership

If all partners invest their different capital for different time period , then their profit not only depends on their investment but also on time period of their investment then such a partnership is called compound partnership. 

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