Page 5 - Lesson Note 5

Short Questions (3—4 MARKS)

1. Explain the types of partnership on the basis of period and liability.

2. Is registration of partnership compulsory? Write what are the consequences of non-
registration of partnership firm.

3. State any four contents of a partnership deed.

4. State any four characteristics of partnership business.

Long Questions (5—6 MARKS)

1. Describe the merits of starting of partnership firm.
2. Describe the demerits of starting of partnership firm.
3. Explain the difference between partnership and sole proprietary business.