Limited partnership

Limited partnership:

A limited partnership as such is not found in the Indian law. The English law, however, recognizes limited partnerships and the law relating to them is found in the English limited partnership a brief reference is made to the English law relating to limited partnerships.

1. a limited partnership must not consist of more than 10 person in the case of a firm carrying on banking business, or of more than 20 persons in the case of a firm carrying on any other business.

2.a limited partnership is not a legal entity distinct from the members who compose the firm.

3. a limited partnership must consist of one or more genral partners who liable for all the debts and obligations of one or more limited liabilities.

4. a limited partner must not, during the continuance of the partnership either directly or indirectly withdraw his capital otherwise he becomes liable and obligations of a fully paid in the shareholder in limited company.

5. he can assighn his share in the partnership with the consent of the genral partners.

6. his death, bankruptcy, or luncy does not dissolve the partnership he cannot also by notice.

7. a body corporate may be a limited partner.