Partnership topic is very necessary for every competitive exams like SBI Clerk Pre, IBPS Clerk Pre, IBPS RRB Pre, Railways, UIIC, LIC, NIACL, NICL, OICL and other competitive exams. Every year 1-2 questions can be seen in Banking Exams.
Partnership is when two or more people join hands with a common goal to attain profits. Every partner invests either time, or money to help partnership firm to reap profits. There are two types of partnership:
1.
Simple partnership - If all partners invest their capital (money) for the same period, then such partnership are known as the simple partnership.
2.
Compound partnership - If all the partners invest their capital (money) for different periods, then such a partnership are called the compound partnership.
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