Match List – I with List – II.

Choose the correct answer from the options given below :

A-III, B-I, C-II, D-IV

The correct answer is option 3- A-III, B-I, C-II, D-IV.

* Partnership can continue as long as the partners want and is terminated when any partner gives a notice of withdrawal from partnership to the firm- Partnership at will. Partnership at will exists at the will of the partners. It can continue as long as the partners want and is terminated when any partner gives a notice of withdrawal from partnership to the firm.

* Partnership formed for the accomplishment of a particular project- Particular partnership. Partnership formed for the accomplishment of a particular project say construction of a building or an activity to be carried on for a specified time period is called particular partnership. It dissolves automatically when the purpose for which it was formed is fulfilled or when the time duration expires.

* The liability of at least one partner is unlimited whereas the rest may have limited liability- Limited Partnership. In limited partnership, the liability of at least one partner is unlimited whereas the rest may have limited liability. Such a partnership does not get terminated with the death, lunacy or insolvency of the limited partners. The limited partners do not enjoy the right of management and their acts do not bind the firm or the other partners. Registration of such partnership is compulsory.

* The liability of partners is unlimited and joint- General Partnership. In general partnership, the liability of partners is unlimited and joint. The partners enjoy the right to participate in the management of the firm and their acts are binding on each other as well as on the firm. Registration of the firm is optional. The existence of the firm is affected by the death, lunacy, insolvency or retirement of the partners.