F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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PARTNERSHIP DEINTION AND FEATURES

PARTNERSHIP DEINTION AND FEATURES

Meaning-

partnership is the agreement between two or more persons.who agree to pool their resources to do a lawful business and to share profits and losses there from in an agreed propotion.

Defintion-

According to the sec.4 of the indian partnership act-1932 defines partnership as ,"the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all".

Features/characteristics-

1.Number of persons:

The minimum number of persons required to form  a partnership is two.the maximum number is 20 in non-banking or trading firm and 10 in an banking firm.
the limit regarding minimum number is fixed by the the partnershi act-1932and the maximum limit is fixed by companies act-1956

2.Agreement:

For the formation of partnership an agreement is required.an agreement may be oral or written.

3.sharing of profits and loss:

One of the important objective of partnership is sharing of profits and losses in an organisation.the profit of the partnership business must be shared by all the partners in an agreed ratio.in the absense of an agreement the profit and loss shared equally

4.Business:

Partnership can be formed only for the purpose of carrying on some business.the business must be profit-seeking and also Lawful.

5.Mutual Agency:

Every partner of a firm is both an agent and principal. he is an agent when he makes other partner liable for his acts.he is the principal when other partner make him liable for their acts.

6.Utmost good faith

every partner is morally and legally bound to be just faithful to one another.

7.Unlimited liability:

the liability of the partners of partnership firm is unlimited,it is joint and several.that is, a partner is jointly and also individually liable for the payment of all the debts of the firm

8.Restriction on transfer of interest:

No partner can transfer his share to an outsider without the consent of all other partners

9.No seperate legal existence:

a partner ship is not legal entity.it does not enjoy any legal status apart from it's partners.

10.capital contribution:

The capital contribution made by all partners in an partnership.

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