Types of ownership In Uzbekistan

Partnership

Definition: The term partnership is used to mean a business structure wherein two or more individuals, come together for undertaking a lawful business and have agreed to share the profits and losses arising from it. The management and operation of the business should be performed either by all the partners or any of them, acting for all the partners.
A partnership business may be formed for production of goods, sales, maintenance or any kinds of service.

Those who form partnership are known as partners. Partners may pool in capital in equal proportion or as per the agreement. Someone can even become a partner without investing any money or a very small sum of money. Such partners are usually taken in because they enjoy some power in the society or in the government. They may even contribute to the goodwill of the business. Or sometimes such partners possess such skills which may be very valuable to the business. A partnership business is usually known as partnership firm.

Partners usually share profits or losses according to their contribution or according the agreement.
The essence of partnership is agreement or a contract amongst or between the partners to do or not to do something which also includes how the profits or shares may be shared amongst the partners, duration of business, duties and obligations of partners, how much of capital will be contributed by each partner and how will the business be conducted. The contract is known as Partnership Deed. It can be oral or written and registered. If it is oral it will not be possible to prove anything if there is a dispute amongst or between partners. It is always advisable to have a written and a registered partnership deed. To register a deed one has to go to the Registrar’s Office (Old Dhaka, Court Building Area in Dhaka. Every district of Bangladesh has a Registrar’s Office.).
Characteristics of Partnership:

1. 
   Membership: At least two persons are required to begin a partnership while the maximum is not limited. In Banking business the minimum is ten and maximum is
   

20. A minor or a lunatic (insane), a person declared bankrupt by court cannot enter into a partnership business. But a minor can be admitted to partnership to share profit if all the partners agree.

2. 
   Unlimited liability: The members of a partnership have a unlimited liability, I.E., they are collectively and individually liable for the firm’s debts and obligations. So case business assets are not adequate (enough) to repay liabilities personal assets of all partners (cars, buildings, furniture etc) can be claimed by the creditors (like a
   

3. 
   always be a written and registered Partnership Deed so that there is no disagreement among the partners regarding the division of profit/losses.
   

4. 
   Management: Legally all partners can take part in managing a partnership business if they agree bank) to realize the outstanding amount.
   

5. 
   Sharing of profit and loss: The main purpose of the partnership is to share profit in agreed ratio. However, in the absence of any agreement between or amongst partners, the business profits or losses are divided equally among all the partners. That is why there should. But this may be wise. They may appoint someone from amongst them (it can be one or more) to manage the business on their behalf. Then they will usually get separate salary and other benefits like a car, accommodation or other allowance. He or they will then become employee(s) of the firm. But they will still remain as partners. But in most cases someone from outside is appointed to manage the firm. Usually he is a professional manager.
   

6. 
   Registration: It is always good to have the Partnership Deed registered though it is not compulsory. Such registration will help in case there are some disagreements or disunity among the partners.
   

7. 
   Continuity : If a partner becomes bankrupt, or insane, decides to retire or dies, the partnership business is dissolved. The remaining partners have to form a new partnership and register a new partnership deed. It all the partners agree a partner may transfer his share to someone else.
   

8. 
   Legal Provision: Partnership business in Bangladesh is guided by the Partnership Act of 1932. It means one cannot form a partnership business by violating any provision of this Act.
   

Types of Part Partnership

Partnership can generally be grouped under the following heads in our country :Uzbekistan

1. 
   According to Objectives
   
2. 
   According to Tenure
   
3. 
   Partnership at will
   
4. 
   Limited Partnership
   
5. 
   Public- Private partnership (PPP).
   

1. 
   According to objective(s): A partnership which is formed for a specific purpose. Once the objective(s) or purpose is achieved the partnership stands dissolved. For example ten of your class mates form a partnership for the purpose of supplying cement to a particular construction site. Once the construction is complete your partnership stands dissolved. You may form a new partnership with your old parterns or change few or change all
   
2. 
   According to tenure: Such type of partnership is formed for a specific time period. It can be for one year or less or more. Whatever the partners agree upon. Once the tenure or period is over than the partnership stands dissolved.
   
3. 
   Partnership at will: Such partnership exists on the will of the partners i.e., it can be brought to an end whenever any of the partners gives notice of his intention to do so. This kind of partnership is formed to conduct the lawful businesses for an indefinite period.
   
4. 
   Limited partnership: A limited partnership consists of two partners, namely general partners with unlimited liability and
   

special or limited partners with their liability limited to their capital contribution. It must have one or more general partners and also one or more special partners.

5. 
   Public-private partnership (PPP): Means an arrangement between government/any autonomous body on one side and a private sector entity local or foreign who enters into a contract for the purpose of some specific venture. The capital of both the public sector and the private party will be decided according to the agreement and so will be the share of or profit and loss.