MANAGEMENT

Detailed explanation-1: -A partnership is a business that two or more individuals own and operate together. Unlike other business structures, there are multiple types of partnership you can establish. The relationship between the partners, type of ownership, and duties of each partner are typically outlined in a partnership agreement.

Detailed explanation-2: -There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP).

Detailed explanation-3: -yes, a partnership firm may be having more than one managing partner. yes, 3 out of 6 can be managing partners. there is no prohibition in any law. In Companies Act, there is aprovision of 2 MDs, so simultaneously as per my understanding partnership firm can also have more then 1 MP.

Detailed explanation-4: -A partnership is a for-profit business organization comprised of two or more persons. State laws govern partnerships. Under various state laws, “persons” can include individuals, groups of individuals, companies, and corporations. As such, partnerships vary in complexity.