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100814
100814
Partnership
1. Relation
between persons
2. Agreement
3. Common
Business
4. Sharing Prrofit
or Loss
5. My be carried
on by all anyone
of them acting for
all
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
Features of
Partnership
1. An association
of 2 or more
persons
2. An agreement
(Oral or Written,
Expressed or
implied)
3. Business
4. Profit/loss
Sharing
5. Mutual Agency
between Partners
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
P by Holding out
Minor P
Types of
Partner
Nominal P
Outgoing P
P in Profit
Incoming P
Sub P
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
Types of
Partnership
1. Partnership
at will
2. Partnership
for a fixed
period
1. Particular
Partnership
2. General
Partnership
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
Types of Partnership
Name, Register office, Other places of Business, Date of partner's joining the Firm, Name & Addresses of Partners, Duration of
o firm
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
1. Firm name
2. Principal place of Business
3. Opening or Closing of Branches
4. Address of any partner
5. Constitution of Firm/ Dissolution
6. Minor Partner's Decision after becoming Major
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
Rights to:
1. Take part in
business
2. to be
consulted
10. to be consulted on
admission of new partner
3. To have access
to books
11. To retire
4. To share
profits
5. Intrest on
capital (If
Agreed)
Rights to:
6. Intrest on loan
to firm
7. Right to
indemnity
15. Remuneration
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
7. To share losses
1. Of good faith
2. Of gratest
common
advantage
3. To render true
accounts
Duty :
4. To give full
Information
5. To indemnify
loss due to fraud
6. To attend
deligently
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1 Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
st
Minor Partner
He can't be a
partner but
he can be
admitted to
the benefits
of Firm
30(1): He can
receive the
profits & part
of property of
Firm
30(2): He has
right to access
books of
accounts
30(3): He is
not personally
liable, only his
share of Profit
& property is
liable
30(4): He can
file a suit
against for his
profit &
property but
Firm can't file
a suit against
him
30(5): Public
Notice by
him/her
within 6
Months about
the decision
otherwise
assumed to
be a partner
IF HE ACCEPTS
a. Same
position as
that of others,
b. Personally
liable for the
acts from
when he was
admitted to
benefits,
c. Share of
profit &
property will
be same.
IF HE REJECTS
a. Liabilities
as a partner
will be same
till notice
date,
b. Not liable
for further
liabilities,
c. He can sue
the partner
for his share
of profit &
Property
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
10
Expressed
Implied
Authority
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
11
Implied Authority
Conditions to be
satisfied: the act
must be
Examples: The
partner can:
1. Engage the
lawyer,
1. Related to the
firm,
2. Purchase usual
goods,
2. Done in a usual
way,
3. Appoint servants
3. Done in the
firm's name
4. Make collection
from debtors,
5. Sell the goods,
6. Settle the
accounts etc.
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
12
Liability of Firm
Section 27: If
partner made any
misappropriation
of Money then
Firm is liable if the
act is within his
authority
Section 28(1)
If firm accepted the
liability impliedly
(Liability by holding
out) then the firm
is liable for it
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
13
Changes in Firm
1. Admission of
Partner 31(1)
2. Retirement of
Partner 32(1)
a. He can be
admitted with the
consent of all,
a. He can retire by
the consent with
all or by notice,
3. Expulsion of
Partner
33(1)
a. Partner can't be
expelled even by
majority but only
by legal suit,
b. majority is
allowed if they can
prove that
expulsion is in the
intrest of firm &
done in good faith.
4. Insolvency of
Partner 34(1)
5. Death of Partner
a. By default, the
insolvancy of any
partner result in
dissolution of firm,
a. By default, the
death of any
partner result in
dissolution of firm,
b. Partners may
decide otherwise
in agreement,
b. Partners may
decide otherwise
in agreement,
c. Insolvent
partner is not
liable for any
further liabilty.
c. Heirs of
Deceased partner
is not liable for any
further liabilty.
42(c)
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
14
1. By the consent of
partners (Section 40)
2. By Contract
between partners
(Section 40)
3. Compulasory
Dissolution (Section
41)
4. Dissolution due to
contingency
5. Dissolution by
Notice
( Section 42)
(Section 43)
b. Completion of adventure,
c. Death of partner,
d. Insolvency of partner
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
15
1. Insanity of
partner
Section:
44(a)
2.
Permenant
incapacity of
partner
3.
Miscounduct
of partner
4. Persistent
breach of
agreement
Section:
44(b)
Section:
44(c)
Section:
44(d)
5. Transfer
of intrest
Perpetual
losses in
business
Section:
44(e)
Section:
44(f)
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
16
a. After public
notice, partners are
not liable for further
liabilties,
( Section 45)
b. Any private profit
under firm name
must be accounted
for to firm.
( Section 50)
Payment shall be
made as:
Partners can sell off
all the firm assets to
pay firm liabilites &
can share the
surplus
( Section 46)
( Section 47)
Losses on realisation
shall be adjusted
first from past
profits then from
capital & if balance
then shared by
solvent partners
( Section 48).
a. External debt of
firm,
b. Partner's Loans,
c. Partner's capital,
d. surplus shared by
all partners in PSR
( Section 48)
HO- 1st Floor Gajanan Plaza, Opp. Kashiba Medical, Ashok Stambh, Nasik
College Road Branch: 1st Floor, Parshuram Apartment, Above Woodland Shoes, College Road, Nasik. 98220 26393, 2571545
17