A

TERM PAPER
ON
MERCANTILE LAWS

TOPIC: PARTNERSHIP ON FOOT WEAR

SUBMITTED TO : SUBMITTED BY

GEETANJLI MAM BIRBAL KUMAR MAHATO

REG.NO. -10906418

ROLL NO. –A12

SECTION:- RR1908

BBA 1ST SEMESTER

CONTENT
Introduction
The Topic
Reason for Selection of this Topic
Importance
Learning from the Study
Partners
Name of all the partner,address, qualification
Capital Contribution
Profit Sharing Ratio
Duration Of Partnership Firm
Firm
Firm’s Name
Address Of The Firm
Nature Of The Business of The Firm
Place Of The Firm
Registration Of The Firm
Rates Of Interest On Capital,Drawing ,And Loans
Duties Of All The Partner To The Firm
Right Of A partner
CHAPTER 1- INTRODUCTION

1.1 THE TOPIC: “FOOTWEAR”

At footwearI was assigned with the topic as “to know how the partnership firm can
be open” .I joined the company as a partner. The selection of the topic was to know
how the partnership firm work through them. Footwear consist of garments
worn on the feet .It is for variety of reason, including protection agains the
environment .Footwear is sometimes associ with fetishism, particularly in
some recent fashion in shoes and boots.

1.2 REASON FOR SELECTION OF THIS TOPIC:

The footwear is one of the increasing company in India. The partnership company
are one of the powerful, efficient and effective channel through which the company
sales its various types of products.. Where as in my entire term paper I found my
interest in working in a team, dealing with customers and finally convincing them
to buy a product.

1.3 IMPORTANCE:

The ultimate purpose of giving me this topic was to know about the various law of
partnership,rights and duties of partner and to know about business law. how the
partnership firm can work and how the company can generate maximum profit
and grow up, and to know relation of partners to third parties and at last how the
partnership firm can be dissolve.

1.4 LEARNING FROM THE STUDY:

The process of partnership related transaction, partnership related various terms,

work environment of the firm. Different products and services provided by the
firm. Customers’ perception about the different products. The brand image of the
firm. What are the problems faced by customer on daily basis. How to
communicate with the customers. Different techniques of dealing with the
customers. How to convince and convert a customer into a real customer. and at
the last how to better response to the customer problem.

PARTNERS:
DEFINATION: According to section 4 two or more person who have agreed to
share the profit of a business carried on by all or any of them acting for all.

NAME OF ALL THE PARTNER,ADRESS, QUALIFICATION:

NAME:

1.BIRBAL KR. MAHATO

Qualification : BBA.

Adress: Phagwra,NRI Clonoy ,House no -10

2. VIVEK PANDEY

Qualification: BBA .

Adress : Near Lovely Institute(chheru)

3. RAHUL ROY

Qualification : MBA

Adress : Jalandher Cantt,House no –N-10

AGREEMENT BETWEEN PARTNERS :

Partnership is created by an agreement and not by status.According to section 5
the agreement which forms the basis of partnership may be either express or
implied . It may be in writing or formed verbally, or by conduct and regrister by
the law.

CAPITAL CONTRIBUTION:
Each partner has a right to contribut in capital so we are agree to give 50 lakh only
per partner for this partnership .A partner is not entitled to interest on the
capital contribution by him to the firm.

PROFIT SHARING RATIO :

Each partner has right to share in the profit of the firm. Profit sharing ratio is
according to capital contribution.

DURATION OF PARTNERSHIP FIRM:

The duration of partnership firm is 20 years after the 20 years these partnership
firm is dissolve by the lapse of time.

FIRM :
Person who have entered into partnership with another are called collectively a
firm .Altough in the commercial sense a firm has distinct meaning , according to
Indian law a firm is not entity, a firm is merelly a collectively name for the
members composing it .

FIRM’S NAME :
BETA SHOES PVT. LTD.

ADDRESS OF THE FIRM:

Model Town, Jalandher City

Road no - 8

NATURE OF THE BUSINESS OF THE FIRM:

In this firm the nature of the business is the manufacturing of the footwear like,
sport shoe ,leather shoe,sandels , etc.

PLACE OF THE BUSINESS OF THE FIRM:

The place in which the firm is situated model town, jalandher city .This land is
jointly purchased by all the partners in which the firm is situated.This land is
jointly purchased so we (all the partner ) are owner of this land.

REGISTRATION OF THE FIRM:

A company can not come into existence unless it is registered under the
companies act,1956. Section 58 lays down the process for effecting registration
of firm or company . It provide that a firm may get it self registered by making an
application to the registrar of firm of the area in which any place of business of
the firm is situsted .

The application for registration must be made in the prescribe form and must
contain the following particulars .
a)The firm name

b)the place of the business of the firm or if there are more than one place of its
business the principal place .

c)The names of any others places where the firm carries an business.

d)The date when each partner joined the firm .

e)The name in full and permanent address of the partner.

f)Duration of the firm.

After full fill these necessary things the application shall be signed by all the
partner .When the register is satisfied that he provisions of section 58 have been
duly complied with he shall record an entry of the statement in register of firm .

RATES OF INTEREST ON CAPITAL, DRAWING, AND LOANS :

An advance by a partner to a firm is not treated asan increase of his capital but
rather as a loan on which intrest should be paid .The partner may be fixed a
lower or higher rate as they think fit .

DUTIES OF ALL THE PARTNER TO THE FIRM:

1.To carry on the business of the firm to the gretes common advantage.
2.To be just faithful to each other.

3.To render true account .

4.To provide full information .

5.To indemnify for loss caused by fraud.

6.Prohibition against carrying on the business.

7.To share loss.

8.To indemnify for loss caused by willful neglect.

9.To hold and use propery of the firm.

10.To account for personal profit.

11.To accounts for profit of competing business.

12.Not to assign his right.

Right of a partner :

1.To take part in the management.

2.Right to be consulted.

3.Right of access to accounts.

4. To share the profit.

5.Right to intrest on capital.

6. Right to interest on advances.

7.Right to indemnity .

8.Right to the use of the partnership property.

9.Partners authority in an emergency.

10.No new partner to be introduced.

11.No liability before joining.

12.Right to retire.

13.Right not to be expelled.

14.Right of outgoing partner to share subsequent profit.