1. What is partnership act?

Answer: A partnership is defined in the act as 'the relation which subsists between persons
carrying on a business in common with a view of profit.

2. Essential features of partnership act.

 Partnership is the relation between the parties
 Arises out of agreement
 Aimed to carry on a business
 Members agree to share the profit
 Element of agency
3. Agreement?
Answer: Partnership can only arise out of agreement – express/implied written/oral or may be
inferred from the conduct of the parties.
4. Salaried partner

Answer: Section 6 talks about profit sharing without partnership e.g. agent and principal
relationship.

5. The question arises whether there can be a partner without sharing of profit i.e. partner on
salary basis or remuneration basis?
Answer: Being not a corporate entity the partners in the firm are not its employees.
6. Content of statement:
Answer:
1. Penalty for improper use of the word "Limited"
Answer: If any person of persons trade or carry on business under any name of title of which
"Limited" is the last word, that person or those persons shall be liable to a fine not exceeding
five hundred taka everyday upon which that name or title has been used.
2. Joint-stock company: A joint-stock company is a business entity in which shares of the company's
stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion,
evidenced by their shares (certificates of ownership).
3. Inspection documents.-- After and order for a winding up by or subject to the supervision of the
Court the Court may make such order for in pectin creators and contributors, of the company of its
documents as the Court thinks just, and any documents in the possession of the company may be
inspected creditors or contributors accordingly but not , further or otherwise.
4. members' voluntary winding up: A members' voluntary winding up is the only way to fully wind up
the affairs of a solvent company. In a members' voluntary liquidation all creditors are paid in full,
with any surplus assets being distributed to its members/shareholders.
5. Official liquidator.-- The official liquidator shall be described by the style of the official liquidator of
the particular company in respect of which he is appointed, and not by his individual name.
6. Effect of winding up order.-- An order for winding up of a company shall operate in favour of all the
creditors and of all the contributories of the company as if made on the join petition of a credition
and of a contributory.
7. Mode of winding up.--(1) The winding up of a company may be either.
a. by the Court; or
b. voluntary; or
c. Subject to the supervision of the Court.
(2) The provisions of this Act with respect to winding up shall apply, to the winding up of a
company in any of these modes, unless anything contrary appears.

8. Winding up is the process of dissolving a company. While winding up, a company ceases to do
business as usual. Its sole purpose is to sell off stock, pay off creditors, and distribute any remaining
assets to partners or shareholders.

9. Prospection: 1.the act of anticipating: foresight. 2 : the act of viewing. 3 : the act of exploring (as for
gold)

10. A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders'
equity at a specific point in time, and provides a basis for computing rates of return and evaluating its
capital structure

11. Perpetual debenture is also called the perpetual bond or simply prep. It is defined as the bond with
no maturity date.

12. Penalties: a punishment imposed for breaking a law, rule, or contract.

13. Discount: a deduction from the usual cost of something.

14. Commission company may pay commission to any person in connection with the subscription or
procurement of subscription to its securities, whether absolute or conditional, subject

14. Dating of prospectus.---A prospectus issued by or on behalf of a company or in relation to an

intended company shall be dated, and that date shall, unless the contrary is proved, be taken as the
date of publication of the prospectus.

15. Notice of meetings:--Notice of every meeting of the Board of Directors of a company shall be given
in writing to every director for the time being in Bangladesh and at his address in Bangladesh.

16. Meeting of Board:--In the case of every company a meeting of its Board of Directors shall be held at
least once in every three and at least four such meetings shall be held in every year.

18. An extraordinary general meeting, commonly abbreviated as EGM, is a meeting of members of an

organization, shareholders of a company, or employees of an official body that occurs at an irregular
time.

19. What is a Statutory Meeting?

It is the first meeting of the shareholders of a public company having share capital and is held once in the
lifetime of a company. A private limited company and a company limited by guarantee not having share
capital need not hold a statutory meeting. Statutory meeting must be held within a period of not less than
one month and not more than six months after the date on which it is authorized to commence its
business.

20. An annual general meeting (AGM) is a yearly gathering between the shareholders of a company and
its board of directors. Generally, this is the only time that the directors and shareholders will meet
throughout the year, so it is a chance for the directors to present the company's annual report.

21. Share capital: the part of the capital of a company that comes from the issue of shares.

22. Transferring shares: Shares can be transferred from a shareholder to another person
(either a new or existing shareholder). Shares are transferred by way of gift or sale. ... So long
as a company has enough shares, it's possible to transfer shares in a limited company any time
after incorporation.

23. register : an official list or record of names or items.

24. registered officer means a person whose name appears in the party register as the registered
officer of a party;

25 A public company is a corporation whose ownership is distributed amongst general public

shareholders via the free trade of shares of stock on exchanges or over-the-counter markets

26.private company a company whose shares may not be offered to the public for sale and which
operates under legal requirements less strict than those for a public company.
27. officer a person holding a position of authority, especially one with a commission, in the armed
services, the mercantile marine, or on a passenger ship.

28. contributory: playing a part in bringing something about.