Unita Relation Partners

of
.

Relation

Mutual conduct Mutual

General Rights Right
Band ⑤_
duties ⑨ Loss
⑤ &
duties
Liab
ittonlnt
-

indemnify s _
•
Bound to dobusi page *
•
greatest fraud towards determined

mentor
other Ptnr
advantage
common
PF by
or

Be Just • faithful
.
= loss
repay
contact /
⑤②
Agreement p
1-
swears → Easternmost t µ h

MMt÷a#
+
+ Ehpress implied .
a
co -

partners
"
will divide *
ptnyg I
ckofptnr change
④ ⑤
→ To /
-

the
•
vary
-

agreement
{ byansentoiall}
527 ICA
•

will not be hurt

stopptnrdoing
=

Samebusi
( during / after retirement )
only by consent
✓
•
Pinsship -

Manifest by someway ✗
?⃝
 conductor

B B B J B .

Right Attend
?÷Y
Access
°

differences
•

Take
past duties ↳ soiuedby inspect -

conduct
•
Majorly fpyÉne ) copy -

LR
,

µ-gEach )
e-

Books
opinion
•

agent
a -

↳
sgjood faith
:
Righto µ
egress
Bag• RIGHT

ButnduTh%biocÑopy
↳ All partner
inspect
majority
unanimous
/
is

✓
active ✓
•
Mgmt power sleeping ✓
'
t
co-extensive
consult
=

should use
for
Right
d
ifonepastneris
not allowed bonefideseasoy
✓
→ court →
injunction
*
sue dissolution
→
poor pTnrIsue alcs
+no dissolution

eruption → contract to

contrary
I

courts
 tast_pÉiab (SB)

PSI
✗
②
① remuneration
Pftcylosifno
eoual

oulyshaxinpftv agreement
remunerative
Butif agreed >
burden
of) - about unload

Mooing PSR pasty

or course
ogdeaty someone
alleging
-

,
else aspen
.
agreement
orlontmiied someone
usage ,

capital
° f- Psg
ratio

1.
I
④ 10 Advance ⑤ Indemnify
③ 10C

• No ,
Over above
capital ✓↳
only if agreement
61Pa partner firm
-
•

-
-

practice d t
trade / custom run even
after done something
dissolution tell
-

phis
statutory
•

d. o
forfiim neglect
prov . .

payment
"
→ - like paid or
+ in
incurred
"

But
"
•
cease on -
conduct
-
trials
dissolution t
+
ordinary
course OR indemnify
* energy firm
 1- loss protect
+ prudent

¥
Indemnify
him

PP Partnership Prop ) sit

• Names : PP , propoffrim ,
P Asset
.

,
Jtstk ,
common cstk ,jt estate

tf
qpp all
property + right + interest =
fiimka =
collectively
Partners
1 # PRI

tool
entitled

f
Édtnarbecomerr
personal prop partner f- PP -

agreement
1
if
Pfbusi
i used
for
"
'

↳ ¥PP ? Below : deemed

-
to
Belong tofvim

* PRA a- PRA Goodwill Stat Pre

+ *
-
partners
brought
purchased .
Trepidation at amused
d
.

By firm value
- Their with
contribution 4- Purchased
to for firm
-

pftenpeded Money of
overly above pf
common
Ñ
.

basi
1- course
Normal
profit deemed
I
91W pp
^
- . =

But agreement ageist eternal

Note
=
:
pp check asia at ¥ Thing civil

Use for PF f- Property of Pf

real intention to treat it as PP =
pp ✓

Convert personal prop → PP ✓ possible

Note :
91W sale on dissolution ?
Ñ
Kiat
✓
4T
alag
✓

After sale of 41W

→
Agreement to not
canyon
Busi 527 PCA not harmed
/ I \
specified specified reasonable
local period restriction
limit

- personal -1
Note PP i. us.
by partner -
Pfbusi ✓ (Exclusive)

interest partners in PP
-

Community of
-
Propriety interest ✗

/
 51¥ :Persond# →
svtaiuttooioutact
④
Transaction

}
of firm Partner 2912T

PP →
ok
use
profit
for tpaypf
Busiofpf -
connection
eat
him Name sugar
or supplied
topf

busing
same Nature

competing

SII Rigfhtslhutus
Reasons ?
Constitution

ichang / kimeguy
always
same
\

/
Busi fixed additional
+
Admit
change Term business
eapius
-

Goes out
-
death / ret
 Third
Background Party Relation

Men
Agent ?
•

Agent of firm +
Principal N"
1

(
t Intent
when when acts
for himself
community of
with others
acts
for
+ own interest partners
partners 1- In PP / PB
-
Busi Regular IIIT
* only for
purpose oyp
-

agentart HHT
scope act etat &
* Partners personal dealings
Ñ Saida act
agent eats

( SM) read with

Implied Authority
as
Agent 522

Can't ? dispute submit f- suit withdraw

•

→
-
-
-
-
→

µ proceeding
•
Bank own name behalf finny
open
-

•
Basmati →
firm think ? rgcousseoycond withdraw if
compromise 7 authority
relinouishy }
claim olvib admit if
•

•
immpsopp
•
enter
partnership on Kim
behalf purchase/ sale
 522 which act Binds
firm?

Yt }
+
carry
usual
way
+ business +
ordinary
ie of him course -
Binds rum
within his

authority

-
Done in *
F- F
name
manner enpressiylimpbjy
intention

Jmpliedeaony
to

firm
=
bind

Restrictions
-
usual basi related Cant 9-41-7
ñ
authority scope Implied auth 31512131Mt Busi 31711 31M
• •

www.tdtmY
depends fatten
Normal Coniston# 7
way
•

→
conduct
• intention to bend

Pls
EE Negotiable Instrument
*
read for solicitor
vs
Pop.tt
Banking
 520 tentensionl Restriction of
Implied Auth Unanimous
. →

Per Mutual Contract

But its to ☒ P by Borrowing reduced

dangerous →
power from
1L To 50K

I
should this change be

effutue !
made

a.
Only if ☒ doesnot
TIP know
knows he 1 the
unfortunate
one)

is a
partner
*
Protecting
TII P

S2thmergemyAuthouty_
To Protect loss all act =
Ordinary
=

Prudence
It,
Binds firms
 admit 0h27 ( representation
959
823° Effect of Admission

behalf of firm Evidence

+ about
affair of firm
=
•
on

against
ordinary
+ course
joins
£

manifold aitagqstart
Partner ✗ said took
pasty A
mistake
that will Min
you get delivery by TIP
admit Karthik

✗ To All will be
viable

1m¥ limited
authority section for IIIP
+ TIP knows
restriction only ,
not betweenpartners
to
ruin ✗
egenptnr Agita Ptm
Ko admit Kinki 6%
10C Mi
legs
Partner
say Notice to only Acting 1
sleeping 'D
.

+
ordinary matters

= Notice to all notice to I = notice to rest

quit
agent notice
principal notice
-
=
:
-

* actual
constructive ☒

qµÑM* actual
✗ tacit fraud it notice ✗ ) → seller kesathmilke defective goods
purchase Kia
forfvim.net seller
other
gave notice + invoice •
☒partner
Resect
can
 Parties
Liability to

-8.25 ( LIABOF PARTNER

) 8.2-b t27_
For Acteyfoim
for wrongful actcgpaltnes Misapplication
By partner
joint ✓
OR
+ ord course
several ✓
-

+
authlcomentoyallptno
+ act should be 4 ⑨ Ptnr ③
Under
Monfort / Receives firm
empress / implied omission toact custody
money
authority I → +

within Misapply
Firm + all
:
actcgi actoffirm authority
°
-_
By
liable A- Ptnr
oactv Foincustody
•

omissimofactahiab.ir •
Method to do
OR
not
act unauthorized
-

is

I Doesnotmaltn d
NI bias alt ttomse +
EF par act hueahone
misapplies
fhahie while she
✓
was
I
ruin
partner liable

formisapplicalion
-
③ Rcptnotinhui Authority
f- Rcptbyfrim
 =/ Rim No liable

ie other Partner
nothiab.ly

Note : Foin is liab

for Misapplication when firm Receives

: Ferris is said to have Received even when partner

received But within
Authority
Dems hiab
Liability firm
of all
partners
-

:
of

Partner Interest
Right of Purchaser /
529 →
Transferred →

Transferee

Act → silent

restricted in
Generally → written
/ Agreement
→ because mutual
confident

New
Assignee f- same Rights 1 Privileges ✗

-
Right during continuance
- - Dissolution
on
orooigiptnrphehtes
book
interfere × ask ✗
inspect ✗
•

alcs .
Assets share ✓
•

•
shone
challenge✗
rcv ✓ bound to
accept
✓
↳ •

(
ales check
only
✓
to ascertain
about shared
 ¥0T
Note Transfer sale /
mortgage / otherwise
:

Becomes No
:
partner →

↳ consent
of all
:
Yes

Its a

:
Restriction / Debar To
Transfer i. No →
Tangible Property
+ can be
assigned

530° Minor -
adimt -

Benefit
minor → bound ✗ ,
void contract ✓
voidable ✗ →
partner
contract
:
partnership
-

✓
→ share
of profit lbenfit → all consent

Right head
✓ next
•
toshaseoypft pg
•
access accounts /
I
• sue -

for accounts
-

for payment ! Connecting

train
•

elects 16m) to become eitd-sat.DE

partner ,
on
majority sue
for payment
= same phase night
or alcs
 Liability

Before Major After Major

Profit shoe has to decide to

Wikle
upto
• •
=

continue as Patrneror
Property shone
+
not ?

1-
•

personnel ✗
6m
On
insolvent OR
from
knowledge
•

•
Fom insolvent ✓ as his share? majority
d
to
Wiater
goes
iionidator ✗
]
Cas usual Remain ?
Leave ?

Elects To

give public
NE
notice + Registrar notice ConIFa
major
as

•
Till public notice → same R&b f
how? failure time
Post notice his shasenotliab
-

of
• :
unite above)
OR
Sue ?
• read above
By wish
I
 liable
•
personnel
all
prior actofjom
•

(since
minority
partnership)
• share = same

F- pp
.

seéhon-31-35_ (Reconstitution)

SI SI SI SI SI
Retirement Expulsion Decease
Introduction
Insolvency .

New partner

contract ÉÑ✓
minor ✓

liab = new date

#✓

agrees for prior tiabvaiagh

New firm = assume =

oldjvm
(Reconstituted) tiab

NovM'°MLwM-
I
accept new pins as Debtor
1- creditors should /
agree ↳
discharged .
 2
partner PF → 1
gone
= dissolve✗
•

Novation between partners gives Right to creditor ? No

-

against new ptnss not

ipso facto

S32-Retirement_

cease to be member ✓
firm dissolve ✗ → else Dissolution

Vishnu Chandra Us Chandrika Prasad → Pf =L End .

① Note Tenancy Right leg Pbcheef_ →

:
*
.

. .
. . .
.

> self
dials = continue -
tell public notice
other
to be

%fum liable partner

notice ✓
- Public
Not liable

\{pub →
notice ×

sleeping
+
Pasty
Ptnr need not give Public notice
doesnt
knot
tiab But Arise ✓eiasee
-
till he was partner - -

Later
.

lexcept : Novation
 Kole notice Not needed -1 No Uab
public
:

I
PAW -1 notice to all partners.

is must
S.33-stenpubion-ypownoyeopubior.in contract

}
agreement if Imp
•
→

③ •

majority
•

goodfaibo Bonafede intent of PF

Vest
of good faith )
t
else
L
Null + Void

enplusion + dissolution

• invalid
t PFendi its PAW continues
expulsion → even if →

to

uÉg#•
just that
eapukionisnuu.

=
 om→Jmolueny_ insolvent
personally adjudicated cease as
partner
1
→

Pf not liable
for partners act
-

Personnel estate

noteiearddltt testate
not liable for act of
*
M , PF
not -
p-

diFnoueniyitoeiouidatofesta.gg liable
,
still

forprev .

firm's Dissolution ? Yes

ordinarily
• → :

↳ No
agreement :

535 Deceased
.
Partner
dissolve →
Usually Yes
↳
Agreement
No →
only 2 →
ofcours Yes ! .

testate No
+ No Public Notice needed
more liable .
536 -

Outgoing partner
→
Right →

Competing Business

?
}
Can He ✓
He
May
→

• szo
provision permits
Advertise ? he ✓
may
→

ragreementsvkit we
firm name
↳ 1- business
Not -

represent himself carrying finis

µ solicit customers
dealing
with
pins

}2
→
Not
carry
-
similar → in
specific local limits
spec period
→ in . .

if restrictions are

reasonable

s 2710A
.

not overruled
+ Valid

firm's
" "

note : same
applies to sale
of Goodwill
 Partner Profit
→
537 .

Outgoing
→

Right Subservient share

• Do account settlement lguiepft tassets )

•
Not
given
? →

Using
→ + contract & aboutthis →
Apes
↳
contract

No contract
i
outgoing ptnr right

6% pa
share
profits
since he ceased interest
-

OR on
to
as attributable
misuse
-

amount
his share of
dy share
of property
-

of property

⑦ Ehlrcised Noaboueiiabilely
no
•
option to purchase •
of profit iintt 6%

↳• Exercised
But not complied -8¥
terms
of above provisions
final settlement
 firm
5. 38
Continuing Guarantee → Revoked →
After change
.

admit , retire , death ,

introduction ete
.

→
Re constitution in firm
Change /
-

→ at 310Th ant 49 Let 4T P.FI Reconstitution spit

h old
nconti nuing
Guarantee also Revoked