Partnership Act , 1932

Th
Indian

T ra
-
↓ #
General principles Partnership
-
-

-
-

ST.
. C .

↳Of sale Of
Goods

&
- Partnership contract

TICA

General punciples
,
1872
I
-
-
TIPA , 1932
-
-
major ↓

sound mind. Specific Provisions

to partnership
X Dispunifies relating
na (3)

commencement
-
-

Extends
↓ ↳
Enactment = 8 April
1932

whole of Commencement
-
India
F-
.

# Doi
1st day October Sec
↓
1932

T
- October

1933

contract
Partnership
FJ
IPA 1932
A -
-
,

Applicability of this Act is on "Partnership"

↓
n
 of
Section
4- finition "Pership"

who
"Partnership" is the relation between persons

profits of a business
share the
have
agrees to

for
carried on by all or any of them
acting

all-

of above definition
mysis
·

① persons -
> Two or more persons/Association
of person .

② Agreement -
> Partnership arises out of an

agreement/contract · And not

by status
. [section 5]
-
-

③Sing of profit One of the essential element

. But it is
of partnership a

not a conclusive evidence of

.
Partnership
④
Even trade outon
ness- ,
a
 ⑦
Association created for charitable purpose is not

② religious
a partnership
-
③ social

In simple persons
words
, catering into agreement
of
must be
having motive
earning profit .

⑤ MUTUM
-
-
Agency - Cardinal
↓
Principle of .
Partnership

very imp
-
-

principal
(a) A Partner is both an
agent and a

(b) Partner, by his acts , bind other partners and is

is turn bound by acts of other pastness

.

(1) It is not essertion that all partners should

actively participate in business .

Business one or patheson

may be managed by

remaining partness will be bound by theirs acts

provised acts relate to firm's

such
carrying on

business in the ordinary course of business.

 Section h
-
-
-
F

7
Name under which
person who have
their business is
entered into partnership
carried on
are
with one another
J
called individually "Firm name"

"Partners"
Collectively/
↓

"Firm"

Analysis
-
-

⑦ Association OF ↳
person

② Agreement -

③ sharing
of D
profit > -
Here fit inde losses -

-
④ ratio

For
Business- it
sharing
-
⑤ Mutual
Agency -
unless a
c
othe
Exten Share

Of each
Partner
 Association ↳
of person

=
-
Natural person
# Legal person/
Artificial Person

-
Every legal separate entity
owing ·

⑳
O
F
7
↓
-

JI
Co-operative
Sole

- society
J -
-
-
-

proprietor
Je
Co SOC Act X
CO Ac, 2013 LLP -

C
-
- -
-
- ↓ THA
-
Partnership
LLP Act, 2008 Firm
-
- - -
-
-
X

#
jio SLE
Reliance
=
Arjun = ACT

Ambani = SNP ↳ Past = ↑ Firm

↳
CO A *
COB
-

↳
CO A
L Arjun

- Pretership
 -
Arjun
↳hi
LLPALLPB Arjun
-
↓
↳
&

Partiedhip

⑫
-G
P slipfir

AB C ASS CDE ASS

retror
O Spotter
-
-
. -
> O
Associate
&
-
S

Proteship
-
-

persons
-
ent
Partness
--

void
① Every person competent to enter into
a

contract .

Partner.

consent of
② become , However with
minor cannot

an the partners he can admitted into the

be

benefits of .
partnership [Section 30 TIPA , 1933)

③ Company can become partner

.

④ Two partnership firm cannot enter into Partnership

.
⑤ All Partners of two firms may from a partnership
-

>
- Beneficien

-
-
-

consent
↳
O B A
↓
--

↓ ↓
-
-
ship

17 Y2S
10 S 18 U

- Pretership 3?
voit
⑪ -
-

E
Partnership O
-
A -
B -

Admit

First there must be existence of a partnership

.

Secondly with the consent all patter , minor

,
existing
may be admitted into benefits of Partnership
.

Section 5 -
Partnership not created by status
- --
--
-
- -

relation of partnership from contract

The arises

and not from Status ;

and in particular , the members

of HUF corying
as such or Burmese Buddhist
on family business ,

on business as sun
husband and wife carrying
are not partners in such business .
 of
partnership of
6
Section
determing
mode
----
existence

of
① In
determining whether a
groud person is or

is not a firm ??
Of

② Whether a person is or not a pastner in a

Firm ??
had to relation betwe
regard shall be were

een the parties as scown by all relevant facts

token together .

. existence Mutual Agency

Real relation
e i.
-
-

in existence of mutual
The true test lies

i e capacity of
relationship the
agency
.
.

to bind
other prether by his act
partner

Jone in firm's name and be bound by

acts of other partners
.
 Explaination
-
-

05 0
The
sharing of profit
The receipt by a person
Or

(a) of share of Profit

of
gross returns

of business
a

from property
arising by persons Of

holding a joint or common interest

(b) of a Payment

in that property itself

does not
contingent upon

of profit
make such persons partless .
earning

does not itself make

him a partner with persons

carrying on the business .

↓
and in particular the receipt of such
,

Share or payment-

(a) by a lender of money to persons

about to in
engaged or
-
engage any

cousiness .

(Leader and borrower

 (b) by a servant or
agent as

remuneration

(C) by the widow or chill of receased

parter , as annuity ,
or

(S) by a previous owner as consideration

for sale of
good will

does not itself make the receiver a partner

.

Partnership
-
-

F-
Types of Partnership -
of
Types posted

-
-

[sc7] ⑦ Active Partner

① Partnership at
-
will

②
-
Nominal
② Particular Partnership [S28]
⑥
- - -

sleeping
-

fixed
③ Partnership for a

⑰ Partner in profit
Period .

only
 ⑤ parther by
holding
⑬

minsons
pswin
O -
Firm
out -

⑥ Incoming protes
⑦ outgoing
Metr

- ⑧ Sub Partner
-
.

at Will
Section 7
ship
=>

between
④ Where no provision is made by contract

the Partners

- for the Juration of their partnership

Or

- for the determination of their partnership

-

⑳ A partnership at will may be dissolved by

any partner by giving notice in
writing to

all other partners of his intention to dissolve

the firm
.
 Section Particular Partnership
- -
---

pactnes with another

A person may become a

person in particular adventures or unfestatings

·

period
Partnershipxed
For a
-
-

contract for
by
⑦ provision is made
When

Partnership , the Partnership

Juration of

fixed period
.
is called partnership for

⑳ It comes to an end on the expiry

of the fixed period.

Specia Note : - Where partnership continues even

-
-

after complection of fixed period or particular

partnership shall be considered

undertaking ,
such

as partnership of will
 -
PartnerDominal
Types
-

↓ 7
-
partner
-
Active Partner lead his name
A partner who
F
to the firm
without hering
who actively participates any reas interest
in the firm

share
in the conduct of partnership and is not entitled to

the profits, does not the active

business.
participation Partner

#
in
Sleeping Prehes in businesss
-
-

Profit only

↓
or dormant
-

Partner -
·
Entitleto share
profits only
↓
.

·
not lible to
No active proticipation .

, le to 322
PLAY .

but liable to third party

for all acts of the firm

.

↑
ing
O
O
30 APLY
OA BC and associate
O
E100th
-

-Suspen
-
-

↓
-

O
refire
Suit ,

O
Active
Porter -
> O
co

/
 -
J -
O
* Patter in profit
Active Partner
↓ Only
Depends On

five
As must a same as

active Poetry facts and

public notice
N to
circumstances

absolve himself of the lose

.

Seeking
prote
Of liabilities
-

Not required to give

public notice.

-
-
E O O
↑
Megha
Sudhonshy Shubh
↓

-
-
J ↓
P

=↳
As Sharma
-
L

Exhibition

&
Roa He
stored
-
-
en
-

megha - e

⑳O

&
- April
ph-
⑳
O
Exhibition use
⑳ O
-
~

S
-

Stubh Rohn'
O>Perth
.X
Mr -

&
M -
- -
M ~ -
-

=
Send associates

I -
-
↓ firm name
-

Continue use home secesses pretre

of .

3 prety

15 April
-
-
O
35 - Death of
-
-
a partner

20
-
APRIL
-
 ⑳
- -
Section
35-Deth

Emer e
partner-death
Per-death
-
-
-

-
-

name
- -
having
home of DP
-
-
Est little

↓
O
5
3
-
DP- LR- ESt -
NOT
lible -
-
-

Di
3

Partner- A + B+ Q
 A
#
ACE
↳
--
↓
1 April
-
-
Loan from Is ↓ 31 march
-
-

#
SBI
Death Of

#
↓ Goods purchased on
Partner[S credit
↳ E50Lh worth

E 40 Lotus in the
of

j
name of firm
howing
parther him ser lible home of deceased
-
-
Partner .

If Partner , becomes >

-

his estate Ju ↓
insolvent -

Section 28(2) Sec 35

-
liable
-
shall be - -

J
LR Of decessed
Estate of
partner is deceased
not liable Poster is
not lible .

- &
M
Defaul ⑦
#
I Sep 31
march
/April

E
↓
E30 latens
Jue-Default
Loan From

I
Lea
↳
Deatha of
 -
Section 28 (2)
- - 35
↓ ↓
representative Estate Of
Legal
Of DP is liable recesses
Partner is
iable
-
.

Section
28
Holding Out
-

-
-
-

(1)
Subsection
-

Anyone who by words spoken or written or bX

I
consult represents himself

beaut
- the
Of

knowingly permits himself to be represented

is lible as a partner in that firm to anyone

who has on the frith of such representationgiven

credit to the firm .

Subsection 2
-
-

Partner's death
· Where after a

business continued in the old firm name

· the is

· the continued use of that home

 Of

·
of the deceased partner's name

· shall not itself make Lis LR or his estate

of the firm done after

lible for any act
his death
.

of estate of delected
Section : 35 : Liability
-
-
Partner .

· Where under a contract between partners

· the firm is not dissolved Seats of

by

a partner

· the estate of deceased parther is not lible

Jone after his

for the firm
any act of
death
-

Retirement of Partner
Section 32 : -

- -
a -

-
-
- - -
-

Subsection
3
-
-

of partner
retirement
Notwithstanding
a
the

from a firm he stan continue to be liable

,
 to third parties for any act of the firm ,

the retirement
until public notice is
given of .

conclusion of Section 28 (1) and Section 32 (3)

--

Section 28(1) read With Section 32(3) Provides

that see 28 is also applicable to a former

Partner who has retired from the firm without

of his retirement
giving public notice
.

proper

In simple words refired parthes shall be treated

,
out until public notice
as parther by holding
is
given

conclusion of section 32(3) and Section5

--
-

In cast of retirement retired partner must

,

to absolve him from all libilities

give public notice

after his retirement from firm . [Se 32(31)

In case of death , Secessed parther LR

the
 Or his estate is not lible for any act of

firm after his . There is

death no need to

give public notice in case of death .

[sec35]

relation contract
Partnership arise -

-
-

-
General principles
Partnership Al, 1932
Of Contract Act 1872
↓
,

Aliable -
Provision-Applicable
-
-
-

-
-

1 to 75
Section
-
↓

Sections -
Application of the Indian Contract
-
-

Alt
,
1872

Section 1-75 of TICA , 1872 shall continue

to apply to firms except in so far as they

are inconsistent with the Provisions of The Indian

Partnership Act, 1032 .

 Blue print of unit I
-
-

-A
Category 1
Category C
.
Category A ↓

4
-
> es of Partners Rest everything
-
> Section - -

N- Category <
-
> Section G Nomina
↓
Partner in
Pactlr Read and
Profit only
, -
-
> section 28 -
leare
+ -
-

32

+
35
-
=

unit-relations o
tes
-
-

Rights and Obligation

Of parties under partnership .

Reconstitution of firm

=
Je

↓
③eath

Estonis ↓
-

[33]
Isection
Admission
-

-
Insolvency
-
-

Retirement Iss(34]
③T

[sec32] Transfer of IHSE

-- - -
 ↓

[sec]

Sec33
-
-
Partner -
may not expelled by majority of

Partners

save in exercise of GF Power controlt

-

① Contract between

↳
Power of expulsion in a postress

-
- -

⑳ Power must be exercised in

↳
majority -

th
-

exercises
-

③ such power must be

-
-

(a)
Fcost -

to protect
Expulsion
·
-

of

O
The Infect

volif -

O
void
 E
· Tannu Bholla ji
>
-

==
-
-

MW-2
automobile
Land garage
-

seates

Expelled ?? O
varig
-
-
Reputed

To ⑳
-
-

⑪ O
how -
hold Sudhasty
-
- -

- - -

Husband
+
t

↳
Wife
↳wife st
-

O
-

sor

O
-
-

- Y Suj

-
-
-

voif
Gaya -
-

ahhein

& Exped .?P

⑳
&
⑪O
- >
- -

O
-

marries married
.

(
exper affair
-
-

·
CHARACTER X
⑪ O
O ↳
O
roghor &
Stubb
-

ing
-
-

C
-

exper business

O &
void , Adultery
-relations
-
-

women
-
with many
-
-

- -
①O
-

-
Subn O
Unghor Lallaji -
-
B
-
-

↓
Frit -
HOSPIDY
-

Section
Expulsion -

- -
33
-
-

from firm if on the

A Partner may be expelled

expulsion] [subsea
-

Following conditions are satisfies .

(
have existed in Contract
Sil power of expulsion must

between partners .

(ii) such power has been exercised by majority of

the parthed

has
Liii) power been exercised in
good faith for the
interest of firm and not used as
 vengeance agrist a partner

(iv) ThePartner who is to be expelled had been

served with a notice

(v) such partner has

given an opportunity of

being heard -

Special note : If any of the above condition is not

-
-
satisfied, expulsion shall be void and such

Partner can claim weinstatement .

Subsection 2 of Section 33
--
-

TheProvisions and (h) of

of Sub SEC(2) , (3)

to expelled partner as if
Section 32 share apply an

he were a refire partner

.

In simple words
-
--

As Section 32(2) expelled partner shall

per ,

to be liable for act of the firm

continue any

done before his expulsion.

Sec 32(3), expelled partner shall continue to be

lible as partner to third parties for any act

 Jone by any partner of the firm until Public notile

of his expulsion.
is
given

Sec 32(H) notice may be

given by expelled preted

or by any partner of the reconstituted firm

.

Partner
-
holid out
in -
on 28 an of the Indian

Partnership Act ,
1132]
-

① As per section 28 ,
anyone who by words spoken

represents himself,
or
or written or by conduct

himself to be represented , to
permits
knowingly
in firm , is liable as a Patter
be a partner a

in that firm to who has the frith

anyone on

to
given
credit
of any such representation

the firm .

② As per Section 32(3) retired partner shall

to be liable as parther in the firm

continue
of the retirement
until public notice is
given .

③ In the light of the above ony facts

provision

of the MV.P shall be liable to mux

instant case
 Since Mr
. P represented himself as a parter

in the firm
fiving
by his
visiting colt in
name
parther
the of included as
which mup was

mr.p failed to
in the firm and also give
notice of his retirement .

public

Section 28(2) -
-
-
Section 3 5
-
-
(3)
section 32

28(2) V- 35
↓ ↓

Applicability Applicability
T
- -
-

Y
① Partner died Estate of deceased Partner
is not lible for any

⑳ But the name of deceased

act of the firm Jone
continue to be
Partner is used in the business after his seath .

Of Partnership
.
There is concern
no
about
③ Does not make lible continued
usage of the
estate of DP and his
home of DP .

legal representative
.
 Section 35-
>
-
bility state o and
- -

Where under a contract between the partness

the firm is not dissolved by the best of a paster

,

deceased parther is not

the estate of a

for of the firm Jone after

lible any act

his death -
⑩
E O
↳ ↳
Partner/min
Complete
-

Absolute
② -
↓
-
-
-

-
- were
Of

e
of interest

-
Of

-
-MV A -
.

Firm.
 29 of transferee of Partner's
Section
-
-

Rights a

-
interest .

F-
>
(2)
(1)

① Mode of transfer Rights of transferee

If
of interest
transferring pattie
Ceases to be a parther

② Rights of transferee Of

the firm is dissolved .

of
③ restriction on
rights
transferee .

Sub-section I
--

of interest
Mode of tra
A transfer by a partner of his interest in

the firm can be done either

-
> absolute
Of

by mortgage
-
>

Of

-
> by the creation by him
of a
charge on

such interest .
 transferee
Rights
-
--
of
Subsection
-
.
2

F- -
-

the continuance of the

During Krm
If the is

Firm
- disloved or if
J
transferring Patter
Leases to be partner
.
Transferee is
having a

↓
to the share
right receive

Transferee
of profits of the
transferring is

the transferee
entitled as
partner and

scall accept the account of against remaining

Partners
profits by the parther
.
agreed to

-07 And

to receive the share assets

of
for the purpose
of the firm to which of
ascertaining
is enfitted
transferring partner that share
,
feree
is ertitled to an

account is from

the date of dissolution .

 1
obsection
of transferee
rights
restriction
on the

of interest is not entitled

The transferee

(a) to interfere in the conduct of the

business Of

(b) to require accounts Of

(C) to inspect the books of the firm .

Partner
Section 3) - Introduction
-
-
-
=
-

(1) No person shall be introduced as partner into

without of all the

a firm the consent
existing
Partners
-

is introduced parther into a

(2) a person who as

firm does not thereby become lible for any act

of the firm done before he became a partner

.
 2-rement
Packer

- (2)
(1)
Liability of retired
mode of retirement
before his refre
-
-
Norther
J
consent of
① With the

all the other partners, scharged

F-
by
⑳ in accordance with
an
agreement by or

by
between 3rd Party
express
agreement Course
Of and partners Of
The partners ,
Of reconstitutes
dealing.

Firm
⑥ By
giving notice in
.

to all the other

writing
partners of his intention

to retire-where Part
hership is of will
 #
(3) (4)

stall continue
Retired Partner Notile under (3)
for acts of the
to be liable

notice is
may be
given by
Firm until Public
Retired parther or

given by any Partner

Proviso >
-
Retired Partner not Of the
little to any 300 prety
reconstitutes
who seas with the firm
Firm .

without that he
knowing
was a Paster .

Section of
34-olvency
pacted a

F-
(1) (2)
firm

n
Where a partner in a

is adjudicated an insolve of

he ceases to be partner

on the date of adjudication ,

Whether or not the firm is

thereby dissolved
.
-- an

The estate of insolvent patter The firm is

is lible for of not lible

not any oct

the Firm .
for any act

of the insolvent.
 Authority of a partner in a partnership firm
-
-

F E
Antholo
S2ubh
↓
megha -

i
name ↳
business-readymade gaments
E500
Jeal

words
-
-Express -
Authority -

-
-
Writing
-
-

re
isnoenresautote silent

- Anchora
-

CA

J
CS
Megha

-
Fir name
Loca E
10 0000 o
-
-

O
-
>Anchal O
Megha Shubb

ess ,
firm
home on
E1500000
-
-

Sec 10 and Section 22

-
-
-
-
 10
Section
-
Implied authority of Partner as
agent of
-
the firm .

subject to provisions of Section 22 the act of

(1) ,

Which is ↓ one
a Partner -
-
-
-

to carry

&
on
-
,
ness the kind
of
- - -
-

Carries on by The
in the usure way -
-

Firm
-
-
-

bind the firm

-

to bind the firm

,
Section 22 -
In order
-
-

act -> done

J-
an
by a partner
Of

instrument -
> executed

shall be done or executed in the firm name.

 19(1) read with 22
-
-
-
-

① The act of parther must relate to normal

business of the firm the act of past must

-
of the
be in the ordinary counts of business

firm
- 19(1)
-
-

⑳
cone
The act of patter must be

-
way of business. 194)
in the usual doing -
- -

The act of partner must become

③ in the name of firm
. 22
-
-

not ⑳ Not applicable

7-8 situation
-
-
 Authority of Partner
--
-

FIJe -
O

O
&
⑳ 21 19(2)
19(1) -
- ↓
-
Os Implief
Implied Firm name
Authority
-

Arthrit
-

3 Test

① authority Enable
Act - Implied -

⑳
-

of
-

- 19(1) and
22

↳
#
O
-
-

C&
-&
↳ 25 Lath
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Mutual
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tritone mucha agreement

① Normal business implies authority

② usual way ③ But party not effected

③ In firm name. by such agreement unless

he has notice of it-

19(2)
↓ ↳
21
↓
Act outside Implies authority
Partner's authority
① Arbitration in an
emergency
Ju
⑳ Ban All
To do all such

③ compromise any claim acts for the purpose

suit of
④ Withrow any
protecting the
firm from loss
any liability in suit
Admit of would Jone

⑥ Transfer IP by a men of

Ordinary prudence
⑦ Acquire IP
and
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such acts
Firm
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parties

kind
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Section 27
Section 25
-
=
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↓
Liability of firm for
Liability of a partner by pustless
misapplication
acts of the firm
o r
.

Every Partner is jointly

on
and severally liable 26

For all acts of the

diability of the firm
firm done while he
For of
isa partner wrongful acts

O Partner-

↓
where , by wrongful act or
 ommission of a poster

acting in Ordinary course

of business , injury is

caused to any third party

f
Firm is lible to the same

extent as parther -

Section 27

--
-

- Where -

F =
-

(b)
(a)

within his firm in the course

acting
· a partner · a

of business
apparent authority
· rec money or Drop
· rec money or property from
from 3r party .

3rd
Party
· misapplied by any
· misapplies it Partner

whileitisina
↳. ↓
The firm is liable to make of the loss.
-event
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Collusion
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Section 24 -

Effect
notice
acting
to ther
-

habitually acts in the

Notice to a partner who
↓

business of the firm of any

CActive Partners

matter to the affair of the firm

relating -
↓
business of the firm

operates as notice to the firm , except in the case

of a froud on the firm

Committe boy
Of

with the consent of

J >
- that partner .
 n
A B RM

Effect of admissions by a Partner

Section 23 -
- -

-- -
- - -

or representation made by a pactal

An admission

of the firm is evidence

affairs
the art
concerning
if it the OCB

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Section
16 -

fite
Personal
Subject to contract between the partners
, -

(a) If a partner derives profits for himself

From

-
any transaction of the firm

- the use of the property

Of

- business connection of the firm

,

he shall account for that profit and pay it

to the firm

(b) If a partner carries on any business of

the same nature as and

competing withthat

Firm
,

he shall account for and pay it to the firm

an profits made by him in that business.

 Office
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the provisions
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and duties Right and duties

right
-
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contract
-
-
 Section
-
1 - Determination of rights and saties of

Partners by contract between the parties Agreement

in restraint of trade
.

(1) subject to the provisions of this Act the mutual

,

the partiers of firm

right and duties of may
a

contract between the partners

be determined by

and such contract may be

> expressed
-

07

>
-
by a course of Sealing
implied .

-T
-
custom Tradition T
system

way of
working
.

such contract may be varied

(Change/Alter) by consent

partners and such consent may be expresses

of all the ,

or may be implied by a course of

dealing
.

(2) section 27 of
Notwithstanding anything contained in

TICA, 1872 ,
such contract may provide that a
 Partner shall not carry on any business other than

that of the firm while he is a partner

.

and liabilities
Section 13
-
-

rights
Mutual
-
↓

to contract between the partness

Subject
-

7
F1 ) (e)

↓
Firm shall inter-
Partner is entiles nify a partner
(a)

exfited to int on Capital in respect of paym-

Partner is not

remuneration out of profit only. ent made by partly

to rec .

(6) in OCB and in

emergency ,

(b) Partner is entitled

For interest on

Partner is entitled to share

making payment
profit and contribute losses
beyond interest
etually .

amount

the firm for any loss

CF) a Partner shall indemnify
to firm by his wilful
caused neglect
.
t
⑳
G R m

-
unbusiness
Section 36
- Rights of
outgoing Partner to carry on
competing
-

restraint of trade .

A Agreement
in
business
.

business
(1) An outgoing parther may carry on a

the firm and he may

with that of
competing
but subject to contract
advertise such business ,

to the contrary he may not

,

(2) use the firm name or

,

(b) himself the business

represent carrying on

of the firm, or

(C) Solicit the custom of persons who were

firm before
with the he cessed to be
dealing a partner
.
(2) partner with his
A may make an
agreement
Partners
lesting
that on to a be partner he

similar to that of
Will not carry on any business

firm within period or within specified

the specified

valid if restrictions
local limit . Such restriction is

imposed are .
reasonable [Notwithstanding see 27 or

TICA]
compliance
Legal
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38 ·
 benefit of Partnership
Section 30
=> Minors admitted
to
the
- -

admitted to
(1) A person who is a minor may be

with the consent of

the benefits of partnership

all partners
.
existing

Minor
(2) ghts of

profit of the firm

(a) To share the property and

To have access and inspect and Copy any

(b)

of the accounts of the firm

.

(3) Liability of
-
Minor

is liable for acts of the

Minor's share

firm ,
but the minor is not personally
liable for such acts
.

Whether file suit the pastness?)

(4) minor can
against
Ans :- file suit the
A minor may against
of the time of
Partners only
severing his

connection with the firm

.
(5) What after minor attain majority
- P?
--J
--
public notice within
Minor may give
6 months that he

To
-
not elected
has
elected to become
has
to become partner
.
Partner

Proviso ! If fails give such notice he shall

-in to
-

,
- -

become a parther
in the firm on expiry

Partner]
.
of said 6 months
[Deemed
E
consequences
↓
- -

(7) (8)
Minor becomes a
Minor not becomes

Partner a parther .

liabilities ()
(a) Right and
= 11=
minor
shall continue as a

which he
up to date on

becomes a partner
.
(b) He becomes personally (b) his share not

liable to third parties liable for any act

of the firm offer

For all acts of the
the date of notice .

firm Jone since he

was admitted to the

benefits of the .
partnership

(C) he is entitles to
(C) His share in property and

shall be She partiers for his

Profits of the firm
Share of the proper
same as it was
during ty and Profits
-

minorityy &

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① Rest everything

↳
sec 24
① Sec 53
read and leave .

② sec 35 ② Sec 16
Sec -10
③ sec 28 ③ Sec 13
Sc 12-1-15
④ Sec 19 , 22
,
20 se I
sec 17
.

and 21.
⑤ Sec 25-27 .

18
⑤ See 30 .
22

3/
⑥ sec 36 and 37
.

32

38
-
stration
firm
and
Dilution of -

L
- -

O Winding ↓ ↳
Dissolution
-
-
firm
of

I
Bt Asset sell
Ent process
process Limb =
Pay -
-

to words
dissolution firm-Exist Firm =
End
-
-- -
- - -

Removal of name of

firm from Register of

Partnership firm
.

-
-

g
JA-
Insolvent②
= in
c
- -
-

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>
- CompuOry
Insolvent
- dissolution

of the firm
- .

-
 L

↓is
①

#
S non
Dissolution -
-
V
by
agreement dissolution
-

②
-

-
Dissolution On happening ⑥
of certain contingencies Dissolution
⑤
-

-
Gotile
-

O
Fixed tene -

Dissolution by -
-
-
at will
Const
Particulat advecture -
-
-
- -

Death .

insolvent
-
-

Firm -
> Existence End
Dissolution of -
--
-

V -

Dissolution
of Partnership A B
-- ↓

/
exten returne
 firm
solution
of

Section 59 : of a firm
Dissolution
-
- -

The dissolution of Partnership between all the

firm called the "dissolution

Partnernes of a is

of the firm"

Section ho :
-
-
--
-
-
by
Dissolution- agreement
firm dissolved with the consent
A may be

or in accordance with a
of all the pastness

contract between the partners

.

of dissolution
modes
-- T-

↓
Sec 43
Sec42 -
-
Sec 40 -
- ↓
-
-

Dissolution
Dissolution on
happening Dissolution
of certain
contingencies by notice
by
agreement Of partner
(a) Partnership for fixed
ship at
term-expiry of term
Su (b) completion of
Will

Compulsory underating
dissolution (s Death of Partner.
Col insolvency of Partner
.
(a) Insolvency ofa
the partners

Of

of all except
One-

(b) Business becoming

unlawful .

Proviso : If firm carries on

2 or more business. They

may carry on one

of Court
by the order
Dissolution
-
-

(a) unsound mind of parther-suit ->nextfriend

or a
- parther of

(b) Permanent incapacity of Partner

-
unsound partner .

Partner
the business
< Guilty of misconduct
affecting .

Cs) persistent break of

agreement by partner
renting
to
affairs of firm
Cas
management of

(b) Conduct of its business

( unreasonable conduct of pactnes

.
 (e) Transfer of whole interest by Partner .

(f) perpetual loss in firm [No hope ,

teaming profits
(g) any other just and equitable
ground.

Section 45 -
Liability for acts of pactness Jone
-
-
after dissolution.

Subsection I
-
-

dissolution of firm , the

Notwithstanding the a

liable to third parties

Partners continue to
be

for any act Jone by any of them after the

dissolution of the firm, until the public notice

is the
given of dissolution.

proviso
-
: -
The estate of
-

-
> parther who dies [Sec 35]
62

-
> partner adjudicated
o
[Sec34]
insolvent
Of

> partner who

- not
having been known

to the person (30 person) feating

 With the firm to be a patter
,

retires from the firm [SCC32)

is not lible under this section for acts

Jone after the date he leases to be a

Partner -

>

Registration o
F ↓
-
= ↳
mandatory
no -

F
Maharashtra S
↓

- Anytime

e gatine
-

Register
rea,
Firm non e

Place
business

exchj
M

--
-

=
--

of
Section 57 = Appointment Registrar by Statefore
-
-

and may
define in which such
area
registrar
shall exercise their powers
.
Son
58
Application or stration star
↓
↓
(1) Place of
(a) Name
business of
(b) Place Firm .

if
(1)
Other place ,
any
of Portale
(d) Date of joining

Ces Address

(F) Juration

(2) Sign-partners
(3) -
Name Provision
-
-

stration If Roc satisfied that

59-
=

provision of Sec58 is complied .

60- exception
With
-
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① -

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Reg
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uregist
Adiba
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⑪
Suit
Sharma
① Firm registers-

-- Suit
-
-

Elcore Shaumo

E25LHOFFL
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②
unre Sharma
 &

-- E25

③ Firmunregistered -
Silit
O
Sharma
-
-
-

Exception
-

① Third party can file suit

② No restriction Criminal Suit

.

on

if the amount
③ set off can be claimed

E100
is not exceeding- -

④ suit for dissolution can be files

by partner X

&
.

suit
of
of dissolves
for settlement AlC
firm

⑥ Suit for realisation of ast of

dissolved firm
. X

⑦ Suit for share of JP

by LP
⑧ Official limitator can case por
 of insolvent property .

FL-Death
-↓&
A B

Regist
-
-
↓
Continue

[ -
Yadmit
skit
file

↳
3rd file

Section 46 : of Partners to have business

-
-
Right
wound up after dissolution.

· On the dissolution of a firm

his representative
·
every partner or

· entitled,

all the other partners their

· a
against or

representatives

· to have property of the firm applied

· in payment debts
of and liabilities of the firm
 surplus distributed the
I
and to have the among

Partners or their representative

.

authority of partness for

-
47
Section
:
continuing
.
Up
purposes Winding
of

dissolution of firm
· After a
a

· the authority of each partner

· to bind the firm

the dissolution
· shall continue notwithstanding
of the firm
for the purpose of winding up
.

Section na : Payment of firm debts and of separate debt

- L
-
- ↓
↓

=
Debt of all partness Individual
-
- Partly

are
Where there
-
- -

-and
-
Jebts
Joint also separate
Je
jebt
 J
due from the
due from any partner
Firm

The property
F
of the firm
shall
Separate properly
be applied
of any parther
↓
shall be applies
payment of debt of
Firstly : in
↓
the firm
-

Firstly: Payment of

secondly : surplus if any

,
applied separate jebt

in payment of separate
secondly: -
surplus if any
,

debt of partner .

shall be applied in Payment

of jebt of the firm .

Blue print of unit-III

-
I
category2 Category3
Category 1 -
- -
- -

↓
-
-
-

① Section 69 along ① Revocation OF Read and leave

continuing
-
-

with exceptions
.
G . 39-
46
⑳ &
~

of dissolution Goodwill