Definition of Partnership<br />According to sec. 4 of the Indian Partnership Act, 1932-<br />“Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.<br />Partners, firm, firm name:<br />Partners:<br />Person entered into partnership individually<br />Firm:<br />Collectively a firm<br />Firm name:<br />The name under which the business is carried<br />
Indian Partnership Act, 1932<br />Received the assent of the Governor-General on 8th April 1932.<br />Came into force on the 1st day of October, 1932.<br />
MEANING AND NATURE OF PARTNERSHIP <br />Association of two or more than two persons.<br />Result of an agreement between two or more persons.<br />Agreement must be to share profit of the business.<br />Business must be carried on by all or any of them acting for all.<br />Unlimited liability.<br />Restriction on transfer of interest.<br />Unanimity of consent.<br />Agreement must be to carry on some business<br />
FORMATION OF PARTNERSHIP<br />Agreement: orally, written or may be implied.<br />Must be free and genuine consent.<br />Object should be law full and complied with legal formalities.<br />Points to be noted:<br />Minor partners:- admitted to the benefits.<br />Consideration to create partnership<br />
Types of Partnerships<br />Partnership at Will<br />No provision in contract between the partners for<br />Duration of Partnership<br />Determination of Partnership<br />If any partner gives notice of dissolution in writing, the partnership is dissolved.<br />
Types of Partnerships<br />Particular Partnership<br />A person may become a partner with another person in particular adventures or undertakings.<br />On completion of such a venture, the partnership comes to an end.<br />
Types of Partnerships<br />Partnership for a Fixed Term<br />Duration is fixed<br />Partnership comes to an end when the term expires.<br />If Partners continue the business after the fixed period, it becomes partnership at will.<br />
Classes of Partners<br />Actual or Active Partner<br />Engaged in actual conduct of the business<br />His acts binds the firm and other partners<br />Notice to be given in case of retirement<br />Sleeping or Dormant Partner<br />Does not take part in the conduct of business<br />Contributes his share of capital and enjoys profits and losses<br />Not known to outside world<br />Not liable to third parties for the acts of the firm.<br />Not required to give notice in case of retirement<br />
Classes of Partners<br />Nominal Partners<br />No real interest in business, Does not contribute any capital, Lends his name only<br />No share in profits but liable to third parties for all acts of the firm<br />Partner in Profits only<br />Shares the profits but not losses<br />No interest in the management of the firm<br />Liability for the acts of the firm is unlimited<br />
INCOMING PARTNERS<br />No person shall be introduced as a partner into the firm without the consent of all existing partners…<br />A person who is introduced as a partner into a firm does not thereby become liable for any act of the firm done before he becomes partner…<br />
OUTGOING PARTNERS<br />A person may retire<br /> ->With the consent of all other partners.<br /> ->In accordance with an express agreement<br /> by the partners or<br /> -> Where the partnership is at will by giving notice in written to all the other partners of his intension to retire <br />
Classes of Partners<br />Partner by Estoppel or Holding Out<br />Represents himself as a Partner, by words spoken or written or by conduct<br />Liable as a partner if credit is given to the firm based on his representation. He cannot deny.<br />If a partner does not give public notice and his name is still used in the business, he is also liable to third parties<br />Deceased partner is an exception to this rule.<br />
DISSOLUTION OF FIRM AND PARTNERSHIP <br />Sec 39 “dissolution of partnership between all the partners of a firm is called the dissolution of firm”.<br />Dissolution of partnership.<br />Dissolution of firm.<br />Dissolution by court.<br />
DISSOLUTION OF PARTNERSHIP <br />Expiry of term.<br />Completion of adventure.<br />Death of a partner.<br />Insolvency of partner.<br />Retirement of a partner.<br />
DISSOLUTION OF FIRM<br />By mutual consent.<br />By agreement.<br />By the insolvency of all the partners.<br />Business becoming illegal.<br />
DISSOLUTION BY COURT<br />partner has become of unsound mind.<br />Permanent incapacity of a partner.<br />Misconduct of a partner affecting the business.<br />Transfer of interest or share by a partner.<br />
RELATIONS OF PARTNERS TO ONE ANOTHER <br />Right of partner.<br />Duties of partner.<br />Firm property.<br />firm’s goodwill.<br />
RELATIONS OF PARTNER TO THIRD PARTIES<br />Implied authority of a partner.<br />Matters in which there is no implied authority.<br />Liabilities of a partner.<br />
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