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Contracts of Partnership

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Contracts of Partnership

  1. 1. CONTRACTS OF PARTNERSHIP (The Indian Partnership Act, 1932) By Kapil Chawla
  2. 2. Contents 1. Overview of The Indian Partnership Act,1932 2. Partnership : Meaning & Definition 3. Features of Partnership 4. Partnership & Joint Hindu Family 5. Kinds of Partners 6. Partnership and Agency( Rule in Cox vs. Hickman) 7. Registration of Firm 8. Effects of Non-Registration 9. Rights Duties of Partners 10.Dissolution of Firms
  3. 3. Partnership : Meaning & Definition  Partnership Meaning  Definition (Section 4) ◦Partnership ◦Partner ◦Firm ◦Firm Name
  4. 4. Features of Partnership 1.Association of two or more persons 2.Agreement 3.To carry on Business 4.Sharing of profits 5.Mutual agency
  5. 5. Features of Partnership 1.Association of two or more persons
  6. 6. Features of Partnership 2. Agreement (Partnership Deed)
  7. 7. Features of Partnership 3. To carry on Business
  8. 8. Features of Partnership 4. Sharing of profits (equally or in proportion of capital)
  9. 9. Features of Partnership 5. Mutual Agency (One acting for all and all acting for one)
  10. 10. Partnership & Joint Hindu Family Partnership Firm Joint Hindu Family Firm 1.The relation of partnership arises from contract, and not from status. 1.The relation of Joint Hindu Family firm arises from status, and not from contract. It arises by operation of law. 2.Every partnership firm is governed by provisions of Indian Partnership Act, 1932, Indian Contract Act, 1872 etc. 2. Every Joint Hindu Family firm is governed by the codified and uncodified Hindu Laws.
  11. 11. Partnership & Joint Hindu Family Partnership Firm Joint Hindu Family Firm 3. The interest of the partners in a of a partnership firm is determined by contract. 3. The interest of the members of Hindu Joint Family firm in ancestral business is acquired by status, i.e. by birth. 4. A Partnership firm may be constituted irrespective of the members’ caste and religion. 4. A Joint Hindu Family firm is limited to Hindu religion, that too the caste to which the members belong.
  12. 12. Partnership & Joint Hindu Family Partnership Firm Joint Hindu Family Firm 5. A Partnership firm is by death, insanity of a partner. 5. A Joint Hindu Family firm is not dissolved by death or insanity of family member. 6. No person can be introduced as a partner without the consent of all the partners (Sec. 31). 6. A member of a Joint Hindu acquires an interest in the firm’s business by birth, marriage, adoption etc. No consent of the other members is necessary. Other members cannot deprive his right.
  13. 13. Partnership & Joint Hindu Family Partnership Firm Joint Hindu Family Firm 7. Partnership is a specific application of the principles of agency. It is often said “The law of partnership is undoubtedly, a branch of the law of Principal and Agent”. 7. The principles of agency does not apply in case of Joint Hindu Family firm. 8. There is restriction on the maximum number of members in the case of a partnership firm. Minimum two and maximum twenty partners are allowed. 8. There is no such restriction.
  14. 14. Partnership & Joint Hindu Family Partnership Firm Joint Hindu Family Firm 9. The liability of the members is not limited to the extent of his interest in the assets of the partnership firm. 9. The liability of the members is limited to the extent of his interest in the assets of Joint Hindu Family. 10.Doctrines of Holding Out and Estoppel are applicable. 10.Doctrines of Holding Out and Estoppel are not applicable. 11.A person can be admitted as a partner in the firm due to his money, reputation, skills, ability etc. 11.A person can be admitted as a members in a Joint Hindu Family by the fact of marriage, birth, adoption.
  15. 15. Kinds of Partners 1.Active Partner 2.Sleeping Partner 3.Nominal Partner 4.Partner by Estoppel or Holding out 5.Minor Partner
  16. 16. Kinds of Partners 1.Active Partner 2.Sleeping Partner 3.Nominal Partner 4.Partner by Estoppel or Holding out 5.Minor Partner
  17. 17. Kinds of Partners 1.Active Partner (works actively in firm)
  18. 18. Kinds of Partners 2. Sleeping Partner (does not work, but invests capital)
  19. 19. Kinds of Partners 3. Nominal Partner (firm uses his name for reputation)
  20. 20. Kinds of Partners 4. Partner by Estoppel or Holding out (keeps silence when announced as partner before others)
  21. 21. Kinds of Partners 5. Minor Partner (Minor as Partner)
  22. 22. Partnership and Agency The Law of Partnership is an Extension of the Law of Agency or Law as to Partnership is undoubtedly a Branch of the Law of Principal and Agent or the Rule in Cox vs. Hickman
  23. 23. Partnership and Agency ◦ Cox vs. Hickman (1860) 11 ER 431 ◦ Facts of the case
  24. 24. Registration of Firm  Procedure for Registration ◦ Application contains the following particulars (Sec 58)  Firm name  Place or principal place of business  Names of any other places, where firm carries on business  Date when each partner joined the firm  Full names & permanent addresses of the partners  Duration of the firm
  25. 25. Effects of Non-Registration (Sec. 69) 1. Partner cannot sue 2. Firm cannot sue 3. Claim of set-off
  26. 26. Effects of Non-Registration (Sec. 69) Exceptions (Sec. 69(3)) 1. Suit for accounts of a dissolved firm 2. Suit for dissolution of the firm Claim of set-off 3. Suit for realising the property of a dissolved firm 4. Proceeding by Official Assignee or Receiver to realise the property of an insolvent partner 5. Claim of set off not exceeding Rs.100 provided it is not of a small cause nature
  27. 27. Rights & Duties of Partners
  28. 28. Rights of Partners 1.Rights to take part in the business(S.12(a) 2.Right to be consulted (S.12(c)) 3.Right to access to books (S.12(d)) 4.Right to Indemnity (S.13(e)) 5.Right to claim remuneration, profits and interest on Capital (S.13(a), S.13(b) and S.13(c & d))
  29. 29. Duties of a Partner 1. Duty to carry on business for common advantage (S.9) 2. Duty to render true accounts (S.9) 3. Duty to indemnify loss (S.10) 4. Duty to attend diligently (S.12(b)) 5. Proper use of firm’s property
  30. 30. Dissolution of Partnership Firm ◦ Dissolution of Firm  Meaning & Definition ◦ Dissolution of Partnership
  31. 31. Modes of Dissolution of Partnership Firm 1. Without the Order/ Intervention of the Court i. By agreement (S. 40) ii. Compulsory dissolution (S.41) iii. Dissolution on the happening of certain contingencies (S.42) iv. Dissolution by notice of partners at will (S.43)
  32. 32. Modes of Dissolution of Partnership Firm 2. Dissolution by the Court (S.44) i. Insanity of partner ii. Permanent incapacity iii. Misconduct iv. Breach of agreement v. Business working of losses vi. Any other ground
  33. 33. Conclusion 1. Overview of The Indian Partnership Act,1932 2. Partnership : Meaning & Definition 3. Features of Partnership 4. Partnership & Joint Hindu Family 5. Kinds of Partners 6. Partnership and Agency( Rule in Cox vs. Hickman) 7. Registration of Firm 8. Effects of Non-Registration 9. Rights Duties of Partners 10.Dissolution of Firms
  34. 34. Thanks Kapil Chawla

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