Indian Partnership Act 1932<br />Presenter<br />Prateek Kumar Singh<br />Section L Roll no 34<br />Batch: Jan 2010- Jan 2012<br />
Contents<br />Essentials of Partnership<br />“PARTNERSHIP NOT CREATED BY STATUS.”<br />Registered Partnership firms<br />Types of Partners<br />Mode of giving public notice<br />Rights, Duties and Liabilities of Partner<br />Liability of a Firm<br />Modes of Dissolution of Partnership Firm<br />Process of Dissolution of Partnership<br />2<br />
Definition- Partnership<br />Relation between persons <br />Agreed to share the profits <br />Business carried on by all or any of them acting for all. <br />Persons who have come together are called individually, "partners" <br />Collectively "a firm", <br />Business is carried in the "firm-name".<br />3<br />
Essentials of Partnership<br />A partnership is an Association of two or more person<br />A partnership must emerge out a agreement<br />The business to carried out must be legal and acceptable by law.<br />The agreement must give all the essential details of Partnership e.g. profit sharing percentage, business to be conducted etc.<br />Minor cannot be a partner.<br />4<br />
“PARTNERSHIP NOT CREATED BY STATUS.”<br /> The relation of partnership arises from contract and not from status<br />E.g. the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not partners in such business.<br />5<br />
Registered Partnership firms- Procedure of registration<br />Registration with Registrar of Firms<br />Detailed statement(informing name, address, partner details etc.) and applicable fee must be deposited with the Registrar<br />Statement must be signed and verified by all the partners.<br />6<br />
Unregistered Partnership firms- disadvantages<br />Any of the partner cannot file suit against the firm or against other partner to enforce his rights.<br />The firm cannot file suit against any third party to claim loss or enforce its rights.<br />Even the ‘right of set off’ is not available to the firm (i.e. setting off dues between other firms)<br />7<br />
Types of Partners<br />Sleeping partner or dormant partner<br />Nominal partner<br />Sub Partner<br />Working partner<br />8<br />
Partner Holding out or by Estoppel<br />E.g. Mr. Ramesh has retired from the firm named R.K Brothers. <br />He has not given a public notice of his retirement<br />Mr. Ramesh will still be deemed to be a ‘partner holding out’ or ‘partner by estoppel’<br />9<br />
Mode of giving public notice<br />A copy of the notice is required to be sent to the Registrar of Firms(this is not required if the firm being unregistered)<br />A copy must be published in the local Official gazette and in one local vernacular newspaper circulating in the district.<br />10<br />
Rights of Partner<br />Take part in the conduct of business<br />To share equally in the profits of the business<br />To access to and to inspect and copy from any books of the firm<br />To be joint owner of the property of the firm<br />In emergency, take all actions to safeguard firm<br />To resist introduction or admission of new partner<br />Right not to be expelled<br />11<br />
Duties of Partner <br />General Duties: To carry on the business of the firm, to be just and faithful, to give true accounts and complete information.<br />To indemnify the firm for the loss caused by him during the conduct of the firm’s business<br />To contribute to the losses of the firm in equal proportion.<br />Not to assign his own share to some other party<br />To attend to his duties diligently <br />12<br />
Liabilities of the Partner<br />General Liabilities arise when: <br /><ul><li>He fails to be just and faithful to all other partners,
He fails to carry on the business of the firm in highest common interest,
He fails to give true accounts.</li></ul>To indemnify<br />13<br />
Liability of a Firm for wrongful acts of a partner<br />The firm is liable in the given below situations:<br />If a loss or injury occurs to a third party due the act of the partner in course of business of the Firm<br />If a partner acting within his apparent authority receives money or property and misappropriates it.<br />If money received by the Firm in course of business and the partners misappropriate it.<br />14<br />
Modes of Dissolution of Partnership Firm<br />By mutual agreement: All partners agree to close business.<br />By notice of dissolution: By one partner giving notice to other partners<br />By operation of Law: If one of the partner is adjudicated insolvent<br />By happening of certain contingencies: Expiry at the completion of period<br />By a decree of the Court: If the suit is filed against the partnership and the court orders dissolution.<br />15<br />
Process of Dissolution of Partnership<br />Issuing a public notice<br />Return of premium on premature dissolution<br />Sale of Goodwill after dissolution if any<br />Payment of Partnership Debt<br />Settlement of Accounts<br />16<br />
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