Indian partnership act 1932
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Indian partnership act 1932

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Indian partnership act 1932 Indian partnership act 1932 Presentation Transcript

  • Indian Partnership Act 1932
    Presenter
    Prateek Kumar Singh
    Section L Roll no 34
    Batch: Jan 2010- Jan 2012
  • Contents
    Essentials of Partnership
    “PARTNERSHIP NOT CREATED BY STATUS.”
    Registered Partnership firms
    Types of Partners
    Mode of giving public notice
    Rights, Duties and Liabilities of Partner
    Liability of a Firm
    Modes of Dissolution of Partnership Firm
    Process of Dissolution of Partnership
    2
  • Definition- Partnership
    Relation between persons
    Agreed to share the profits
    Business carried on by all or any of them acting for all.
    Persons who have come together are called individually, "partners"
    Collectively "a firm",
    Business is carried in the "firm-name".
    3
  • Essentials of Partnership
    A partnership is an Association of two or more person
    A partnership must emerge out a agreement
    The business to carried out must be legal and acceptable by law.
    The agreement must give all the essential details of Partnership e.g. profit sharing percentage, business to be conducted etc.
    Minor cannot be a partner.
    4
  • “PARTNERSHIP NOT CREATED BY STATUS.”
    The relation of partnership arises from contract and not from status
    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.
    5
  • Registered Partnership firms- Procedure of registration
    Registration with Registrar of Firms
    Detailed statement(informing name, address, partner details etc.) and applicable fee must be deposited with the Registrar
    Statement must be signed and verified by all the partners.
    6
  • Unregistered Partnership firms- disadvantages
    Any of the partner cannot file suit against the firm or against other partner to enforce his rights.
    The firm cannot file suit against any third party to claim loss or enforce its rights.
    Even the ‘right of set off’ is not available to the firm (i.e. setting off dues between other firms)
    7
  • Types of Partners
    Sleeping partner or dormant partner
    Nominal partner
    Sub Partner
    Working partner
    8
  • Partner Holding out or by Estoppel
    E.g. Mr. Ramesh has retired from the firm named R.K Brothers.
    He has not given a public notice of his retirement
    Mr. Ramesh will still be deemed to be a ‘partner holding out’ or ‘partner by estoppel’
    9
  • Mode of giving public notice
    A copy of the notice is required to be sent to the Registrar of Firms(this is not required if the firm being unregistered)
    A copy must be published in the local Official gazette and in one local vernacular newspaper circulating in the district.
    10
  • Rights of Partner
    Take part in the conduct of business
    To share equally in the profits of the business
    To access to and to inspect and copy from any books of the firm
    To be joint owner of the property of the firm
    In emergency, take all actions to safeguard firm
    To resist introduction or admission of new partner
    Right not to be expelled
    11
  • Duties of Partner
    General Duties: To carry on the business of the firm, to be just and faithful, to give true accounts and complete information.
    To indemnify the firm for the loss caused by him during the conduct of the firm’s business
    To contribute to the losses of the firm in equal proportion.
    Not to assign his own share to some other party
    To attend to his duties diligently
    12
  • Liabilities of the Partner
    General Liabilities arise when:
    • 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.
    To indemnify
    13
  • Liability of a Firm for wrongful acts of a partner
    The firm is liable in the given below situations:
    If a loss or injury occurs to a third party due the act of the partner in course of business of the Firm
    If a partner acting within his apparent authority receives money or property and misappropriates it.
    If money received by the Firm in course of business and the partners misappropriate it.
    14
  • Modes of Dissolution of Partnership Firm
    By mutual agreement: All partners agree to close business.
    By notice of dissolution: By one partner giving notice to other partners
    By operation of Law: If one of the partner is adjudicated insolvent
    By happening of certain contingencies: Expiry at the completion of period
    By a decree of the Court: If the suit is filed against the partnership and the court orders dissolution.
    15
  • Process of Dissolution of Partnership
    Issuing a public notice
    Return of premium on premature dissolution
    Sale of Goodwill after dissolution if any
    Payment of Partnership Debt
    Settlement of Accounts
    16
  • Thank You
    17