3. Partnership
Definition
Characteristics
Test Of Partnership
Firms Name
Ideal Partnership
Kind Of Partners
Different Between Partnership & Co-ownership
Partnership Deed
Registration Of Firm
Advantages Of Registration
Different Between Sole Proprietorship & Partnership
Relation Of Partners
Duties Of Partners
Liabilities Of Partners
Dissolution Of Firm
Liabilities Of Partners On Dissolution
4. KIMBALL AND KIMBALL:
“ A partnership is a group of
a man who have joined
capital or services for
prosecuting of some
business.”
7. The partner can choose any
name for the firm according
to the following rules: [Sec
58]
8.
9. Not same name.
Name must not contain the words
Government, Jinnah, Quaid-e-Azam.
United Nations (UN), World Health
organization (WHO).
Declared by the provincial government as
undesirable.
10. There must be agreement among the person to be held as
partners
The agreement must be for doing some business.
The agreement must be to share the profit of a business.
There must be a relationship of principal and agent among
the partners.
There must be an agreement to carry on the business by all
or any of them acting for all.
11. An ideal partnership is a word used for a
successful business. It is a business where
all the partners work honestly and for a
common purpose.
14. The name and address of all partners.
Nature of business of firm and name.
Amount of capital invested, ratio of sharing profit and loss.
The rate of interest.
Salary or commission payable to partners for there services.
The rights, duties and liabilities of partners.
Rules regarding, retirement, death and admission of partner.
The keeping of proper books of accounts and preparation of
accounts.
15. The registration of partnership is not compulsory,
if the partners so desire, they may get their firm
registered.
The procedure of registration is as follow
16. – The name of the firm.
– The principal place of the firm.
– The name of other places where the fund carries
on business.
– The names and addresses of the partners.
– The partner’s date of joining the firm.
– The duration of the firm, if any.
17. The registrar examines the application and if he
is satisfied with the application, he registers the
firm and enter its name in the Registrar of
Firms.
18. If any change take place in any of
the particular given above, his
registrar must be informed.
19. A person who provides false information to the
registrar shall be punishable with imprisonment,
which may extend to three months, or with fine,
or with both
21. • Agency
• Transfer Of Interest
• Number Of Members
• Refund
• Sharing Of Profit And Losses
22. • Liabilities For Partner For Act Of Firm
• Liabilities Of Firm For Wrongful Act
• Liabilities Of Firm For Misapplication
• Liabilities Of Retiring Partner
25. They can sue any partner of the firm
They can file a suit against the third party
The can increase the goodwill of the firm
They can attracts large capital resources
from the public
26. They can sue in the court
They can sue the firm
Retire partner cannot be held responsible
for the firms debts
27. they can not deny the creditor from getting
membership of the firm
Creditor can hold partners liable for the payment
of their debts due by the firm
28.
29. • Right to take part in business
• Right to express opinion
• Right to share the profit
• Right to share in profit or interest
30. • Duty to provide information
• Duty to share losses
• Duty to use firms property for the
firms
• Duty to account for personal profit
31. The dissolution of the firm includes
the dissolution of partnership, but
the dissolution of the partnership
may or may not include the
dissolution of the firm .
32. • Dissolution by agreement
• Contingent dissolution
• Dissolution by notice
