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INDIAN
PARTNERSHIP
ACT, 1932
Business Law PPT: Sandeep Sharma
PART 1
* Some facts about Indian Partnership Act
* Essentials of Partnership
* Who may become partner in a firm?
* Who cannot become partner in a firm?
* Partnership structure
* “Partnership as agreement not as status”.
* D/b Partnership & LLP
In this PPT
Business Law PPT: Sandeep Sharma
* There are various forms of business& Partnership is one of
them, like:-
Sole proprietorship
Joint stock
Co-operative societies
* This act came into force on Oct 1, 1932
* Except Section 69 this act came into force on Oct 1, 1933
(relating to registration of firms)
Some Facts about IPA, 1932
Business Law PPT: Sandeep Sharma
* Act extends to the whole India except J&K.
* This act contains 74 sections.
* This act repeals chapter XI of the ICA,1872.
* Most of the provisions of this act is based on English
Partnership act.
* Number of max. partners is not specified
Some Facts about IPA, 1932
Business Law PPT: Sandeep Sharma
* An association of two or more persons
* An agreement entered into, by all the concerned persons
* Agreement to carry on a business
* Sharing of profits
* Business must be carried out by all or any of them
Eg:- a manager’s remuneration, may be given a share in profits
of the business. He does not become partner.
Essentials: Partnership
Business Law PPT: Sandeep Sharma
* Unlimited Liability: partner is liable for all acts of the firm
done while he is a partner.
* Dual role of Partners (Principal & Agent)
* Transfer of Share
* Investment: not necessary that all the partners may
contribute money.
Essentials: Partnership
Business Law PPT: Sandeep Sharma
* Every person who is competent to enter into a contract.
* A married woman of any community.
* A minor can only be a partner in profits with the consent
of all the partners.
Who may become partners of a firm ?
Business Law PPT: Sandeep Sharma
* A minor
* An alien enemy
* A person of Unsound mind
* A person disqualified by Law.
Who ‘cannot’ become partners of a firm ?
Business Law PPT: Sandeep Sharma
* Partnership: it 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.
* Partners: person who have entered into partnership with one
another are called individually as partners.
* Partnership firm: person who have entered into partnership with
one another are collectively a firm.
* Name of the firm: the name under which their business is carried
on is called the firm name.
Partnership structure
Business Law PPT: Sandeep Sharma
The relation of partnership arises from contract & not from
status (by taking birth in a business family).
For Eg:-
Who are not partners in business.
* The member of HUF carrying on a family business
* A husband & wife of 2 different communities carrying a
business
Partnership as agreement not status
Business Law PPT: Sandeep Sharma
*Governed by “Indian
Partnership Act”
*Act came into existence in
1932.
*Registration voluntary.
*Unlimited Liability.
*Name of firm as per choice.
Partnership
Business Law PPT: Sandeep Sharma
LLP
*Governed by “Limited Liability
Partnership Act”
*Act came into existence in
2008.
*Registration compulsory.
*Limited Liability.
*Name must have “LLP” as suffix
* Partnership deed is the basic
documents.
* Foreign citizen can’t become
partner.
* The audit of account books is
not compulsory.
Partnership
Business Law PPT: Sandeep Sharma
LLP
* LLP agreement is the basic
document of the LLP.
* Foreign citizen are allowed to
become partner.
* LLP is required to have its
book of accounts audited by an
auditor.
*Dissolution of partnership is
done by partners
agreement/insolvency.
*No separate legal entity.
*It does not have perpetual
succession. Death, insolvency,
insanity affect its existence.
(Continuation of a firm's existence,
unaffected by the death of any of its
owner(s))
Partnership
Business Law PPT: Sandeep Sharma
LLP
*Dissolution of LLP is voluntary.
*It has separate legal entity.
* It has perpetual succession,
any change in partners doesnot
affect its existence.
* It doesnot have designated
partners.
* Every partner is an agent of
the other partners.
* Partners are joint owners of
the property.
* No firm is required to file its
annual return.
Partnership
Business Law PPT: Sandeep Sharma
LLP
* It required at least 2
designated partners.
* No partner is agent of another
partner.
* A LLP is the owner of the
property.
* Every LLP is required to file its
annual return to the registrar.
* When ‘Indian Partnership Act’, introduced?
* What are the essentials of Partnership?
* Who may become partner in a firm?
* Who cannot become partner in a firm?
* Define ‘Partnership structure’?
* “Partnership as agreement not as status”, describe?
* How Partnership & LLP are different?
Rapid fire
Business Law PPT: Sandeep Sharma
Business Law PPT: Sandeep Sharma
END OF PART 1

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"Indian Partnership Act, 1932" (Part-1) - Sandeep Sharma

  • 1. INDIAN PARTNERSHIP ACT, 1932 Business Law PPT: Sandeep Sharma PART 1
  • 2. * Some facts about Indian Partnership Act * Essentials of Partnership * Who may become partner in a firm? * Who cannot become partner in a firm? * Partnership structure * “Partnership as agreement not as status”. * D/b Partnership & LLP In this PPT Business Law PPT: Sandeep Sharma
  • 3. * There are various forms of business& Partnership is one of them, like:- Sole proprietorship Joint stock Co-operative societies * This act came into force on Oct 1, 1932 * Except Section 69 this act came into force on Oct 1, 1933 (relating to registration of firms) Some Facts about IPA, 1932 Business Law PPT: Sandeep Sharma
  • 4. * Act extends to the whole India except J&K. * This act contains 74 sections. * This act repeals chapter XI of the ICA,1872. * Most of the provisions of this act is based on English Partnership act. * Number of max. partners is not specified Some Facts about IPA, 1932 Business Law PPT: Sandeep Sharma
  • 5. * An association of two or more persons * An agreement entered into, by all the concerned persons * Agreement to carry on a business * Sharing of profits * Business must be carried out by all or any of them Eg:- a manager’s remuneration, may be given a share in profits of the business. He does not become partner. Essentials: Partnership Business Law PPT: Sandeep Sharma
  • 6. * Unlimited Liability: partner is liable for all acts of the firm done while he is a partner. * Dual role of Partners (Principal & Agent) * Transfer of Share * Investment: not necessary that all the partners may contribute money. Essentials: Partnership Business Law PPT: Sandeep Sharma
  • 7. * Every person who is competent to enter into a contract. * A married woman of any community. * A minor can only be a partner in profits with the consent of all the partners. Who may become partners of a firm ? Business Law PPT: Sandeep Sharma
  • 8. * A minor * An alien enemy * A person of Unsound mind * A person disqualified by Law. Who ‘cannot’ become partners of a firm ? Business Law PPT: Sandeep Sharma
  • 9. * Partnership: it 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. * Partners: person who have entered into partnership with one another are called individually as partners. * Partnership firm: person who have entered into partnership with one another are collectively a firm. * Name of the firm: the name under which their business is carried on is called the firm name. Partnership structure Business Law PPT: Sandeep Sharma
  • 10. The relation of partnership arises from contract & not from status (by taking birth in a business family). For Eg:- Who are not partners in business. * The member of HUF carrying on a family business * A husband & wife of 2 different communities carrying a business Partnership as agreement not status Business Law PPT: Sandeep Sharma
  • 11. *Governed by “Indian Partnership Act” *Act came into existence in 1932. *Registration voluntary. *Unlimited Liability. *Name of firm as per choice. Partnership Business Law PPT: Sandeep Sharma LLP *Governed by “Limited Liability Partnership Act” *Act came into existence in 2008. *Registration compulsory. *Limited Liability. *Name must have “LLP” as suffix
  • 12. * Partnership deed is the basic documents. * Foreign citizen can’t become partner. * The audit of account books is not compulsory. Partnership Business Law PPT: Sandeep Sharma LLP * LLP agreement is the basic document of the LLP. * Foreign citizen are allowed to become partner. * LLP is required to have its book of accounts audited by an auditor.
  • 13. *Dissolution of partnership is done by partners agreement/insolvency. *No separate legal entity. *It does not have perpetual succession. Death, insolvency, insanity affect its existence. (Continuation of a firm's existence, unaffected by the death of any of its owner(s)) Partnership Business Law PPT: Sandeep Sharma LLP *Dissolution of LLP is voluntary. *It has separate legal entity. * It has perpetual succession, any change in partners doesnot affect its existence.
  • 14. * It doesnot have designated partners. * Every partner is an agent of the other partners. * Partners are joint owners of the property. * No firm is required to file its annual return. Partnership Business Law PPT: Sandeep Sharma LLP * It required at least 2 designated partners. * No partner is agent of another partner. * A LLP is the owner of the property. * Every LLP is required to file its annual return to the registrar.
  • 15. * When ‘Indian Partnership Act’, introduced? * What are the essentials of Partnership? * Who may become partner in a firm? * Who cannot become partner in a firm? * Define ‘Partnership structure’? * “Partnership as agreement not as status”, describe? * How Partnership & LLP are different? Rapid fire Business Law PPT: Sandeep Sharma
  • 16. Business Law PPT: Sandeep Sharma END OF PART 1