The document discusses key aspects of partnership law in India including: 1. It defines a partnership as an agreement between people to share profits of a business carried on by all or any of the partners acting for all. 2. It distinguishes partnerships from other forms of business organization like joint stock companies, clubs, Hindu Undivided Families, and co-ownership. 3. It covers types of partners, a minor's position, mutual rights and duties of partners, partnership property, personal profits earned by partners, and implied authority and liability of partners. 4. It discusses legal consequences of changes in partnership like new partners coming in, partners retiring, expulsion, insolvency, death

1. Law of Partnership
What is partnership –Section 4
Essential elements of partnership
Agreement
Sharing profit of business
Business carried on by all or any of them acting for all
Partnership distinguished from other forms of organization
Partnership vs. Joint stock company
Personality
Agency
Distribution of profits
Extent of liability
Property
Transfer of shares
Management
Number of membership
Partnership vs. Club
Profit not the motive
Not liable to creditors
No interest in the property of the Club
Change in membership
Partnership vs. HUF
Creation
Death
Management
Liability
Calling of accounts
Governing Law
Minor’s capacity
Continuity
Partnership vs. Co-ownership
Partnership vs. Association

2. Types of partners
Active
Sleeping
Nominal
‘By holding out’ Section 28
Sub- partnership
Minor’s position in partnership
Rights
Liabilities
Mutual rights and duties of partners
Rights
To take part in the conduct of business
To be consulted -Section 12(c)
To access to books
To remuneration
To share profit-Section 13(b)
Interest on capital-Section 13(c)
Interest on advances-Section 13(d)
To be indemnified-Section 13(e)
To stop admission of a new partner-Section 31
Right to retire-Section 32(1)
Right not to be expelled-Section 33
Right of outgoing partner to carry on competing business-
Section 36(1)
Right of outgoing partner to share subsequent profits-
Section 37
Right to dissolve the firm-Section 40
Duties
To carry on business, greatest common advantage, render
true account-Section 9
To indemnify damages by reason of his fraud-Section 10
To diligently attend his duties-Section 12(b)
To account for personal profits –Section 16(a)

3. Partnership property
Property, rights and interests brought by the partners
Property, rights and interests acquired by the firm
Goodwill of the business – Section 14
Personal profits earned by partners– Section 16
Rights and duties of partners after a change in the constitution of the
firm– Section 17
Relation of partners to third parties– Sections 18 to 30
Implied authority of a partner– Section 19(1) to 22
Cannot submit a dispute
Cannot open a bank account
Cannot compromise or relinquish any claim
Cannot withdraw a suit
Cannot admit any liability in a suit proceedings
Cannot acquire or transfer immovable property
Cannot enter into partnership on behalf of the firm
Extension and restriction on partner’s implied authority – Section 20
Acts in Emergency - Section 21
Notice to an acting partner- its effect Section 24
Liabilities of third parties Section 25 to 27
Contractual liability
Liability for tort or wrongful acts
Liability for misappropriation by a partner
Legal consequences of partners coming in and going out- Section 31 to
38
Introduction of a new partner – Section 31
Retirement of a partner – Section 32
Expulsion of a partner – Section 33
Insolvency of a partner – Section 34
Death of a partner – section 35

4. Revocation of continuing guarantee by change in the firm –
Section 38
Modes of effecting registration
Not necessary
At any time – Section 58
Consequences of non-registration
Disabilities - Section 69
Dissolution of firm- Sections 39 to 44
Consequences of dissolution – Sections 45 to 52
Mode of giving public notice – Section 72