This document defines partnership and discusses its key characteristics. It notes that a partnership is a business owned by 2-20 people based on a written or oral contract, with partners sharing profits. Types of partnerships include general partnerships, where all partners actively participate, and limited partnerships, where some partners have limited liability. The document outlines rights and duties of partners, requirements for partnership registration, and methods for dissolving a partnership.
Types of Partners, Partnership Merits and Demerits, Partner by Holding out, Parter by estoppel, Registration of Partnership, The difference between a sole proprietorship and Partnership, features of Partnership act 1932, Mutual consent of Partners, Mutual agency
Types of Partners, Partnership Merits and Demerits, Partner by Holding out, Parter by estoppel, Registration of Partnership, The difference between a sole proprietorship and Partnership, features of Partnership act 1932, Mutual consent of Partners, Mutual agency
Several forms of Business Organisations and their functionality, advantages & disadvantages.
Namely Sole Proprietorship, Partnership, Corporations and LLC.
Unit 2 Part 2 (BBA 104: Business Organisation) according to the syllabus of Kanpur University, Kanpur.
This presentation is about various Forms of Business Organisations and their features, merits and demerits. It also guides an entrepreuner on how to make a choice among various forms of Business Organisations.
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This is the first module in the Canadian Small Business Course.
In this module, we examine the forms of organization that a business can take in Canada. Well look at proprietorships, partnerships and corporations.
We analyze the advantages and disadvantages of each form, along with the tax filing requirements for each. Also reviewed are the tax planning opportunities that are available under each form. Most importantly, we go over the decision process that you should go through when choosing the proper method.
Different types of business entities in indiaShweta Mohandas
Starting a company is serious business.The types of companies that can be formed depend upon the number of people, the sharing of rights and liabilities as well as the distribution of capital and shares.Here is a run through of the most commonly formed business entities in India.
This presentation makes an attempt to help a lay man understand briefly the various forms of business organisations prevalent in the Indian Business world.
Several forms of Business Organisations and their functionality, advantages & disadvantages.
Namely Sole Proprietorship, Partnership, Corporations and LLC.
Unit 2 Part 2 (BBA 104: Business Organisation) according to the syllabus of Kanpur University, Kanpur.
This presentation is about various Forms of Business Organisations and their features, merits and demerits. It also guides an entrepreuner on how to make a choice among various forms of Business Organisations.
hi people!!! this is my first presentation hope u like it n might help u for ur further studies and good step for ur future!!!!! I'm pretty much sure u'll like it and if u find interesting plz comment or give a like. your like means a lot...!!!!!! :)
This is the first module in the Canadian Small Business Course.
In this module, we examine the forms of organization that a business can take in Canada. Well look at proprietorships, partnerships and corporations.
We analyze the advantages and disadvantages of each form, along with the tax filing requirements for each. Also reviewed are the tax planning opportunities that are available under each form. Most importantly, we go over the decision process that you should go through when choosing the proper method.
Different types of business entities in indiaShweta Mohandas
Starting a company is serious business.The types of companies that can be formed depend upon the number of people, the sharing of rights and liabilities as well as the distribution of capital and shares.Here is a run through of the most commonly formed business entities in India.
This presentation makes an attempt to help a lay man understand briefly the various forms of business organisations prevalent in the Indian Business world.
The slides in the presentation talk about the Indian Partnership act 1932. It explains the various types of partners, types of partnerships, rights and duties of partners, minor as a partner, registration and dissolution of partnership firm.
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What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
3. DEFINITION
• Partnership is a form of business in
which two or more but not more than
twenty people owns a business. It is
based on written contract or on an
oral agreement. Partnership is the
relation between persons who have
agreed to share the profit of a
business carried on by all or any of
them acting for all, persons who
have entered into partnership with
one another are called individually
‘Partner’ and collectively a ‘firm’. –
Partnership Act-1932.
4. DEFINITIONS
BY OTHER
PEOPLE.
• S. E. Thomas : “A partnership is an
association of people who carry on
business together for the purpose of
making profit”.
• Professor Kant : “Partnership is a
contract of two or more competent
persons to place their money, efforts,
labor and skill, or some or all of them
in lawful commerce or business and
to divide the profit and bear the loss
in certain proportions”.
5. PLURALITY OF MEMBERS: MORE THAN ONE PERSON INVOLVE
WITH THE FORMATION OF PARTNERSHIP BUSINESS.
CONTRACTUAL RELATION : THE RELATIONSHIP OF PARTNERS
DEPENDS ON CONTRACT AMONG THEM.
LEGAL BUSINESS :THE BUSINESS MUST BE LEGAL IN THE EYE
OF LAW. TWO OR MORE THAN TWO PERSONS INVOLVE WITH THE
ILLEGAL BUSINESS IS NOT A PARTNERSHIP.
LAWFUL BUSINESS : THE PARTNERSHIP BUSINESS WHICH MUST
BE LEGAL IN THE EYE OF LAW.
6. • Earning and sharing profit: The
profit which is earned from the
partnership business must be
shared among the partners
according to the predetermine
ratio.
• Mutual organization: This is
the mutual organization where
each and every member freely
involves with the business.
• Mutual confidence and trust:
Partnership business formed
depends on mutual trust and
confidence.
7. • Easy formation
• Plurality of members
• Contractual relation
• Supply of capital
• Administration
• Unlimited liabilities
• Limitation of size
• Sharing of profit & loss
• Mutual trust and confidence
• Mutual agency
• Taking decision
• Recognition and control of law
• Registration
8. Easy formation
More capital Joint efforts
Collective decision
Efficient administration
Sharing of risk
Free from legal formalities
Facility of loan allocation
Flexibility
Reduce autocracy
9. • Unlimited liability
• Delay in decision making
• Administrative complexity
• Inefficient management
• Limitation of Capital
• Risk of joint responsibilities
• Lack of mutual trust
• Lack of team spirit
• Good efficient of mutual agency
• Facility of social connection
10. General partnership, Limited partnership.
General Partnership: A general partner has the authority to
act and making decision for all partners. Partners generally
share profits or losses as per the agreement made between
them.
11. • There are two types of general
partner : Partnership at will &
Particular partnership
• # Partnership at will : According
to the Partnership Act-1932,
Section-7, there is no specific
(fixed) time for winding up the
partnership business is called
partnership at will. This type of
partnership business will be form
by the following ways: a)
Partnership business for the
unlimited time. b) Partnership will
be continued for achieving
objectives.
12. # Particular partnership: According to the
Partnership Act-1932, Section-8, there must have
a fixed time and particular objectives for
conducting the partnership business is called
particular partnership. a) Partnership business for
a limited time. b) Partnership for achieving
specific objective.
13. Limited Partnership: A limited partnership includes more general partners
and one or more limited partners. The general partners arrange and run the
business while the limited partners are the investors only. Limited partners
receive special tax advantages. A limited partner has limited liability for loss
of business and liable only up to the amount of capital invested.
14. By viewing of nature, work, right,
duties and responsibilities, the
partners may classify into the
following ways:
• Active partner: The active partner
those partners who actively take part
in the management and
administrative activities of the
business.
• Dormant or sleeping partner : The
sleeping partners who are not
actively take part in the management
15. Nominal partner: A nominal partner is
a person who has permitted others
to believe that he is a partner. He
does not invest capital but he gives a
chance of using “Goodwill” of him.
Limited partner: A limited partner is a
partner whose liability is limited to
the amount that he paid to the
business.
Quasi partner: A quasi partner is a
partner who has withdrawal his
capital but keep it as a loan to the
business. He will get interest on his
16. •Who can be? Any person who is qualified to
make a contract can be a partner of a partnership
business.
•Who cannot be a partner? A minor A man of
unsound mind Mentally sick person Insolvent
person
17. MINOR AS A
PARTNER
Generally, minor cannot be a
partner. But it a partner is dead,
his/her sons or daughters can be
partners of the business.
They can enjoy the facilities and
profits. But as they are minors they
do not need to bear the
responsibilities of the business.
18. RIGHTS OF PARTNER
• a)Interest on loan
• b)Right to work as an
agent
• c)Right to introduce
• d)Right to retirement
• e)Right of not being
expelled
• f)Right in respect of
•g)Participation in the
conducting of business .
•h)Right of expressing
opinion
•i)Right to observe, inspect
and taking copy of the
documents
•j)Claiming remuneration
19. DUTIES
OF
PARTNE
R
•Fulfillment of duties with
diligence
•No claim of remuneration
•Proportionate bearing of loss
•Compensation of loss occurred
by willful neglect
•Surrender of profit earned from
the competitive business
•Performing the functions within
the authority
•Bearing unlimited liability
20. REGISTRATION OF A PARTNERSHIP
BUSINESS
• The contents of a application form for registration are as follows:
• Name of the partnership business
• Location of the business.
• Objectives of the business.
• Name, address and profession of the partners
• Amount of investment by each partner.
• Date of joining the partners.
• Starting date of partnership business.
21. CONSEQUENCES OF NON-REGISTRATION
• Case to the other partners
• Case to the third party
• Recovery of credit sales
• Arbitration is not possible
• Chance of quickly dissolution
• Cheating with other partners
22. DISSOLUTIO
N OF
PARTNERSHI
P BUSINESS
•Dissolution of
partnership may occur
when one of the
partners want to cancel
the contract or
according to the deed.
•Dissolution is distinct
from the termination of
partnership and the
‘Winding up’ of
partnership business.
23. METHODS OF DISSOLUTION OF PARTNERSHIP
BUSINESS
• Dissolution by notice: According to the Partnership Act, section-42, the
partnership business be resolve by giving notice to other partner.
• Dissolution by the court: In case, any partner give complain against one
or more of his co-partner, the court may dissolve the partnership on any
of the following grounds:
• If a partner becomes imbalance.
• If a partner becomes permanently incapable of doing work.
• If a partner frequently break of the partnership agreement.
• If a partner has transferred the whole or part of his interest to a third
party, which is not lawful .