The document discusses key aspects of partnership under Indian law as governed by the Partnership Act of 1932. It defines a partnership as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. A partnership is based on a contract between the partners and involves mutual agency, with each partner acting as an agent for the firm and binding other partners with their actions. While profit sharing is an essential element, mutual agency is the true test of whether a partnership exists. The document outlines various provisions of the Partnership Act regarding the meaning of terms like "partner", "firm", and "firm name", as well as characteristics, formation requirements and exceptions for partnership.
Basic concepts of fundamental business law in India which requires to understand by every person who run their own business or works for managing business or management students for their subject course
Frequently Asked Questions Regarding Delegation of Powers to an Indian Reside...Anil Chawla
This FAQ is intended to help foreign companies or residents to delegate authorities and powers to Indian individuals. It will help foreigners understand the options available as well as the risks and liabilities involved.
This presentation provides an overview of insolvency law in India. It defines insolvency as when a person is unable to pay their debts, and explains that only a court can declare someone insolvent. The key insolvency statutes in India are the Presidency Towns Insolvency Act of 1909 and the Provincial Insolvency Act of 1920. The objectives of insolvency legislation are to protect debtors, safeguard creditors' interests, distribute the insolvent's property, cancel debts, and allow debtors a fresh start. A person can be declared insolvent if they are a debtor who has committed an act of insolvency.
A non-compete clause is an agreement where an employee promises not to compete with their employer for a specified period after leaving the job. To be valid, the restrictions in a non-compete clause must be reasonable in terms of time, geographic scope, and line of business. Indian law generally considers restrictions on practicing a profession to be void, but exceptions are made if the restrictions protect an employer's legitimate business interests like trade secrets or goodwill.
The document discusses the essential elements of a valid contract and the characteristics of negotiable instruments under Indian law. It provides definitions for key terms like negotiable instrument, holder in due course, and different types of cheque crossings as defined in the Negotiable Instruments Act of 1881. The summary highlights that a valid contract requires offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty. It also outlines privileges of a holder in due course, including acquiring good title to a negotiable instrument despite any defects in the transferor's title.
This document provides an overview of Business Law topics that will be covered in Unit 1 and Unit 2. Unit 1 introduces business laws, including definitions of key terms like law, agreement, and contract. It discusses the nature, scope, and sources of business law in India. Key concepts covered include fundamental rights, directive principles of state policy, and economic significance. An overview of the Indian legal system and business laws is also provided. Unit 2 will cover the Indian Contract Act 1872 and Indian Sale of Goods Act 1930 in more depth. It will define contracts and sales, outline essential elements, and classify different types. Remedies for breach of contract and other contract principles will also be explained.
Non-compete agreements are contracts that restrict employees or business owners from working for competitors or starting competing businesses for a specified period of time and within a defined geographic area. Under Indian law, non-compete agreements are generally considered void and unenforceable unless they are reasonable in scope and designed to protect legitimate business interests like goodwill. Indian courts have found non-compete clauses invalid if they restrict employment after the employment contract expires or prohibit employees from engaging in similar work indefinitely. There have been calls to reform laws around reasonable non-compete agreements to support business interests while still protecting individual liberties and livelihoods.
09
20
07
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- The document appears to be a workbook or study guide related to the legal environment of business. It is divided into multiple chapters that cover basic concepts, case studies, applied theory, and model questions.
- The chapters would provide explanatory notes, questions and answers related to topics such as basic legal concepts, business contracts, non-corporate business entities, corporate business entities, and other aspects of commercial and company law.
- The document is intended to help students learn and understand the legal principles and framework governing business operations in India. It examines various laws, rules and regulations from multiple sources that constitute the legal environment for conducting business activities.
Basic concepts of fundamental business law in India which requires to understand by every person who run their own business or works for managing business or management students for their subject course
Frequently Asked Questions Regarding Delegation of Powers to an Indian Reside...Anil Chawla
This FAQ is intended to help foreign companies or residents to delegate authorities and powers to Indian individuals. It will help foreigners understand the options available as well as the risks and liabilities involved.
This presentation provides an overview of insolvency law in India. It defines insolvency as when a person is unable to pay their debts, and explains that only a court can declare someone insolvent. The key insolvency statutes in India are the Presidency Towns Insolvency Act of 1909 and the Provincial Insolvency Act of 1920. The objectives of insolvency legislation are to protect debtors, safeguard creditors' interests, distribute the insolvent's property, cancel debts, and allow debtors a fresh start. A person can be declared insolvent if they are a debtor who has committed an act of insolvency.
A non-compete clause is an agreement where an employee promises not to compete with their employer for a specified period after leaving the job. To be valid, the restrictions in a non-compete clause must be reasonable in terms of time, geographic scope, and line of business. Indian law generally considers restrictions on practicing a profession to be void, but exceptions are made if the restrictions protect an employer's legitimate business interests like trade secrets or goodwill.
The document discusses the essential elements of a valid contract and the characteristics of negotiable instruments under Indian law. It provides definitions for key terms like negotiable instrument, holder in due course, and different types of cheque crossings as defined in the Negotiable Instruments Act of 1881. The summary highlights that a valid contract requires offer and acceptance, lawful consideration, capacity and consent of parties, a lawful object, and certainty. It also outlines privileges of a holder in due course, including acquiring good title to a negotiable instrument despite any defects in the transferor's title.
This document provides an overview of Business Law topics that will be covered in Unit 1 and Unit 2. Unit 1 introduces business laws, including definitions of key terms like law, agreement, and contract. It discusses the nature, scope, and sources of business law in India. Key concepts covered include fundamental rights, directive principles of state policy, and economic significance. An overview of the Indian legal system and business laws is also provided. Unit 2 will cover the Indian Contract Act 1872 and Indian Sale of Goods Act 1930 in more depth. It will define contracts and sales, outline essential elements, and classify different types. Remedies for breach of contract and other contract principles will also be explained.
Non-compete agreements are contracts that restrict employees or business owners from working for competitors or starting competing businesses for a specified period of time and within a defined geographic area. Under Indian law, non-compete agreements are generally considered void and unenforceable unless they are reasonable in scope and designed to protect legitimate business interests like goodwill. Indian courts have found non-compete clauses invalid if they restrict employment after the employment contract expires or prohibit employees from engaging in similar work indefinitely. There have been calls to reform laws around reasonable non-compete agreements to support business interests while still protecting individual liberties and livelihoods.
09
20
07
01
- The document appears to be a workbook or study guide related to the legal environment of business. It is divided into multiple chapters that cover basic concepts, case studies, applied theory, and model questions.
- The chapters would provide explanatory notes, questions and answers related to topics such as basic legal concepts, business contracts, non-corporate business entities, corporate business entities, and other aspects of commercial and company law.
- The document is intended to help students learn and understand the legal principles and framework governing business operations in India. It examines various laws, rules and regulations from multiple sources that constitute the legal environment for conducting business activities.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It defines key concepts like the legal system, business, law, and different types of business laws. It also outlines various laws prevailing in Pakistan, including contract law, negotiable instruments act, companies ordinance, labour laws like workmen compensation act and factories act. The document aims to educate students on how business laws affect business operations by providing structure, uniformity, enforcement and predictability for commercial transactions and relationships.
The document discusses pre-incorporation contracts under common law and the Malaysian Companies Act 1950. It defines a pre-incorporation contract as one made before a company is incorporated, and explains that the promoter may be personally liable until the company ratifies the contract after incorporation. Under common law, a company cannot ratify a pre-incorporation contract if it did not exist at the time. The Malaysian Act allows ratification, making the company bound as if it existed from the contract date. The duties of promoters and the meaning of a certificate of incorporation are also explained.
This document provides information about CA coaching classes and study materials offered by AVJ Institute in Delhi, India. It includes contact details for the institute, names and subjects of various CA course instructors like CA Sanchit Grover and CA Sahil Grover, along with fees and contents of pen drive classes and online video lectures/notes on YouTube and Telegram. The last pages contain teaching materials on Chapter 4 (The Companies Act, 2013) of the CA Foundation syllabus, covering topics like nature, definition, characteristics and features of a company, as well as the concept of separate legal entity.
1) The Life Insurance Corporation Act of 1956 nationalized the life insurance business in India and established the Life Insurance Corporation of India (LIC) to take over the business and assets of existing life insurers.
2) The LIC was given powers to carry on life insurance business both in India and abroad, invest funds, borrow money, and enter into arrangements to further its business operations.
3) The act also outlined the process for transferring existing life insurance policies, employees, assets, and documents of private insurers to the LIC.
LLB LAW NOTES ON COMPANY LAW
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This document provides an introduction to business law. It discusses how human civilization and the development of business led to the need for a uniform code of conduct. It defines law and outlines the main branches of law. It then defines business and business law. The objectives of business law are also presented. Finally, the key sources of business law are summarized, including customs, common law, equity principles, law merchant, statute law, precedents, and Indian statute law.
An Overview of Corporate law in PakistanAyesha Majid
In context of this article, law is a system of rules that lays down standards to which we ought to conform originated from legal rule, moral rule and social convention. It is a system recognised by a particular country or community for regulating the actions of its members which are enforced by the imposition of penalties. Law is a fundamental business discipline. Its study allows to develop a wider perspective on both the business and regulatory landscape and specialised expertise that will not only enrich our business career but will also lay the foundations for successful comprehension of the business environment.
The document provides an overview of insurance law and regulations in India. It defines key terms like life insurance and general insurance. Insurance is described as a means of protecting against financial loss from uncertain events and sharing risks. The key principles of insurance like insurable interest and indemnity are outlined. The major acts governing insurance in India are the Insurance Act of 1938, Insurance Regulatory and Development Authority Act of 1999, and Actuaries Act of 2006. The roles of regulatory bodies like IRDA in overseeing the insurance industry are also summarized.
This document provides information on different types of companies under Indian law. It discusses statutory companies incorporated through special acts, registered companies incorporated under the Companies Act, private and public companies, one person companies, companies limited by shares, guarantee or unlimited liability, non-profit companies, foreign companies, government companies, holding/subsidiary companies, associate companies, small companies, dormant companies, and producer companies. It outlines key characteristics and requirements for each type.
This document summarizes a presentation on the Insurance Regulatory and Development Authority of India (IRDA). It discusses what insurance is, the roles of insurers and insured. It outlines the evolution and nationalization of insurance in India. It describes the organizational structure, duties, and tenure of IRDA. It discusses ombudsmen for handling complaints, intermediaries like agents and brokers, and recent regulatory changes and criticisms of IRDA.
The document discusses the history and liberalization of the insurance sector in India. It outlines key events such as the nationalization of insurance in 1956 and the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA) in 1999. The Malhotra Committee in 1993 recommended allowing private companies and foreign investments in insurance and reducing government stakes in insurance companies. This led to opening up the insurance sector and allowing greater private sector participation.
Mb0051 “legal aspects of business answerRohit Mishra
The note on copyright discusses:
1. The meaning of copyright which includes the exclusive rights over literary, dramatic, musical, artistic, cinematographic and sound recording works.
2. Ownership of copyright which generally vests with the author, except for works made during employment or commissioned works.
3. The summary captures the key aspects of copyright definition and ownership in 3 sentences as requested.
1. The document discusses various topics in contract law, intellectual property law, and tort law as they relate to engineering. It contains questions about elements of a valid contract, types of intellectual property protection, and the law of negligence.
2. Key points addressed include what constitutes consideration in a contract, when a minor can enter into a contract, identifying issues in a case involving a dishonored cheque for an aircraft purchase, and the elements required to prove negligence.
3. The document seeks to help engineering students better understand important legal concepts and how the law applies to different areas of engineering practice and activities.
The document discusses the role and challenges of insurance regulators in India. It describes how the Insurance Regulatory and Development Authority (IRDA) regulates the insurance industry by protecting policyholders, registering companies, monitoring business practices, and resolving complaints. However, developing the insurance sector, ensuring public confidence, granting new licenses, and dealing with solvency issues pose significant challenges for regulators. As the industry grows more complex, regulators must strengthen their abilities to effectively address emerging problems.
The document discusses the definition and essential elements of a valid contract according to Indian law. It defines a contract as an agreement that is enforceable by law. The key elements discussed include offer and acceptance, lawful consideration, intention to create legal relations, capacity of parties, lawful object, certainty of terms, and consent free from misrepresentation. It provides examples to illustrate these elements and explains exceptions where agreements may not amount to legally binding contracts, such as social agreements between family members.
This document provides an introduction to business law in India. It defines what law is and explains the need for laws in society. The key branches of law are described as constitutional law, administrative law, criminal law, civil law, and commercial law. Sources of business law in India are identified as statutory law, case law, natural law, English mercantile law, and customs and usage. Principles of natural justice like rules against bias and hearing the other side are also summarized.
This document provides an overview of a business law course presented by Rafique Ahmed. The course aims to provide an understanding of Pakistan's legal framework for business. It will offer analysis of legal risks faced by businesses. Some key topics that will be covered include company law, contract law, partnership law, property law, labour laws, and regulatory bodies governing business licenses. The concepts of business and law will also be introduced. Various forms of business organization such as sole proprietorships, partnerships, companies, and cooperatives will be examined. Applicable commercial and financial laws impacting businesses will also be discussed.
The Indian Partnership Act of 1932 governs partnerships in India. It defines a partnership as the relationship between two or more people who jointly conduct business and share profits. The Act provides guidelines around partnership formation, the rights and duties of partners, and dissolution procedures. It aims to inform the public about their legal obligations when transacting with partnerships.
The Indian Partnership Act of 1932 governs partnerships in India. It replaced previous partnership laws that were part of the Indian Contract Act of 1872. The Partnership Act provides regulations around the formation, operation, and dissolution of a partnership. A partnership requires at least two people to form, an agreement to share profits of a lawful business, and a relationship where each partner can bind the partnership through their actions.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It discusses the key components of the legal system and defines business, law, and the various branches of law. It then examines the purpose of business laws and the sources of business law, including common law, statutory law, and administrative law. The major categories of business law that can affect operations are explored, such as tort, contract, sales, agency, property, bankruptcy, and negotiable instruments. Specific prevailing business and labour laws in Pakistan are also outlined.
This document provides an overview of business and labour laws in Pakistan as part of a semester project. It defines key concepts like the legal system, business, law, and different types of business laws. It also outlines various laws prevailing in Pakistan, including contract law, negotiable instruments act, companies ordinance, labour laws like workmen compensation act and factories act. The document aims to educate students on how business laws affect business operations by providing structure, uniformity, enforcement and predictability for commercial transactions and relationships.
The document discusses pre-incorporation contracts under common law and the Malaysian Companies Act 1950. It defines a pre-incorporation contract as one made before a company is incorporated, and explains that the promoter may be personally liable until the company ratifies the contract after incorporation. Under common law, a company cannot ratify a pre-incorporation contract if it did not exist at the time. The Malaysian Act allows ratification, making the company bound as if it existed from the contract date. The duties of promoters and the meaning of a certificate of incorporation are also explained.
This document provides information about CA coaching classes and study materials offered by AVJ Institute in Delhi, India. It includes contact details for the institute, names and subjects of various CA course instructors like CA Sanchit Grover and CA Sahil Grover, along with fees and contents of pen drive classes and online video lectures/notes on YouTube and Telegram. The last pages contain teaching materials on Chapter 4 (The Companies Act, 2013) of the CA Foundation syllabus, covering topics like nature, definition, characteristics and features of a company, as well as the concept of separate legal entity.
1) The Life Insurance Corporation Act of 1956 nationalized the life insurance business in India and established the Life Insurance Corporation of India (LIC) to take over the business and assets of existing life insurers.
2) The LIC was given powers to carry on life insurance business both in India and abroad, invest funds, borrow money, and enter into arrangements to further its business operations.
3) The act also outlined the process for transferring existing life insurance policies, employees, assets, and documents of private insurers to the LIC.
LLB LAW NOTES ON COMPANY LAW
FREE AFFIDAVITS AND NOTICES FORMATS
FREE AGREEMENTS AND CONTRACTS FORMATS
FREE LLB LAW NOTES
FREE CA ICWA NOTES
FREE LLB LAW FIRST SEM NOTES
FREE LLB LAW SECOND SEM NOTES
FREE LLB LAW THIRD SEM NOTES
FREE LLB LAW FOURTH SEM NOTES
FREE LLB LAW FIFTH SEM NOTES
FREE LLB LAW SIXTH SEM NOTES
FREE CA ICWA FOUNDATION NOTES
FREE CA ICWA INTERMEDIATE NOTES
FREE CA ICWA FINAL NOTES
KANOON KE RAKHWALE INDIA
HIRE LAWYER ONLINE
LAW FIRMS IN DELHI
CA FIRM DELHI
VISIT : https://www.kanoonkerakhwale.com/
VISIT : https://hirelawyeronline.com/
This document provides an introduction to business law. It discusses how human civilization and the development of business led to the need for a uniform code of conduct. It defines law and outlines the main branches of law. It then defines business and business law. The objectives of business law are also presented. Finally, the key sources of business law are summarized, including customs, common law, equity principles, law merchant, statute law, precedents, and Indian statute law.
An Overview of Corporate law in PakistanAyesha Majid
In context of this article, law is a system of rules that lays down standards to which we ought to conform originated from legal rule, moral rule and social convention. It is a system recognised by a particular country or community for regulating the actions of its members which are enforced by the imposition of penalties. Law is a fundamental business discipline. Its study allows to develop a wider perspective on both the business and regulatory landscape and specialised expertise that will not only enrich our business career but will also lay the foundations for successful comprehension of the business environment.
The document provides an overview of insurance law and regulations in India. It defines key terms like life insurance and general insurance. Insurance is described as a means of protecting against financial loss from uncertain events and sharing risks. The key principles of insurance like insurable interest and indemnity are outlined. The major acts governing insurance in India are the Insurance Act of 1938, Insurance Regulatory and Development Authority Act of 1999, and Actuaries Act of 2006. The roles of regulatory bodies like IRDA in overseeing the insurance industry are also summarized.
This document provides information on different types of companies under Indian law. It discusses statutory companies incorporated through special acts, registered companies incorporated under the Companies Act, private and public companies, one person companies, companies limited by shares, guarantee or unlimited liability, non-profit companies, foreign companies, government companies, holding/subsidiary companies, associate companies, small companies, dormant companies, and producer companies. It outlines key characteristics and requirements for each type.
This document summarizes a presentation on the Insurance Regulatory and Development Authority of India (IRDA). It discusses what insurance is, the roles of insurers and insured. It outlines the evolution and nationalization of insurance in India. It describes the organizational structure, duties, and tenure of IRDA. It discusses ombudsmen for handling complaints, intermediaries like agents and brokers, and recent regulatory changes and criticisms of IRDA.
The document discusses the history and liberalization of the insurance sector in India. It outlines key events such as the nationalization of insurance in 1956 and the establishment of regulatory bodies like the Insurance Regulatory and Development Authority (IRDA) in 1999. The Malhotra Committee in 1993 recommended allowing private companies and foreign investments in insurance and reducing government stakes in insurance companies. This led to opening up the insurance sector and allowing greater private sector participation.
Mb0051 “legal aspects of business answerRohit Mishra
The note on copyright discusses:
1. The meaning of copyright which includes the exclusive rights over literary, dramatic, musical, artistic, cinematographic and sound recording works.
2. Ownership of copyright which generally vests with the author, except for works made during employment or commissioned works.
3. The summary captures the key aspects of copyright definition and ownership in 3 sentences as requested.
1. The document discusses various topics in contract law, intellectual property law, and tort law as they relate to engineering. It contains questions about elements of a valid contract, types of intellectual property protection, and the law of negligence.
2. Key points addressed include what constitutes consideration in a contract, when a minor can enter into a contract, identifying issues in a case involving a dishonored cheque for an aircraft purchase, and the elements required to prove negligence.
3. The document seeks to help engineering students better understand important legal concepts and how the law applies to different areas of engineering practice and activities.
The document discusses the role and challenges of insurance regulators in India. It describes how the Insurance Regulatory and Development Authority (IRDA) regulates the insurance industry by protecting policyholders, registering companies, monitoring business practices, and resolving complaints. However, developing the insurance sector, ensuring public confidence, granting new licenses, and dealing with solvency issues pose significant challenges for regulators. As the industry grows more complex, regulators must strengthen their abilities to effectively address emerging problems.
The document discusses the definition and essential elements of a valid contract according to Indian law. It defines a contract as an agreement that is enforceable by law. The key elements discussed include offer and acceptance, lawful consideration, intention to create legal relations, capacity of parties, lawful object, certainty of terms, and consent free from misrepresentation. It provides examples to illustrate these elements and explains exceptions where agreements may not amount to legally binding contracts, such as social agreements between family members.
This document provides an introduction to business law in India. It defines what law is and explains the need for laws in society. The key branches of law are described as constitutional law, administrative law, criminal law, civil law, and commercial law. Sources of business law in India are identified as statutory law, case law, natural law, English mercantile law, and customs and usage. Principles of natural justice like rules against bias and hearing the other side are also summarized.
This document provides an overview of a business law course presented by Rafique Ahmed. The course aims to provide an understanding of Pakistan's legal framework for business. It will offer analysis of legal risks faced by businesses. Some key topics that will be covered include company law, contract law, partnership law, property law, labour laws, and regulatory bodies governing business licenses. The concepts of business and law will also be introduced. Various forms of business organization such as sole proprietorships, partnerships, companies, and cooperatives will be examined. Applicable commercial and financial laws impacting businesses will also be discussed.
The Indian Partnership Act of 1932 governs partnerships in India. It defines a partnership as the relationship between two or more people who jointly conduct business and share profits. The Act provides guidelines around partnership formation, the rights and duties of partners, and dissolution procedures. It aims to inform the public about their legal obligations when transacting with partnerships.
The Indian Partnership Act of 1932 governs partnerships in India. It replaced previous partnership laws that were part of the Indian Contract Act of 1872. The Partnership Act provides regulations around the formation, operation, and dissolution of a partnership. A partnership requires at least two people to form, an agreement to share profits of a lawful business, and a relationship where each partner can bind the partnership through their actions.
The document summarizes key aspects of the Indian Partnership Act of 1932. It defines a partnership as an agreement between two or more persons to carry on business jointly with a view to profit. The Act governs partnerships in India and describes essential elements like mutual agency, types of partnerships based on duration (partnership at will vs particular partnership), rights and duties of partners, and circumstances for dissolution of a partnership firm.
The document discusses the Indian Partnership Act of 1932. It defines key terms like partnership, partners, and firm name. The essential elements of a partnership are: (1) an agreement between two or more persons, (2) to carry on a business together, (3) with the intention of making profits, which are then shared. A partnership agreement should be in writing to avoid future disputes and clearly outline aspects like the firm name, capital contributions, profit/loss sharing, duties of partners, and dispute resolution process. Partnerships can be for a particular undertaking/adventure or at will if no fixed duration is agreed upon.
This document discusses the dissolution of partnership firms under Indian law. It begins with an introduction to the history and provisions of the Indian Partnership Act of 1932. The key points made include:
1) The Partnership Act defines the relationship between partners and provides for dissolution of a firm. Dissolution can occur through agreement of partners, by notice for partnerships at will, compulsory dissolution, or by order of the court.
2) Dissolution of a partnership differs from the retirement or addition of partners - dissolution ends the legal relationship between all partners, while retirement only changes the composition of partners continuing the firm.
3) The modes of dissolution outlined in the Partnership Act include dissolution by agreement, by
The Indian Partnership Act 1932 defines a partnership as a relation between two or more persons who agree to share the profits of a business run by them all or by one or more persons acting for them all. As we go through the Act we will come across five essential elements that every partnership must contain.The Indian Partnership Act 1932 defines a partnership as a relation between two or more persons who agree to share the profits of a business run by them all or by one or more persons acting for them all. As we go through the Act we will come across five essential elements that every partnership must contain. Let us have a look at Indian Partnership Act in detail.
This PPT on topic of Partnership. In which i discribe definition, nature and its kind. It also helps to the student of law and also helps to other to gain the knowledge of partnership.
The Indian Partnership Act, 1932 was enacted in India in 1932.THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ Partnership 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.”
"Section 464 of the Companies Act, 2013 empowers the Center Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 100.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members".
General duties of Partners[2]
The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be accountable to one another and provide complete information of all the aspects of the firm , to any other partner or their legal representatives.
Duty of indemnification
Each partner shall indemnify the firm for any loss that occurred due to a fraud, in the conduct of the business.
This document discusses partnerships under Indian law. It defines a partnership as an agreement between two or more persons to share profits from a business carried on by them. Key characteristics of a partnership include a business purpose, profit sharing, and mutual agency between partners. The document contrasts partnerships with co-ownership arrangements and joint Hindu family businesses. It also covers registration of partnerships, types of partners, and a minor's position as a partner.
The document provides an overview of key aspects of partnership law in India according to the Indian Partnership Act of 1932. Some key points:
- The Act defines a partnership as an agreement between two or more persons to carry on business together and share profits.
- There must be consent, the business must be carried on by the partners, and profits must be shared for a partnership to exist.
- Partnerships can be general, limited, or limited liability. General partners share full liability while limited partners have restricted liability.
- Firms must register with certain details like partner names and addresses. Non-registration limits a firm's ability to file suits.
- Partners have rights like accessing books and
Sunita Kumari Yadav completed a project report on the company audit of Tirtharoop Electricals Pvt. Ltd. as part of her Master of Commerce program at the University of Mumbai. The report was submitted under the guidance of Mr. Gajanan Wader in 2013-2014. Sunita declared that the work was original and carried out under supervision. It was evaluated and accepted for internal assessment by internal and external examiners. The report included chapters on the company background, accounting records, audit standards and processes, analysis of accounts, and a draft audit report.
This document provides an overview of key concepts in Indian partnership law, including:
(1) A partnership is defined as an agreement between two or more persons to carry on business together and share profits.
(2) Registration of a partnership is not required but provides benefits like the ability to file lawsuits. Non-registration has consequences like inability to enforce contract-based rights.
(3) There are different types of partners like dormant partners who don't participate actively and nominal partners who are partners in name only.
The document summarizes key aspects of the Indian Partnership Act of 1932, which governs partnerships in India. It defines a partnership as the relation between two or more persons who have agreed to share the profits of a business carried on by them. The Act specifies requirements for partnerships, including that they must involve at least two people, an agreement, a lawful business conducted to earn a profit, and mutual agency among the partners. It also covers types of partnerships based on duration (partnership at will vs. particular partnership) and rights and liabilities of incoming and outgoing partners.
(1) A partnership is an agreement between two or more persons to carry on a business and share the profits.
(2) There are three essential elements of a partnership: an agreement to carry on a business together, an agreement to share profits of the business, and the business must be carried on by all or any of the partners.
(3) A partnership differs from a joint stock company in that a partnership does not have a separate legal identity, partners have unlimited liability, and profits must be shared according to the partnership agreement.
The document provides an overview of key concepts related to partnership under Indian law. It defines partnership according to Section 4 of the Indian Partnership Act as "the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all." It outlines the essential requirements of a partnership, including an agreement between partners to carry out business jointly or by any partner acting on behalf of all partners, with the motive of earning and sharing profits. It also discusses types of partnerships, rights and duties of partners, relations of partners to one another and to third parties, types of partners, and liabilities in partnerships.
Law of partnership, characterstics of partnership, kinds of partnership and t...FAST NUCES
The presentation is about the law of partnership and its lawful definition. it also proves information about the characteristics of partnership. Moreover, it also contains the test of partners in a partnership. it also has ideal partnership and kinds of partnership.
The document discusses the Indian Partnership Act of 1932 which governs partnerships in India. A partnership requires an agreement to share profits of a business carried out by the partners. The Act allows individuals, firms, Hindu undivided families, companies, and trustees to enter partnerships. A partnership must have fewer than 20 partners. Key requirements of a partnership include an agreement to share profits, the existence of a business, and partners acting as both principals and agents for each other. The document outlines rights and duties of partners, including conducting business for common advantage, avoiding private gain, rendering true accounts, and not competing with the firm's business.
The document discusses the history and key aspects of partnership law in India. It notes that initially partnership was governed by the Indian Contract Act of 1872, but is now governed by the Indian Partnership Act of 1932. The key points are:
- A partnership requires at least two people agreeing to share profits from a business carried on by all or any of the partners.
- Partners have mutual agency to bind one another through business contracts.
- Mere profit-sharing does not necessarily create a partnership; the intention of creating a partnership is also important.
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The document provides an overview of essential business law concepts for entrepreneurs in India. It discusses the complexity of the Indian legal system and taxation system, and how they can discourage entrepreneurship. It aims to simplify these areas of law for Indian entrepreneurs. It then provides definitions and explanations of key concepts in partnership law, contracts, bailments, and other areas of business law.
2. Introduction to TopicIntroduction to Topic
One of the forms in which business can be carried on isOne of the forms in which business can be carried on is
‘partnership’, where two or more persons join together to form‘partnership’, where two or more persons join together to form
the partnership and run the business. In order to govern andthe partnership and run the business. In order to govern and
guide partnership, the Indian Partnership Act, 1932 wasguide partnership, the Indian Partnership Act, 1932 was
enacted.enacted.
Since public at large would be dealing with the partnership asSince public at large would be dealing with the partnership as
customers, suppliers, creditors, lendors, employees or anycustomers, suppliers, creditors, lendors, employees or any
other capacity, it is also very important for them to know theother capacity, it is also very important for them to know the
legal consequences of their transactions and other actions inlegal consequences of their transactions and other actions in
relation with the partnership.relation with the partnership.
2/1/2011 2Astt. prof VIPIN KUMAR
3. Features of Partnership Act, 1932Features of Partnership Act, 1932
Indian Partnership Act, 1932 is a Central Act. (madeIndian Partnership Act, 1932 is a Central Act. (made
by Parliamentby Parliament
This Act deals with special type of contract.( contractThis Act deals with special type of contract.( contract
of partnership)of partnership)
Provisions regarding contract of partnership wereProvisions regarding contract of partnership were
earlier contained in the Indian Contract Act, 1872.earlier contained in the Indian Contract Act, 1872.
This Act extends to the whole of India except theThis Act extends to the whole of India except the
state of Jammu and Kashmir.state of Jammu and Kashmir.
This Act came in to force onThis Act came in to force on 1.10.19321.10.1932, except, except
section 69 which came into force on thesection 69 which came into force on the 11stst
Day ofDay of
October, 1933.October, 1933.
2/1/2011 3Astt. prof VIPIN KUMAR
4. Meaning &Definition of ‘Partnership’Meaning &Definition of ‘Partnership’
Section 4Section 4 of the Partnership Act, 1932 defines the termof the Partnership Act, 1932 defines the term
‘Partnership’ as under:‘Partnership’ as under:
‘’‘’PARTNERSHIP IS THE RELATION BETWEENPARTNERSHIP IS THE RELATION BETWEEN
TWO OR MORE PERSONS WHO HAVE AGREEDTWO OR MORE PERSONS WHO HAVE AGREED
TO SHARE THE PROFITS OF A BUSINESSTO SHARE THE PROFITS OF A BUSINESS
CARRIED ON BY ALL OR ANY OF THEMCARRIED ON BY ALL OR ANY OF THEM
ACTING FOR ALL’’.ACTING FOR ALL’’.
Thus, Partnership is the name of legal relationshipThus, Partnership is the name of legal relationship
between/among persons who have entered in to thebetween/among persons who have entered in to the
contract.contract.
2/1/2011 4Astt. prof VIPIN KUMAR
5. Meaning of ‘Partner’ ‘Firm’ and ‘Firm Name’Meaning of ‘Partner’ ‘Firm’ and ‘Firm Name’
Section 4 of Indian Partnership Act, 1932Section 4 of Indian Partnership Act, 1932
provides that:provides that:
Persons who have agreed into partnership withPersons who have agreed into partnership with
one another are called individuallyone another are called individually
‘PARTNERS’‘PARTNERS’ and collectivelyand collectively ‘FIRM’‘FIRM’ and theand the
name under which their business is carried on isname under which their business is carried on is
called thecalled the ‘FIRM NAME’‘FIRM NAME’
““Partnership is thus Invisibility which binds thePartnership is thus Invisibility which binds the
partners together and firm is the visible form ofpartners together and firm is the visible form of
those partners who are thus bound together”.those partners who are thus bound together”.
2/1/2011 5Astt. prof VIPIN KUMAR
6. Maximum Limit on Number of PartnersMaximum Limit on Number of Partners
Section 11 Companies Act provides that theSection 11 Companies Act provides that the
maximum no. of persons, a firm can have:maximum no. of persons, a firm can have:
In case of partnership firm carrying on a banking businessIn case of partnership firm carrying on a banking business
1010
In case of partnership firm carrying on any other businessIn case of partnership firm carrying on any other business
2020
If the number of partners exceeds the aforesaid limit,
the partnership firm becomes an illegal association.
If an association of persons or firm having members or partners
exceeding the Above limit will not be an illegal association if that firm’s
objective is not to earn profit.2/1/2011 6Astt. prof VIPIN KUMAR
7. Two or more
persons
An agreement
Sharing of profit
Business
Mutual agency
Essential elements of Partnership
For forming a partnership the above elements should be present. Though
each element is important, ‘Mutual Agency is the conclusive proof
2/1/2011 7Astt. prof VIPIN KUMAR
8. Nature of PartnershipNature of Partnership
A partnership firm is not a person in the eyes of LawA partnership firm is not a person in the eyes of Law
(except for the purpose of taxation [sec.2 (31)] ). It(except for the purpose of taxation [sec.2 (31)] ). It
has no separate legal entity (like company) apart fromhas no separate legal entity (like company) apart from
the partners constituting it.the partners constituting it.
Further Section 5 of the Act provides that partnershipFurther Section 5 of the Act provides that partnership
arises from contract and not from status.arises from contract and not from status.
2/1/2011 8Astt. prof VIPIN KUMAR
9. Real test of partnership [Sec. 6]Real test of partnership [Sec. 6]
The true test of partnership is the existence ofThe true test of partnership is the existence of ‘Mutual‘Mutual
Agency’Agency’ relationship, i.e. the capacity of a partner to bindrelationship, i.e. the capacity of a partner to bind
other partners by his acts done in firm’s name and be bound byother partners by his acts done in firm’s name and be bound by
the acts of other partners.the acts of other partners.
Sharing of profit is an essential element of partnership but it isSharing of profit is an essential element of partnership but it is
not a conclusive proof of partnership.not a conclusive proof of partnership.
Sharing of profit isSharing of profit is Prima faciePrima facie evidence.evidence.
Thus partnership can be presumed when
a.There is an agreement to share the profits of business and
b.The business is carried on by all or by any of them acting for all.
Contd.2/1/2011 9Astt. prof VIPIN KUMAR
10. Contd.
The relation among partners can be ascertainedThe relation among partners can be ascertained
as under:as under:
a.If there is an expressa.If there is an express
contract.contract.
The real relation is ascertainedThe real relation is ascertained
from the partnership contract.from the partnership contract.
b.If there is no expressb.If there is no express
contractcontract
The real relation is ascertainedThe real relation is ascertained
from all the relevant factors suchfrom all the relevant factors such
as contract of parties, books ofas contract of parties, books of
account, statement of employeesaccount, statement of employees
etc.etc.
2/1/2011 10Astt. prof VIPIN KUMAR
11. Meaning of Mutual AgencyMeaning of Mutual Agency
Mutual agency refers to the relationship of
principal and agent Among partners
Example in case of
firm of A,B and C
When A acts
A- Agent
B and C- Principal
When B acts
B- Agent
A and C- Principal
When C acts
C- Agent
A and B- Principal
2/1/2011 11Astt. prof VIPIN KUMAR
12. Partnership does not exist thoughPartnership does not exist though
there is profit sharingthere is profit sharing..
In the following cases there is profit sharing butIn the following cases there is profit sharing but
partnership does not exist just because of lack ofpartnership does not exist just because of lack of MutualMutual
AgencyAgency::
1. Joint owners of some property sharing profits or gross1. Joint owners of some property sharing profits or gross
returns arising from the property. [explanation I to Sec. 6]returns arising from the property. [explanation I to Sec. 6]
Example: X and Y jointly purchased a building and contributed capital
Equally to convert the building into a hotel. They let it out on a rent Of
Rs. 1,00,000 per annum and share the rental income equally.
Contd.2/1/2011 12Astt. prof VIPIN KUMAR
13. Contd.
A lender of a firm (who has lent money) who receives a share ofA lender of a firm (who has lent money) who receives a share of
profit. (Mollow March V. The court of Wards)profit. (Mollow March V. The court of Wards)
A widow or child of a deceased partner who receives a share ofA widow or child of a deceased partner who receives a share of
profits. (I. T. Commissioner V. Keshamal Keshardeo)profits. (I. T. Commissioner V. Keshamal Keshardeo)
A servant (a manager) or an agent who receives a share of profitA servant (a manager) or an agent who receives a share of profit
as part of his remuneration. (Munshi Abdul Latif V. Gopeshwaras part of his remuneration. (Munshi Abdul Latif V. Gopeshwar
Chatoraj)Chatoraj)
A person who receives a share of profit in consideration of sale ofA person who receives a share of profit in consideration of sale of
business or goodwill of the business.business or goodwill of the business.
A member of a Hindu Undivided Family carrying on familyA member of a Hindu Undivided Family carrying on family
business. [Sec. 5]business. [Sec. 5]
Burmese Buddhist husband and wife carrying on business.[Sec. 5]Burmese Buddhist husband and wife carrying on business.[Sec. 5]2/1/2011 13Astt. prof VIPIN KUMAR
14. Characteristics of PartnershipCharacteristics of Partnership
A partnership firm has the following characteristics:A partnership firm has the following characteristics:
1.1. Two or more membersTwo or more members
2.2. Unlimited liabilityUnlimited liability
3.3. Voluntary registrationVoluntary registration
4.4. No separate legal existenceNo separate legal existence
5.5. Restriction on transfer of interest:Restriction on transfer of interest:
6.6. Based on agreementBased on agreement
7.7. Partners are competent to contractPartners are competent to contract
8.8. Partnership may be only for lawful business.Partnership may be only for lawful business.
2/1/2011 14Astt. prof VIPIN KUMAR
15. Types of PartnershipTypes of Partnership
Partnership at Will
(Sec.7)
Particular Partnership
(Sec.8)
On the Basis of Duration
2/1/2011 15Astt. prof VIPIN KUMAR
16. Partnership at Will [Sec.7 read withPartnership at Will [Sec.7 read with
Sec.43)]Sec.43)]
When there is no provision in partnership agreementWhen there is no provision in partnership agreement
(known as partnership Deed, if in writing) for:(known as partnership Deed, if in writing) for:
The duration of their partnership, orThe duration of their partnership, or
The determination of their partnership,The determination of their partnership,
then the partnership is called ‘Partnership at Will’.then the partnership is called ‘Partnership at Will’.
Special feature ofSpecial feature of ‘‘Partnership at will’Partnership at will’ is that such firmis that such firm
may be dissolved by any partner by giving a notice inmay be dissolved by any partner by giving a notice in
writing to all other partners of his intention to dissolve thewriting to all other partners of his intention to dissolve the
firmfirm
The firm will be dissolved from that date which isThe firm will be dissolved from that date which is
mentioned in the notice as the date of dissolution and if nomentioned in the notice as the date of dissolution and if no
date is mentioned then from the date of communication ofdate is mentioned then from the date of communication of
notice.notice.2/1/2011 16Astt. prof VIPIN KUMAR
17. Particular Partnership [sec. 8]Particular Partnership [sec. 8]
When a partnership is formed for aWhen a partnership is formed for a
Specific venture or undertaking, orSpecific venture or undertaking, or
Particular period (fixed term)Particular period (fixed term)
then such partnership is called a ‘particular partnership’.then such partnership is called a ‘particular partnership’.
Such partnership comes to an end on the completion ofSuch partnership comes to an end on the completion of
the venture or the expiry of time period.the venture or the expiry of time period.
If such partnership is continued after the expiry of termIf such partnership is continued after the expiry of term
or completion of venture,or completion of venture, it is deemed to be ait is deemed to be a
partnership at will.partnership at will.
A particular partnership may be dissolved before theA particular partnership may be dissolved before the
expiry of the term or completion of the ventureexpiry of the term or completion of the venture only byonly by
the mutual consent of all the partners.the mutual consent of all the partners.2/1/2011 17Astt. prof VIPIN KUMAR
18. Contd.Contd.
Sec. 17 (b)Sec. 17 (b) of the Act provides that if a firmof the Act provides that if a firm
,constituted for a fixed term, continues to carry on,constituted for a fixed term, continues to carry on
business after the expiry of that term,business after the expiry of that term, thenthen thethe
partnership will becomepartnership will become partnership at willpartnership at will ANDAND
mutual rights and duties of partners will remain samemutual rights and duties of partners will remain same
as they were before the expiry.as they were before the expiry.
2/1/2011 18Astt. prof VIPIN KUMAR
19. Advantages of Partnership FirmAdvantages of Partnership Firm
Easy to formEasy to form:: Like sole proprietorships, partnershipLike sole proprietorships, partnership
businesses can be formed easily without any compulsory legalbusinesses can be formed easily without any compulsory legal
formalities. It is not necessary to get the firm registered. Aformalities. It is not necessary to get the firm registered. A
simple agreement or partnership deed, either oral or in writing,simple agreement or partnership deed, either oral or in writing,
is sufficient to create a partnership.is sufficient to create a partnership.
Availability of large resources:Availability of large resources: Since two or more partnersSince two or more partners
join hands to start a partnership business, it may be possible tojoin hands to start a partnership business, it may be possible to
pool together more resources as compared to a solepool together more resources as compared to a sole
proprietorship. The partners can contribute more capital, moreproprietorship. The partners can contribute more capital, more
effort and more time for the business.effort and more time for the business.
2/1/2011 19Astt. prof VIPIN KUMAR
20. Advantages contd.Advantages contd.
Better decisions:Better decisions: The partners are the owners of the business.The partners are the owners of the business.
Each of them has equal right to participate in the managementEach of them has equal right to participate in the management
of the business. In case of any conflict, they can sit together toof the business. In case of any conflict, they can sit together to
solve the problem. Since all partners participate in thesolve the problem. Since all partners participate in the
decision-making process, there is less scope for reckless anddecision-making process, there is less scope for reckless and
hasty decisions.hasty decisions.
Flexibility in operationsFlexibility in operations:: A partnership firm is a flexibleA partnership firm is a flexible
organization. At any time, the partners can decide to changeorganization. At any time, the partners can decide to change
the size or nature of the business or area of it’s operation.the size or nature of the business or area of it’s operation.
There is no need to follow any legal procedure. Only theThere is no need to follow any legal procedure. Only the
consent of all the partners is required.consent of all the partners is required.
2/1/2011 20Astt. prof VIPIN KUMAR
21. Contd.Contd.
Sharing risks:Sharing risks: In a partnership firm all the partners “share” theIn a partnership firm all the partners “share” the
business risks. For example, if there are three partners and the firmbusiness risks. For example, if there are three partners and the firm
makes a loss of Rs.12,000 in a particular period, then all partnersmakes a loss of Rs.12,000 in a particular period, then all partners
may share it and the individual burden will be Rs.4000 only.may share it and the individual burden will be Rs.4000 only.
Because of this, the partners may be encouraged to take up moreBecause of this, the partners may be encouraged to take up more
risk and hence expand their business more.risk and hence expand their business more.
Benefits of specialization:Benefits of specialization:Since all the partners are owners ofSince all the partners are owners of
the business, they can actively participate in every aspect ofthe business, they can actively participate in every aspect of
business as per their specialization, knowledge andbusiness as per their specialization, knowledge and
experience. If you want to start a firm to provide legalexperience. If you want to start a firm to provide legal
consultancy to people, then one partner may deal with civilconsultancy to people, then one partner may deal with civil
cases, one in criminal cases, and another in labor cases and socases, one in criminal cases, and another in labor cases and so
on as per the individual specialization. Similarly, two or moreon as per the individual specialization. Similarly, two or more
doctors of different specialization may start a clinic indoctors of different specialization may start a clinic in
partnership.partnership.
2/1/2011 21Astt. prof VIPIN KUMAR
22. Contd.Contd.
Protection of interest of each partner:Protection of interest of each partner: In aIn a
partnership firm, every partner has an equal say in decisionpartnership firm, every partner has an equal say in decision
making and the management of the business. If any decisionmaking and the management of the business. If any decision
goes against the interest of any partner, he can prevent thegoes against the interest of any partner, he can prevent the
decision from being taken. In extreme cases an unsatisfieddecision from being taken. In extreme cases an unsatisfied
partner may withdraw from the business and can dissolve it. Inpartner may withdraw from the business and can dissolve it. In
such extreme cases the “partnership deed” is required. Insuch extreme cases the “partnership deed” is required. In
absence of the partnership deed, no legal protection is given toabsence of the partnership deed, no legal protection is given to
the partners.the partners.
2/1/2011 22Astt. prof VIPIN KUMAR
23. Disadvantage of Partnership FirmDisadvantage of Partnership Firm
Unlimited liability:Unlimited liability: All the partners are jointly liable for the debt of theAll the partners are jointly liable for the debt of the
firm. They can share the liability among themselves or any one can befirm. They can share the liability among themselves or any one can be
asked to pay all the debts even from his personal properties depending onasked to pay all the debts even from his personal properties depending on
the arrangement made between the partners.the arrangement made between the partners.
Uncertain life:Uncertain life: The partnership firm has no legal existence separate fromThe partnership firm has no legal existence separate from
it’s partners. It comes to an end with death, insolvency, incapacity or theit’s partners. It comes to an end with death, insolvency, incapacity or the
retirement of a partner. Further, any unsatisfied or discontent partner canretirement of a partner. Further, any unsatisfied or discontent partner can
also give notice at any time for the dissolution of the partnership.also give notice at any time for the dissolution of the partnership.
No transferability of share:No transferability of share:If you are a partner in any firm, you cannotIf you are a partner in any firm, you cannot
transfer your share or part of the company to outsiders, without the consenttransfer your share or part of the company to outsiders, without the consent
of other partners. This creates inconvenience for the partner who wants toof other partners. This creates inconvenience for the partner who wants to
leave the firm or sell part of his share to others.leave the firm or sell part of his share to others.
2/1/2011 23Astt. prof VIPIN KUMAR
24. Contd.Contd.
Lack of harmony:Lack of harmony: In a partnership firm every partner has anIn a partnership firm every partner has an
equal right to participate in the management. Also, everyequal right to participate in the management. Also, every
partner can place his or her opinion or viewpoint before thepartner can place his or her opinion or viewpoint before the
management regarding any matter at any time. Because of this,management regarding any matter at any time. Because of this,
sometimes there is a possibility of friction and discontentsometimes there is a possibility of friction and discontent
among the partners. Difference of opinion may lead to the endamong the partners. Difference of opinion may lead to the end
of the partnership and the business.of the partnership and the business.
Limited capital:Limited capital: Since the total number of partners cannotSince the total number of partners cannot
exceed 20, the capital to be raised is always limited. It may notexceed 20, the capital to be raised is always limited. It may not
be possible to start a very large business in partnership formbe possible to start a very large business in partnership form..
2/1/2011 24Astt. prof VIPIN KUMAR
25. Partnership deedPartnership deed
A partnership is formed by an agreement. This agreement mayA partnership is formed by an agreement. This agreement may
be in writing or oral.though the law does not expressly requirebe in writing or oral.though the law does not expressly require
that the partnership agreement should be in writing, it isthat the partnership agreement should be in writing, it is
desirable t o have it in writing in order to avo8id any disputedesirable t o have it in writing in order to avo8id any dispute
with regard to the terms of the partnership.with regard to the terms of the partnership. The documentThe document
which contains the term of a partnership as agreed among thewhich contains the term of a partnership as agreed among the
partners is called “partnership deed”.partners is called “partnership deed”.
The partnership Deed is to be duly stamped as per the IndianThe partnership Deed is to be duly stamped as per the Indian
Stamp Act, and duly signed by all the partners.Stamp Act, and duly signed by all the partners.
ContdContd..
2/1/2011 25Astt. prof VIPIN KUMAR
26. Contents of partnership DeedContents of partnership Deed
A partnership deed may contain any matter relating to theA partnership deed may contain any matter relating to the
regulation of partnership but all provisions in the deed should beregulation of partnership but all provisions in the deed should be
within the limits of Indian Partnership Act, 1932. However, Awithin the limits of Indian Partnership Act, 1932. However, A
Partnership Deed should contain the following clause:Partnership Deed should contain the following clause:
Nature of businessNature of business
Duration of partnershipDuration of partnership
Name of the firmName of the firm
CapitalCapital
Share of partners in profits and lossesShare of partners in profits and losses
Bank Account firmBank Account firm
Books of accountBooks of account
Powers of partnersPowers of partners
Retirement and expulsion of partnersRetirement and expulsion of partners
Death of partnerDeath of partner
Dissolution of firmDissolution of firm
Settlement of disputesSettlement of disputes2/1/2011 26Astt. prof VIPIN KUMAR