The document summarizes key aspects of partnership law in India according to the Partnership Act of 1932. It outlines general principles of partnership including the definition, essential elements, types of partners, and rights and duties of partners. It also discusses registration requirements for partnership firms, implied authority of partners, and dissolution of partnerships which can occur through agreement, contingencies, notice, or intervention of the court for reasons such as insanity, misconduct, or loss of business.

1. Partner ship Act 1932

2. General Principles
• Meaning:
• Essentials/Tests of Partnership:
• Association of two or more persons
• Agreement between all parties concerned
• Sharing of Profits of a business
• Mutual Agency

3. Registration of Partnership Firm
• Registrar of firms:
• Procedure:
• Need of Registration:
• Consequences of Non registration:
• Time for Registration:
• Intimation to registrar regarding changes
subsequent to registration:
• Register of firms-A public Document:
• Register of Firm a conclusive Evidence(sec 68):
• Penalty for furnishing false particulars(sec 70):

4. Formation of Partnership
• Partnership Deed:
• Contents of Partnership Deed:
• Competence of Person to become a partner:

5. Duration of Partnership
• Fixed Partnership:
• Partnership at will:
• Particular Partnership:

6. Kinds/Classes of partners
• Actual/Active Partner:
• Dormant/Sleeping Partner:
• Nominal Partner:
• Partner in Profits Only:
• Sub Partner:
• Partner by estoppels or holding out:

7. Rights of Partners
• Right to take part in Management:
• Right to be consulted:
• Right to have access to books:
• Right to share profits:
• Interest on capital:
• Interest on Advance:
• Right to to be Indeminified:
• Right to use of partnership Property:
• Powers in Emergency:

8. Rights of Partners cont…
• No new partner to be introduced:
• No liability before joining:
• Right to Retire:
• Right not to be expelled:
• Right to carry on competing business:
• Right to share subsequent profits after
retirement:

9. Duties of Partners
• To observe good Faith:
• To attend to his duties diligently:
• To indemnify for fraud:
• To indemnify for willful neglect:
• To share losses:
• To hold & use property of firm:
• To account for private profits:
• To account for profits of a competing business
• To act within authority:
• Not to assign his rights:
• To be liable jointly & severally:

10. Implied Authority & Third Parties
1. Liability for wrongful act of a partner:
2. Liability of firm for misapplication by
partners:
3. Liability of firm for information obtained by a
partner:
4. Liability of firm for any admission by partner:

11. Dissolution of Partnership Firms
1.Dissolution of partnership:
2. Dissolution of Firm:
• Modes of dissolution of firm:
1. Dissolution without intervention of court:
a. Dissolution by agreement:
b. Compulsory Dissolution:
c. Dissolution on happening of certain
contingencies:
d. Dissolution by notice:

12. • Dissolution By court:
a. Insanity
b. Permanent incapacity:
c. Misconduct:
d. Breach of Agreement:
e. Transfer of interest:
f. Loss in Business:
g. Just & Equitable:

13. Consequences of Dissolution
1.Right to an equitable lien:
2.Right to return of Premium:
3.Right where partnership contract is rescinded for
fraud:
4.Right to restrain use of firm’s name or property:

14. Thank You