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By
BRIG(R) MUHAMMAD SALEEM SI(M)
 The relationship of partnership arises from
contract and not from status;
 And in particular, the members of Hindu
undivided family carrying on a family
business as such, or
 A Burmese Budhist husband and wife carrying
on business as such are not partners in such
business
Section -5
 Partnership is result of Voluntary Agreement
 Contact between 2 or more persons without it
no relation of partnership is established
 Sharing of profit being member of family
does not give rise to creation of relation of
partnership
 Will be joint owner of business
 Quasi- partnership created by operation of
law
Section - 5
 Act of each partner will usually bind others
but in joint family firm only manager can act
 Manager has larger rights than other
members
 Manager can contract, give receipts,
compromise, and discharge claims arising out
of business
 Female can not be partner being not a
coparcener
Section-5
Partnership by status

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Partnership by status

  • 2.  The relationship of partnership arises from contract and not from status;  And in particular, the members of Hindu undivided family carrying on a family business as such, or  A Burmese Budhist husband and wife carrying on business as such are not partners in such business Section -5
  • 3.  Partnership is result of Voluntary Agreement  Contact between 2 or more persons without it no relation of partnership is established  Sharing of profit being member of family does not give rise to creation of relation of partnership  Will be joint owner of business  Quasi- partnership created by operation of law Section - 5
  • 4.  Act of each partner will usually bind others but in joint family firm only manager can act  Manager has larger rights than other members  Manager can contract, give receipts, compromise, and discharge claims arising out of business  Female can not be partner being not a coparcener Section-5