Partnership firm
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The document defines partnership as the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all, according to Section 4 of the Indian Partnership Act, 1932. A partnership is an agreement between competent persons to carry on a lawful business together with a view to make private gain by sharing profits. Key characteristics of a partnership include agreement, lawful business, mutual agency, joint ownership and management, sharing of profits, and dissolution. Partnerships provide benefits like increased capital and resources but also have disadvantages like unlimited liability and risk of disputes. Partnerships are classified based on duration, liability, and registration status.
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Kinds of partnership
The document discusses different types of partnerships under Indian law. It describes general partnerships where all partners have unlimited liability. Limited partnerships consist of general partners with unlimited liability and limited partners whose liability is limited to their capital contribution. The document also outlines rights and obligations of various types of partners such as active, sleeping, limited, and minor partners. It discusses rights that partners have such as rights to profits, management participation, and accessing firm records.
MEANING AND DEFINITION OF COMPANY, IT'S CHARACTERISTICS AND TYPES OF COMPANY
This slide share is of subject company law . In this you will learn about meaning and definition of company , types / kinds of company (private , public , holding , subsidiary , limited liability and unlimited liability company etc.) , and its characteristics.
Profit Prior to Incorporation
1) Profit earned before a company is incorporated is called pre-incorporation profit. It is considered capital profit and cannot be distributed as dividends.
2) To calculate pre-incorporation profit, expenses are divided between pre- and post-incorporation periods using time and sales ratios. Fixed expenses are divided by time ratio while variable expenses use sales ratio.
3) A net profit statement is prepared to analyze profit for the pre- and post-incorporation periods by allocating income and expenses accordingly.
Incorporation of Companies
The document discusses the key stages and processes involved in forming and operating a company in India according to the Companies Act of 1956. It covers the stages of promotion, incorporation, capital subscription, and commencement of business. It also discusses essential documents like the memorandum of association, articles of association, and prospectus. Other topics covered include types of company meetings, roles and powers of directors, and winding up processes like voluntary and compulsory liquidation.
Partnership act
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.
Definition and nature of company law
This document defines company law and outlines the key characteristics of a company. A company is an association of individuals who come together for a common purpose of doing business and earning profit. It must be registered under the Companies Act. Some key characteristics include:
1) It is a separate legal entity distinct from its members.
2) It has perpetual succession - members may change but the company continues indefinitely.
3) Members have limited liability - their liability is limited to their investment in the company.
4) It can enter into contracts, sue others, and be sued as a separate legal entity.
The document also discusses advantages like mobilizing large resources and separating ownership and control, and disadvantages like reduced
HIRE PURCHASE SYSTEM
Hire purchase is a method of financing large purchases by making installment payments over time. The ownership of the purchased item is not transferred to the buyer until all payments are made. Companies offer hire purchase to earn a profit from interest charged on the monthly payments. Key features include installment payments, retention of ownership by the seller until final payment, and an option for the buyer to either purchase the item or return it. Hire purchase allows buyers immediate use of expensive assets by spreading costs over time, but the total amount paid is higher than the upfront cost and the buyer cannot resell the item until owning it outright.
Partnership
Partnership is a form of business owned by two or more people, not exceeding twenty, based on a written or oral agreement. A partnership is formed through a contract between competent persons to jointly conduct lawful business and share the profits and losses. There are two main types of partnerships - general partnerships where all partners have unlimited liability, and limited partnerships which have both general and limited partners with the latter having limited liability. Key elements of partnerships include plurality of members, contractual relations between partners, lawful business activities, sharing of profits and losses, and mutual trust and confidence among partners.
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Kinds of partnership
The document discusses different types of partnerships under Indian law. It describes general partnerships where all partners have unlimited liability. Limited partnerships consist of general partners with unlimited liability and limited partners whose liability is limited to their capital contribution. The document also outlines rights and obligations of various types of partners such as active, sleeping, limited, and minor partners. It discusses rights that partners have such as rights to profits, management participation, and accessing firm records.
MEANING AND DEFINITION OF COMPANY, IT'S CHARACTERISTICS AND TYPES OF COMPANY
This slide share is of subject company law . In this you will learn about meaning and definition of company , types / kinds of company (private , public , holding , subsidiary , limited liability and unlimited liability company etc.) , and its characteristics.
Profit Prior to Incorporation
1) Profit earned before a company is incorporated is called pre-incorporation profit. It is considered capital profit and cannot be distributed as dividends.
2) To calculate pre-incorporation profit, expenses are divided between pre- and post-incorporation periods using time and sales ratios. Fixed expenses are divided by time ratio while variable expenses use sales ratio.
3) A net profit statement is prepared to analyze profit for the pre- and post-incorporation periods by allocating income and expenses accordingly.
Incorporation of Companies
The document discusses the key stages and processes involved in forming and operating a company in India according to the Companies Act of 1956. It covers the stages of promotion, incorporation, capital subscription, and commencement of business. It also discusses essential documents like the memorandum of association, articles of association, and prospectus. Other topics covered include types of company meetings, roles and powers of directors, and winding up processes like voluntary and compulsory liquidation.
Partnership act
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.
Definition and nature of company law
This document defines company law and outlines the key characteristics of a company. A company is an association of individuals who come together for a common purpose of doing business and earning profit. It must be registered under the Companies Act. Some key characteristics include:
1) It is a separate legal entity distinct from its members.
2) It has perpetual succession - members may change but the company continues indefinitely.
3) Members have limited liability - their liability is limited to their investment in the company.
4) It can enter into contracts, sue others, and be sued as a separate legal entity.
The document also discusses advantages like mobilizing large resources and separating ownership and control, and disadvantages like reduced
HIRE PURCHASE SYSTEM
Hire purchase is a method of financing large purchases by making installment payments over time. The ownership of the purchased item is not transferred to the buyer until all payments are made. Companies offer hire purchase to earn a profit from interest charged on the monthly payments. Key features include installment payments, retention of ownership by the seller until final payment, and an option for the buyer to either purchase the item or return it. Hire purchase allows buyers immediate use of expensive assets by spreading costs over time, but the total amount paid is higher than the upfront cost and the buyer cannot resell the item until owning it outright.
Partnership
Partnership is a form of business owned by two or more people, not exceeding twenty, based on a written or oral agreement. A partnership is formed through a contract between competent persons to jointly conduct lawful business and share the profits and losses. There are two main types of partnerships - general partnerships where all partners have unlimited liability, and limited partnerships which have both general and limited partners with the latter having limited liability. Key elements of partnerships include plurality of members, contractual relations between partners, lawful business activities, sharing of profits and losses, and mutual trust and confidence among partners.
Debenture
A debenture is a type of loan issued by a company to raise funds. There are different types of debentures based on security, redemption period, record keeping, and convertibility. Debentures offer companies a way to raise funds for a specific period without diluting ownership, but carry more risk than shares if the company fails to repay on time. Debenture holders are creditors entitled to interest payments, while shareholders are owners entitled to potential dividend payments from company profits.
Memorandum of association
The document discusses the Memorandum of Association (MOA), which is one of the three basic legal documents issued by a company along with the Articles of Association and Prospectus. The MOA is the constitution of a company that defines its limitations and powers. It must include clauses for the company name, registered office location, objectives, liability of members, amount of authorized capital, and signatures of initial subscribers. The MOA establishes the fundamental rules that the company must follow and ensures shareholders understand the company's permitted business activities. It is a crucial founding document required in the registration of any company.
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Kinds of partners
This document discusses key aspects of partnership law under the Partnership Act 1932. It defines a partnership as a relation between persons who agree to share profits from a business carried on by them. A partnership deed lays out rights and obligations of partners such as profit sharing ratios and salary. Essential elements of a partnership include association of two or more persons, existence of a contract, carrying on a business, and sharing of profits. The document describes different types of partners and their roles, as well as rights and duties of partners. It concludes by distinguishing between unlimited and limited liability of partners.
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This document provides an overview of the key aspects of the Companies Act 2013 in India. It defines a company as an association incorporated under the Companies Act or previous company laws. Some key features of companies discussed include separate legal identity, limited liability, perpetual succession, and the ability to own property, sue and be sued. The document also discusses types of companies such as public, private, government, and foreign companies. It covers topics such as lifting the corporate veil, holding companies, subsidiaries, and other classifications.
types of partners
This slide presentation defines and describes five types of partners in a partnership business: 1) Active partners who take an active role in management and have unlimited liability. 2) Sleeping partners who do not participate actively but contribute capital and share profits with unlimited liability. 3) Partners in profit only who share profits but not losses and have unlimited liability. 4) Nominal partners who allow their name to be used as a partner but do not contribute capital or participate in management and have liability to outsiders for firm debts. 5) Limited partners who share profits but not losses, contribute capital but do not participate in management, and have liability limited to their capital investment.
CONCEPT & FEATURES OF PARTNERSHIP
The document defines a partnership as a voluntary association between two or more persons who agree to share profits or losses from a business carried on by them. Key features of a partnership include an agreement to form a partnership to carry out a lawful business and share profits, with partners acting as mutual agents able to bind one another through their business dealings. A partnership requires at least two people but no more than 10 for banking or 20 for other businesses.
Debentures ppt
This document provides an overview of debentures, including:
- Debentures are long-term debt instruments similar to bonds that provide loan capital to a company.
- There are different types of debentures like non-convertible, partly convertible, and fully convertible debentures.
- Debentures can be secured, with company assets as collateral, or unsecured.
- Key features include the face value, interest rate, maturity date, and redemption value.
Joint Stock Company formation and features
A joint stock company is formed through a process that involves promotion, registration, and capital subscription. Promoters collect information needed for formation and prepare documents like the Memorandum of Association, which outlines the company's objectives and share types, and the Articles of Association, which contains rules for administration. For registration, promoters submit these documents along with registration fees to the registrar. Once incorporated, directors issue a prospectus to publicly raise capital. After sufficient funds are collected, the company receives a certificate to commence business operations. Joint stock companies allow for large capital through many shareholders and provide features like legal status, transferable shares, and limited liability.
Types of partners
Introduction of partnership
Meaning and definition
Types of partners
Active / Managing partner
Sleeping partner
Nominal partner
Partner by estoppel
Partner in profits only
Minor partner
Secret partner
Outgoing partner
Sub partner
Limited partner
Sole proprietorship.
'Sole' means single.
‘Proprietorship' means ownership.
It means only one person or an individual becomes the owner of the business.
A Sole Proprietorship is the ownership of a business by one person, who receives all of the profit, but is responsible for all debts and obligations.
Share capital
The document defines and explains different types of share capital that a company may have:
Authorized capital is the maximum capital allowed by the company's Memorandum of Association. Issued capital is the shares offered to the public. Called-up capital is the issued capital that shareholders are required to pay. Paid-up capital is the amount actually paid by shareholders, while uncalled capital is the remaining amount that can be called later. Reserve capital refers to the portion of uncalled capital that can only be called in the event of winding up.
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As per Companies Act, 1956 :
Holding Company: A holding company is a parent company that owns enough voting stock(more than 50%) in a subsidiary to make management decisions , influence and contorl the company's board of directors
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The document discusses the concept of hire purchase, which is a mode of financing where goods are leased on hire with the option for the lessee to purchase them by paying installments. Key points include: hire purchase involves periodic installment payments, immediate possession of goods by the buyer but ownership remaining with the seller until final payment; features like being based on a written agreement and ownership transferring after final payment; and rights and obligations of both the hirer and hire vendor. Differences between leasing and hire purchase are also outlined.
Types of-shares
There are three main types of shares that can be issued by companies: equity shares, preference shares, and deferred shares. Equity shares do not have a fixed dividend rate and holders have voting rights. Preference shares have a fixed dividend rate and preferential rights to repayment of capital. There are various kinds of preference shares based on factors like cumulative/non-cumulative dividends and participation in profits. Deferred shares rank below equity and preference shares for dividend payments and repayment of capital.
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Let you learn what a company is and what are the features of a company.
visit our website: https://studymyright.com
Partnership deed
The document discusses the importance and contents of a partnership deed. A partnership deed is a legal document that establishes the terms of a business partnership. It outlines details such as partner responsibilities and liabilities, capital contributions, profit/loss sharing ratios, admission/retirement of partners, dissolution of the partnership, and more. Having a written and signed partnership deed is important to avoid misunderstandings and potential legal issues between partners.
Company and its types
1) A company is defined as an artificial legal entity created under the Companies Act for the purpose of earning profits or achieving charitable goals.
2) There are five main types of companies - chartered, statutory, registered, private, and public. Private companies have 2-200 members while public companies require a minimum of 7 members.
3) Key characteristics of companies include separate legal identity, limited liability, perpetual succession, ability to own property, transferability of shares, and use of a common seal.
Dividend policy
The document discusses dividend policy and its various aspects. It defines dividend and explains the relevance and irrelevance concepts of dividend. It describes different approaches to dividend policy including the residual approach, MM model, Walter's approach and Gordon's approach. It also discusses determinants of dividend policy, types of dividend policies and forms of dividend including cash, stock and property dividends. The legal aspects of dividend payment are also summarized.
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Here are the key differences between sole proprietorship and partnership:
- Ownership: A sole proprietorship has one owner who owns the business entirely. A partnership has two or more owners.
- Liability: In a sole proprietorship, the owner has unlimited liability for all debts and obligations of the business. In a partnership, each partner's liability is usually joint and several - meaning the creditors can collect the full amount due from any one partner.
- Formation: A sole proprietorship is easy to form with just one owner. A partnership requires a partnership agreement between all owners.
- Management: A sole proprietor has complete control over the business. In a partnership, decisions are made jointly by
partnership
The document discusses partnership as a form of business ownership. It defines partnership as an association of two or more people carrying on business together with the goal of making a profit. A partnership is based on a written or oral contract. There are generally partners who own the business and are responsible for profits and losses. The document outlines different types of partnerships like general partnerships and limited partnerships. It also discusses key aspects of partnerships like formation, dissolution, rights and responsibilities of partners, and registration.
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A debenture is a type of loan issued by a company to raise funds. There are different types of debentures based on security, redemption period, record keeping, and convertibility. Debentures offer companies a way to raise funds for a specific period without diluting ownership, but carry more risk than shares if the company fails to repay on time. Debenture holders are creditors entitled to interest payments, while shareholders are owners entitled to potential dividend payments from company profits.
Memorandum of association
The document discusses the Memorandum of Association (MOA), which is one of the three basic legal documents issued by a company along with the Articles of Association and Prospectus. The MOA is the constitution of a company that defines its limitations and powers. It must include clauses for the company name, registered office location, objectives, liability of members, amount of authorized capital, and signatures of initial subscribers. The MOA establishes the fundamental rules that the company must follow and ensures shareholders understand the company's permitted business activities. It is a crucial founding document required in the registration of any company.
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This document defines key terms related to banking relationships. It states that while the Banking Regulations Act does not define "banker", it is generally considered to be someone who receives money and processes transactions for customers. A customer is defined as someone who has an account with a bank. The relationship between a banker and customer can be general, involving roles like creditor-debtor, or special, involving roles like trustee, bailee, agent, or custodian. Duties of bankers include maintaining secrecy, honoring transactions, and submitting statements. Rights of bankers include general lien, pledge, set-off, appropriation, and charging interest.
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The document discusses different forms of business organization including sole proprietorship, partnership, joint hindu family business, cooperative society, and companies. It outlines key characteristics of each form such as ownership, management structure, liability, ease of formation and closure, capital requirements, and advantages and disadvantages. The different forms of business organization vary in aspects like ownership, management control, liability of owners, ability to raise capital, and requirements for setup and operations.
Kinds of partners
This document discusses key aspects of partnership law under the Partnership Act 1932. It defines a partnership as a relation between persons who agree to share profits from a business carried on by them. A partnership deed lays out rights and obligations of partners such as profit sharing ratios and salary. Essential elements of a partnership include association of two or more persons, existence of a contract, carrying on a business, and sharing of profits. The document describes different types of partners and their roles, as well as rights and duties of partners. It concludes by distinguishing between unlimited and limited liability of partners.
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This document provides an overview of the key aspects of the Companies Act 2013 in India. It defines a company as an association incorporated under the Companies Act or previous company laws. Some key features of companies discussed include separate legal identity, limited liability, perpetual succession, and the ability to own property, sue and be sued. The document also discusses types of companies such as public, private, government, and foreign companies. It covers topics such as lifting the corporate veil, holding companies, subsidiaries, and other classifications.
types of partners
This slide presentation defines and describes five types of partners in a partnership business: 1) Active partners who take an active role in management and have unlimited liability. 2) Sleeping partners who do not participate actively but contribute capital and share profits with unlimited liability. 3) Partners in profit only who share profits but not losses and have unlimited liability. 4) Nominal partners who allow their name to be used as a partner but do not contribute capital or participate in management and have liability to outsiders for firm debts. 5) Limited partners who share profits but not losses, contribute capital but do not participate in management, and have liability limited to their capital investment.
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The document defines a partnership as a voluntary association between two or more persons who agree to share profits or losses from a business carried on by them. Key features of a partnership include an agreement to form a partnership to carry out a lawful business and share profits, with partners acting as mutual agents able to bind one another through their business dealings. A partnership requires at least two people but no more than 10 for banking or 20 for other businesses.
Debentures ppt
This document provides an overview of debentures, including:
- Debentures are long-term debt instruments similar to bonds that provide loan capital to a company.
- There are different types of debentures like non-convertible, partly convertible, and fully convertible debentures.
- Debentures can be secured, with company assets as collateral, or unsecured.
- Key features include the face value, interest rate, maturity date, and redemption value.
Joint Stock Company formation and features
A joint stock company is formed through a process that involves promotion, registration, and capital subscription. Promoters collect information needed for formation and prepare documents like the Memorandum of Association, which outlines the company's objectives and share types, and the Articles of Association, which contains rules for administration. For registration, promoters submit these documents along with registration fees to the registrar. Once incorporated, directors issue a prospectus to publicly raise capital. After sufficient funds are collected, the company receives a certificate to commence business operations. Joint stock companies allow for large capital through many shareholders and provide features like legal status, transferable shares, and limited liability.
Types of partners
Introduction of partnership
Meaning and definition
Types of partners
Active / Managing partner
Sleeping partner
Nominal partner
Partner by estoppel
Partner in profits only
Minor partner
Secret partner
Outgoing partner
Sub partner
Limited partner
Sole proprietorship.
'Sole' means single.
‘Proprietorship' means ownership.
It means only one person or an individual becomes the owner of the business.
A Sole Proprietorship is the ownership of a business by one person, who receives all of the profit, but is responsible for all debts and obligations.
Share capital
The document defines and explains different types of share capital that a company may have:
Authorized capital is the maximum capital allowed by the company's Memorandum of Association. Issued capital is the shares offered to the public. Called-up capital is the issued capital that shareholders are required to pay. Paid-up capital is the amount actually paid by shareholders, while uncalled capital is the remaining amount that can be called later. Reserve capital refers to the portion of uncalled capital that can only be called in the event of winding up.
Holding & subsidary Company
As per Companies Act, 1956 :
Holding Company: A holding company is a parent company that owns enough voting stock(more than 50%) in a subsidiary to make management decisions , influence and contorl the company's board of directors
Hire purchase
The document discusses the concept of hire purchase, which is a mode of financing where goods are leased on hire with the option for the lessee to purchase them by paying installments. Key points include: hire purchase involves periodic installment payments, immediate possession of goods by the buyer but ownership remaining with the seller until final payment; features like being based on a written agreement and ownership transferring after final payment; and rights and obligations of both the hirer and hire vendor. Differences between leasing and hire purchase are also outlined.
Types of-shares
There are three main types of shares that can be issued by companies: equity shares, preference shares, and deferred shares. Equity shares do not have a fixed dividend rate and holders have voting rights. Preference shares have a fixed dividend rate and preferential rights to repayment of capital. There are various kinds of preference shares based on factors like cumulative/non-cumulative dividends and participation in profits. Deferred shares rank below equity and preference shares for dividend payments and repayment of capital.
Company and its features
Let you learn what a company is and what are the features of a company.
visit our website: https://studymyright.com
Partnership deed
The document discusses the importance and contents of a partnership deed. A partnership deed is a legal document that establishes the terms of a business partnership. It outlines details such as partner responsibilities and liabilities, capital contributions, profit/loss sharing ratios, admission/retirement of partners, dissolution of the partnership, and more. Having a written and signed partnership deed is important to avoid misunderstandings and potential legal issues between partners.
Company and its types
1) A company is defined as an artificial legal entity created under the Companies Act for the purpose of earning profits or achieving charitable goals.
2) There are five main types of companies - chartered, statutory, registered, private, and public. Private companies have 2-200 members while public companies require a minimum of 7 members.
3) Key characteristics of companies include separate legal identity, limited liability, perpetual succession, ability to own property, transferability of shares, and use of a common seal.
Dividend policy
The document discusses dividend policy and its various aspects. It defines dividend and explains the relevance and irrelevance concepts of dividend. It describes different approaches to dividend policy including the residual approach, MM model, Walter's approach and Gordon's approach. It also discusses determinants of dividend policy, types of dividend policies and forms of dividend including cash, stock and property dividends. The legal aspects of dividend payment are also summarized.
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BUSINESS STUDIES (class11)- FORMS OF BUSINESS ORGANISATION
BUSINESS STUDIES (class11)- FORMS OF BUSINESS ORGANISATION
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Unit 2 indian partnership act 1932
This document defines partnership and outlines key concepts in Indian partnership law.
[1] A 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. The partners are individually called partners and collectively called a firm.
[2] Some key characteristics of a partnership include an association of two or more persons, an agreement to carry on business together, sharing of profits, and mutual agency between the partners.
[3] On dissolution, the partners have rights related to winding up the business and settling accounts, and liabilities regarding unfinished transactions and notice of dissolution.
Chapter 3-the-indian-partnership-act-1932
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.
Partnership accounts
Partnership Accounts: Introduction, Meaning, Definition, Characteristics, Contents of the Partnership Deed, Nature of the Partnership Accounts, Specimen of Capital Accounts, etc.
Partnership
This document defines partnership and outlines key aspects of partnership law in India. It states that a partnership requires an agreement between 2-20 persons to carry on a lawful business and share profits. A partnership is based on the law of agency, with each partner acting as both an agent and principal of the firm. The document discusses formation of partnerships, tests to determine partnership status, rights and duties of partners, and different types of partners defined under law.
Partnership
A partnership is formed through a legal agreement between two or more persons to carry on a lawful business together with a view to earn profits. Key characteristics of a partnership include unlimited liability of partners, shared risks and profits, mutual agency where each partner acts as an agent for the other partners, and lack of continuity if a partner dies or leaves. Partnerships offer benefits like ease of formation and closure, balanced decision making, and sharing of risks. However, partnerships also have drawbacks such as unlimited liability, limited funding, potential for conflicts between partners, and lack of continuity if a partner leaves.
Theindianpartnershipact1932 120305114812-phpapp02 (1)
The document summarizes key aspects of partnership law in India as outlined in the Indian Partnership Act of 1932. It defines a partnership as an agreement between two or more persons to share profits of a business. It outlines essential elements of a partnership like mutual agency, types of partnerships including partnership at will and for a fixed term, rights and duties of partners, and advantages and disadvantages of a partnership form of business.
Partnership Act 1932
The document discusses key aspects of partnership contracts and firms under Indian law. It defines a partnership as an agreement between two or more persons to share profits of a business. A partnership firm is not a legal entity under law. The document outlines essential elements of a partnership like mutual agency between partners, their rights and duties, and consequences of dissolution like continuing liability of partners.
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Partnership firm
- 2. It is the relation between persons who have agreed to share profit of business carried on by all or any of them acting for all. – Sec 4 of Indian Partnership Act, 1932. Partnership is the relation between persons competent to make contracts who agreed to carry on a lawful business in common with a view to private gain. – Prof. Haney. Partnership is the relation which subsists between persons, who have agreed to combine their property, labor or skill in some business and to share the profits thereof between them. – Indian Contract Act, 1872.
- 3. Agreement Registration Lawful Business Membership Mutual Agency Liability Sharing of Business Profit Joint Ownership and Management Dissolution Restriction on Transfer of Interest No Legal Status Secrecy
- 4. Increased Capital More Manpower Resources Easy Formation and Dissolution Secrecy Personal Contacts Mutual Approach Sharing of Risk Flexible Management Effort-Reward Relationship
- 5. Unlimited Liability No Legal Status Disputes among Partners Risk of Implied Authority Problem of Continuity Difficulty of Transfer of shares Lacks of Public Trust Limited Membership Limited Capital Difficulty in Admitting New Partners
- 6. Active Partner Sleeping Partner Nominal Partner Partner in Profit only Limited Liability Partner Quasi (Retirement) Partner Secret Partner Sub-Partner Minor Partner Partner by Holding out Partner by Estoppel
- 7. Classification on the Basis of Duration Partnership at will Particular Partnership Classification on the Basis of Liability General Partnership Limited Liability Partnership Classification on the Basis of Registration Registered Partnership Unregistered Partnership
- 8. Procedure Partnership Deed Filling of Prescribed Forms Submission of Forms Verification of Forms Entry in Register of Firms Issue of Certificate of Registration
- 9. Suits between Partner and Firm Suits between Firm and Third Parties Claim of Set-off