Partnership of firm
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This document provides an overview of partnership firms under Indian law. It defines a partnership as the relation between persons who have agreed to share the profits of a business carried out by all or some of them. The key features of a partnership include having more than one person, profit and loss sharing, a contractual relationship, engagement in a lawful business, honesty between partners, and shared responsibility. Partnerships offer advantages like easy formation, more available capital from multiple partners, combined skills, risk diffusion, and flexibility. However, partnerships also pose disadvantages such as unlimited responsibility of partners, divided authority, lack of continuity, and risk of implied authority. The document discusses partnership deeds, registration of firms, and the registration procedure.
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Copyright laws applicable
For question and permissions to use the presentation
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Copyright laws applicable
For question and permissions to use the presentation
email marianjanealumbro@yahoo.com
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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.
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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.
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PARTNERSHIP ACT 1932.pptx
Partnership results from a contract and is governed by the Partnership Act 1932. The partnership is also governed by the general provision of the Indian Contract Act on such matters where the Partnership Act is silent. It is expressly mentioned that the provision of India Contract Act which is not repealed will be applicable on Partnership until and unless such provision is in contrary to any provision of Partnership Act, 1932. The rules of contract regarding the capacity to contract, offer, acceptance etc will also be applicable to the partnership. But the rules regarding the status of minor will be governed by the Partnership Act, 1932 since Section 30 of the Act talks about the position of the minor.
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This document provides an introduction to Indian contract law. It summarizes that a contract requires an agreement between two parties that creates a legal obligation. The key elements of a valid contract are offer and acceptance, intention to create legal relations, lawful consideration, capacity of the parties, free consent, lawful object, and certainty of terms. It outlines the main principles of contract law in India as defined in the Indian Contract Act of 1872, including defining a contract, the essential elements, and specific types of contracts such as indemnity, guarantee, bailment, and agency.
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This document discusses different types of business organizations. It describes sole proprietorships, partnerships, joint stock companies, cooperative societies, joint Hindu family businesses, and various forms of public sector organizations like departmental undertakings, public corporations, and government companies. For each type of organization, it covers their key features, merits, limitations, and examples.
Types of Business Organisation.pptx
This document discusses different types of business organizations. It describes sole proprietorships, partnerships, joint stock companies, cooperative societies, joint Hindu family businesses, and forms of public sector organizations like departmental undertakings, public corporations, and government companies. For each type of organization, it covers features, merits, limitations, and examples. The key types of organizations covered are sole proprietorships, partnerships, joint stock companies, and cooperative societies.
Know About the Four Types of Partnership Firm And Its Partner in India
A partnership is an agreement between two or more individuals to share profits from a business they co-own. Key characteristics of a partnership include a written or oral agreement between partners, at least two co-owners who share profits and losses, unlimited liability for each partner, and a business purpose or profit motive. There are generally partnerships types including general partnerships where all partners share equally in management and liability, limited partnerships where some partners have limited liability and control, and limited liability partnerships where all partners have limited liability. A partnership at will has no fixed expiration date specified in the agreement.
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.
Joint venture
This document defines and distinguishes between joint ventures, partnerships, and consignments. A joint venture is a temporary undertaking by two or more parties to share profits or losses according to an agreed ratio, but has no formal business name. A partnership is a continuing business with a formal name undertaken by two or more partners who are jointly and severally liable and share profits/losses according to an agreement governed by the Indian Partnership Act of 1932. Consignment is an agency agreement where a manufacturer sends goods to an agent for sale on commission, retaining ownership until sale.
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Know About the Four Types of Partnership Firm And Its Partner in India
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Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 6
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3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
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Partnership of firm
- 1. Siilas campus Presentation Partnership Firm Presented By- Vinay Kumar Verma BBA-2nd Sem (A) (35)
- 2. Index Definition Features Advantage Disadvantage Partnership Deeds Registration Of A Partnership Firm Procedure Of Registration
- 3. Definition The Indian Partnership Act, 1932, Section 4, defined partnership as “the relation between persons who have agreed to share the profits of business carried on by all or any of them acting for all”. According to J. L. Hanson, “a partnership is a form of business organization in which two or more persons up to a maximum of twenty join together to undertake some form of business activity”
- 4. Features More Persons Profit and Loss Sharing Contractual Relationship Existence of Lawful Business Utmost Good Faith and Honesty Sharable Responsibility Restrictions on Transfer of Share Principal-Agent Relationship
- 5. Advantage Easy Formation More Capital Available Combined Talent, Judgement and Skill Diffusion of Risk Flexibility Tax Advantage
- 6. Disadvantage Unlimited Responsibility Divided Authority Lack of Continuity Risk of Implied Authority
- 7. Partnership Deeds The documents containing the agreements in writing amongst partner is called partnership deeds. Thus partnership deed is a written agreements between two or two more person for managing the affairs of a partnership firm .
- 8. Registration Of A Partnership Firm Registration of a partnership firm means entering of a firm name in the register of firm kept with registrar. It is optional.
- 9. Procedure Of Registration Name of the firm. Location of firm. Date of admission of partner in the firm. Names and addresses of the partner. Duration of partner.
- 10. Thank You