1. The document summarizes key aspects of partnerships under Indian law including the meaning, characteristics, importance of partnership deeds, and rules that apply in the absence of a partnership deed.
2. A partnership is defined as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any acting for all. Key characteristics include unlimited liability, joint ownership of property, and agreement to share profits.
3. A partnership deed is an important legal document that outlines the terms of partnership agreed upon by partners, including their roles and responsibilities. It helps avoid conflicts and makes the agreement legally binding.
The slides in the presentation talk about the Indian Partnership act 1932. It explains the various types of partners, types of partnerships, rights and duties of partners, minor as a partner, registration and dissolution of partnership firm.
The slides in the presentation talk about the Indian Partnership act 1932. It explains the various types of partners, types of partnerships, rights and duties of partners, minor as a partner, registration and dissolution of partnership firm.
Presentation on registration of a partnership firmShatakshiSingh17
Although, in India it is not mandatory to register a partnership firm but the registered partnership firm enjoys certain rights. In this presentation,I have talked about a Partnership firm, effects of its non-registration and procedure of getting a firm registered.
Explain the basic characteristics of a partnership.SolutionThe.pdflejeunehayneswowel96
Explain the basic characteristics of a partnership.
Solution
There must be at least two or more persons to form Partnership.
There must be agreement between partners and such agreement can be Oral or Written. The
agreement forms the basis of Mutual rights and duties of Partners.
Partnership can be formed for the purpose of carrying on some business with the intension of
earning some profit.
The Agreement must include how the profit or loss to be shared. If the persons joins firm for
some Charity then it will not be called partnership and if the persons is deprived of his right to
share the profit then he/she will not be called partner. And it is not necessary that all partner
share loss also, it may be agreed between partners that some oo one of the partners will not be
liable for losses.
All the persons have Unlimited liability i.e. if the assets of the company is not sufficient to pay
the liabilities then the Creditors can come after the personal property of the Partners.
In the eyes of Law, A partner and Partnership firm are same, i.e. Partnership firm doesn’t have
its own Legal identity.
The business must be Legal..
hi people!!! this is my first presentation hope u like it n might help u for ur further studies and good step for ur future!!!!! I'm pretty much sure u'll like it and if u find interesting plz comment or give a like. your like means a lot...!!!!!! :)
Partnership Firm - Business Studies (A-Level / 11 Grade)YEP Nepal
The material publish under YEPNepal are not allowed to use for commercial/business purpose.
YEP Nepal is a non-profit organization and works for children.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Presentation on registration of a partnership firmShatakshiSingh17
Although, in India it is not mandatory to register a partnership firm but the registered partnership firm enjoys certain rights. In this presentation,I have talked about a Partnership firm, effects of its non-registration and procedure of getting a firm registered.
Explain the basic characteristics of a partnership.SolutionThe.pdflejeunehayneswowel96
Explain the basic characteristics of a partnership.
Solution
There must be at least two or more persons to form Partnership.
There must be agreement between partners and such agreement can be Oral or Written. The
agreement forms the basis of Mutual rights and duties of Partners.
Partnership can be formed for the purpose of carrying on some business with the intension of
earning some profit.
The Agreement must include how the profit or loss to be shared. If the persons joins firm for
some Charity then it will not be called partnership and if the persons is deprived of his right to
share the profit then he/she will not be called partner. And it is not necessary that all partner
share loss also, it may be agreed between partners that some oo one of the partners will not be
liable for losses.
All the persons have Unlimited liability i.e. if the assets of the company is not sufficient to pay
the liabilities then the Creditors can come after the personal property of the Partners.
In the eyes of Law, A partner and Partnership firm are same, i.e. Partnership firm doesn’t have
its own Legal identity.
The business must be Legal..
hi people!!! this is my first presentation hope u like it n might help u for ur further studies and good step for ur future!!!!! I'm pretty much sure u'll like it and if u find interesting plz comment or give a like. your like means a lot...!!!!!! :)
Partnership Firm - Business Studies (A-Level / 11 Grade)YEP Nepal
The material publish under YEPNepal are not allowed to use for commercial/business purpose.
YEP Nepal is a non-profit organization and works for children.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
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2. Rawat Mahila B.ed College
Session 2016-2017
Submitted by – Submitted To – Dr. Poornima Bhartiya
Name : Ridhima Bhatia
Class : B.ed Ist year
Roll No. 16345
Subject: Book Keeping and Accountancy
Date : 18th September 2017
5. Meaning
According to The Indian Partnership Act 1932
“ Partnership is the relation between the two or more
persons who have agreed to share the profits of a
business carried on by all of them or any of them
acting for all.
6. Characteristics of a Partnership Firm
• The partnership is the result of a contract or an
agreement that is entered into between the
partners.
• It does not arise from birth , status or inheritance
or succession.
• The agreement may be written or oral.
Agreement
• The contract or agreement between the persons
may be oral or written. But usually the contract is
in writing.
Nature of
Agreement
• The persons who form the partnership must be
competent or must have the capacity to enter into
contract.
• Persons who do not have the capacity to enter
into contract such minors, insolvents, lunatics
cannot become partners.
Competence
to enter into
contract
7. Characteristics of a Partnership Firm
• To form the partnership at least 2 persons are
required.
• The maximum number of partners is limited to
20 , incase of general type of business and 10 in
case of banking services.
Number of
Partners
• The agreement between the partners must be to
carry out some business which includes all
lawful trade, occupation or profession.
Presence of
Business
• The agreement among the partners is for
making the profit and sharing of the profits
among themselves.
• The partners share the profit in the agreed
proportion.
Sharing of
profits
8. Characteristics of a Partnership Firm
• Each partner acts in two capacities i.e. he is
both an agent and the principal. As an agent he
can bind the other partners by his acts and as a
principal he is bound by the acts of the other
partners.
Principal-
agent
Relationship
• The partnership business must be carried on by
all the partners or by any one or more acting for
all.
Management
• The liability of the partners is unlimited.
• If the firm fails to satisfy its debts, each partner
is liable to repay out of his personal assets.
Unlimited
Liability
9. Characteristics of a Partnership Firm
• A partner cannot without the consent of other
partners transfer his interest in the firm to an
outsider.
Non Transfer
ability of
interest
• Each partner is the joint owner of the property of
the firm and hence in the eyes of the law the firm
and the partner is considered to be one and the
same.
• Partnership has no separate existence apart from
the partners composing it.
Joint
Ownership
• The essence of the partnership is based on the
spirit of cooperation. Hence there must be mutual
trust and mutual cooperation among the partners.
Team Spirit
12. Meaning
• The Document which contains the term of the
partnership as agreed by the partners is called
“Partnership Deed”.
• The deed has to be duly stamped and has to be
duly signed by all the partners.
13. Importance
• Helps avoid conflicts
• Written Record
• Legally Binding
• Helps to set out the roles and
responsibilities of each partner
16. Rules
• Profits or losses will be shared equally among the partners.
• Every partner must take part in the management of the partnership
business.
• No salary or remuneration will be allowed to any of the partners.
• No partner will be admitted without the consent of all existing
partners.
• The partnership books are kept at the place of business of the
partnership and every partner may have access to and inspect and
copy any of them.
17.
18. Evaluation Questions
Q1. Write True or false.
a. Two or more persons enter into partnership for friendship purpose.
b. The liability of partners is unlimited.
c. To form the partnership only 1 person is required. ( )
Q2. What is a partnership deed? ( )
Q3. According to which act partnership is governed? ( )
Q4. What are the rules applicable in absence of partnership deed? ( )
Q5. What is the meaning of partnership? ( )