Indian Partnership Act

1932

Presenter

Pankaj Rao

W. Com ( Honours )

II Term

Content

Definition of Partnership

Basics element of collaboration.

Kinds of associates

Types of partnership

Legal rights of partner

Partnership Action

Difference Among Partnership firm and

Company

Definition of partnership

( Acc. to Relationship Act 1932 )

" Collaboration is the regards between people

who have agreed to share the profits

of a business

carried on simply by all or one acting for a lot of. ”

Different Definition

" A small business organization through which two or more individuals manage and operate the business enterprise.

Both owners are similarly and individually liable for the debts

from the business. "

4

Important elements of alliance:

Affiliation of two or more persons

Partners must be proficient

There must be existing business

Contract may be Expressed or implied

Writing of revenue

Prevalence of mutual firm.

TYPES OF PARTNERS

 Energetic Partner

A full-fledged spouse.

Contributes to capital and takes active part in the administration of the organization.

Bears unlimited liability.

Sleeping Partner

Contributes to capital, but does not take energetic part in

management.

Bears unrestricted liability.

Not known to outsiders.

TYPES OF COMPANIONS

 Limited Spouse

A partner limited to the level of his or her share in capital and profits.

Certainly not entitled to consider active part in the supervision of business business.

 Partner in Profits only

Partner stocks only the revenue, not the losses.

Prohibited to take part in managing.

TYPES OF PARTNERS

 Nominal Partner

 Neither has contributed capital nor takes part in administration. Only deepens his name.

 Does not have a talk about in profits or losses, but is likely to outsiders for the debts.

 Minor as a Partner

 A minor is actually a person who hasn't completed 18 years of age. A minor cannot become a partner because he is not qualified to accomplish this.

 However , minor could be admitted for the benefits of the

partnership with the mutual approval of all associates.

TYPES OF PARTNERSHIP

 General Partnership

 A normal relationship agreement in which, the

financial obligations of all the lovers is unrestricted.

 Exclusion is in case of minimal partner whose

liability is limited to the quantity of his or her share

inside the capital and profits in the firm.

TYPES OF PARTNERSHIP

 Partnership whenever

 No provision in contract between the partners

pertaining to

Duration of alliance

Determination of partnership.

If any partner provides notice of dissolution in

writing, the partnership is usually dissolved.

TYPES OF RELATIONSHIP

 Particular Alliance

 A partnership produced for a certain time period

or to achieve a specified objective.

 Automatically blended on the expiry of the

specified period or perhaps on the completing the

particular purpose.

TYPES OF ALLIANCE

 Limited Liability Partnership (LLP)

 A partnership through which some or all companions

(depending within the jurisdiction) possess limited

liability. Therefore , it's a combination of the two

partnership and company.

Rights Of Associates

Rights to join management

Every partner has a right to be a part of the conduct of the organization. 

Legal rights to inspect books

Every spouse has a directly to check the catalogs of bank account of the organization and to get the copies.

Rights being consulted

Just about every partner provides a right to end up being consulted and heard before any matter is decided. 

Rights to talk about profit

Every single partner has a right to reveal equally inside the profits earned by the company, irrespective of his amount of capital contribution.

Rights Of Partners

Rights to interest in capital

Somebody is not really entitled to get interest in capital contributed by him..

 Directly to use property

Every partner of the company is co-owner in the real estate of organization and he has a right to use it...

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