PARTNERSHIP
According to section 4 of partnership act defines Partnership is "a relationship between persons who agreed to share profits of a business carried on by all or any of them acting for all"
Kinds of partnership
1-particular partnership(section 8)-when partnership is formed for a particular period say for 5 years or for a specific venture.
2-partnership at will(section 7)- it is a partnership where no provision is made by contract between the parties
Essential characteristics of partnership
1-their must be relation between two or more numbers. As per the companies act 1956,
in a firm carrying on banking business it should not exceed 10 and in any other business 20.
2-Their must be agreement between partners. The agreement may be express or implied, written or oral etc
3-This agreement must be made with the object of doing some business. The word business has been used in the most elastic sense to include any trade, occupation or profession,etc
4-The object of partnership must be carry on business for profit sharing's between partners.
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A partnership can be reconstituted(changed) during
admission of new partner
retirement of a partners
expulsion of a partners
insolvency of a partners
death of a partners
transfer of partner's interest to outsiders
Procedure for registration of a firm
the firm name
the place or principle place of business of the firm
the names of any other places where the firm carries on business
the date when each partner joined the firm
the names in full and permanent addresses of the partners
the duration of the firm
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Partners have rights
*to take part in the business
*to be consulted(express their opinion)
*to have access to the book of firm
*to share profit
*interest on capital
*use property of the firm etc
According to section 4 of partnership act defines Partnership is "a relationship between persons who agreed to share profits of a business carried on by all or any of them acting for all"
Kinds of partnership
1-particular partnership(section 8)-when partnership is formed for a particular period say for 5 years or for a specific venture.
2-partnership at will(section 7)- it is a partnership where no provision is made by contract between the parties
Essential characteristics of partnership
1-their must be relation between two or more numbers. As per the companies act 1956,
in a firm carrying on banking business it should not exceed 10 and in any other business 20.
2-Their must be agreement between partners. The agreement may be express or implied, written or oral etc
3-This agreement must be made with the object of doing some business. The word business has been used in the most elastic sense to include any trade, occupation or profession,etc
4-The object of partnership must be carry on business for profit sharing's between partners.
------------------------------------------------------------------------------------------------------------------
A partnership can be reconstituted(changed) during
admission of new partner
retirement of a partners
expulsion of a partners
insolvency of a partners
death of a partners
transfer of partner's interest to outsiders
Procedure for registration of a firm
the firm name
the place or principle place of business of the firm
the names of any other places where the firm carries on business
the date when each partner joined the firm
the names in full and permanent addresses of the partners
the duration of the firm
--------------------------------------------------------------------------------------------------------------------
Partners have rights
*to take part in the business
*to be consulted(express their opinion)
*to have access to the book of firm
*to share profit
*interest on capital
*use property of the firm etc
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