Law of Partnership act 1932 Registration of Firm

Law of Partnership act 1932

Registration of Firm • • • Name Principal Place Name of other places Joining date of Partners Name & Addresses of Partners Duration

Effect of Non-Registration • • Partner can not enforce his Rights Obligations can not be enforced on Partner Can not Sue Can not be Sued

Nature of Partnership • Association of Two or More • Agreement to Enter by all persons Concerned • Business • Carried by all or even any of them • Profit Sharing

Classes of Partners • • • Actual Partner By Estoppels or Holding out Dormant or Sleeping Partner Nominal For Profit Only Working Sub-Partner Incoming Retired or Outgoing

Partnership & Association • • Co-owner & Partnership Company & Partnership Hindu Joint Family firm & Partnership Clubs & partnership

Rights of Partner • • Take part in Management Consultation Access to accounts Share Profits Interest on Capital Interest on Advances Indemnification Joint ownership of Partnership property

Rights of Partner • • …. Contd Power in Emergency No new Partner to be Introduced No Liability before joining Firm Retirement Not to expelled Carry on Competing Business After retirement Share Profit or Interest

Duties of Partner • • Work for Greatest common Advantage Just and Faithful Render true Accounts Give Full Information Indemnification Willful Neglect Share Losses

Duties of Partner • • • …. Contd Attend without Remuneration Hold & Use the Property of Firm Account for Private Profit Account for Competing Business Act within Authority Not to assign his Rights

Dissolution of Partnership 1. Partnership Deed 2. Firm 3. Through Court

Dissolution of Partnership Deed • • • Expiry of Term Completion of Adventure Death of Partner Insolvency of Partner Retirement of Partner

Dissolution of Firm • • Mutual Consent Insolvency of all Partners but One Business become Illegal Notice of Dissolution

Dissolution through Court • • Partner becomes of Unsound Mind Permanent Incapacity Misconduct of Partner Persistent disregard of Partnership Agreement Transfer of Interest of Share Business at Loss Just of Equitable