the Indian Partnership Act 1932ppt[1]
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Transcript of the Indian Partnership Act 1932ppt[1]
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The Partnership Act, 1932
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Defnition Section 4 o the Partnership Act,
1932 defnes Partnership as the
relation between persons who haveagreed to share the profts o absiness carried on b! all or
an!one o the" acting or all#$The persons who enter into sch
relationship are called %PA&T'(&S)
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(ssential (le"ents o
Partnership Association o two or "ore persons
*a+# li"it 1- or ban.ing/ 2- or other bsiness
&eslt o an agree"ent Partnership relation based on 0ontract# "plied or (+press ral or ritten5
*st carr! on so"e bsiness
Trade, ccpation or Proession Share profts o the bsiness 6siness is carried on b! all or an! one o the"
acting or all "tal agenc!5
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*ode o 0reating
Partnership 6ased on agree"ent Agree"ent "a! be e+press or i"plied
n riting helpl in ti"es o adversit! ritten agree"ent 7Partnership Deed$
(ssence o Partnership Trst 8 0onfdence Drated with care and signed b! all partners
Sta"ped in accordance with ndian Sta"p Act ir" shold be registered and cop! o the
Deed to be fled with the &egistrar
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Partnership Deed Prepared or resolving "tal di:erences
;sal 0ontents
Date o Agree"ent 'a"e and Address o the ir"
'a"e and Address o the Partners
'atre o 6siness
Dration o Partnership
0apital invested b! each partner
&atio to divide profts and loss
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Partnership Deed ;sal 0ontents 0ontd# Appoint"ent o Aditor and re"neration
Drawing b! partners and interest
nterest on 0apital and Advances Salar! and 0o""ission pa!able to partners
Dties, nctions and Powers o Partners
&les regarding ad"ission, retire"ent and death
Dissoltion
Arbitration
*ethod o valation o
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ir" 'a"e 'a"e nder which the bsiness is carried
on
An! na"e Shold not be a na"e alread! adopted b! a
repted fr", to "islead pblic
Shold not contain words 0rown, ("peror,
=ing, >een, &o!al, ("pire, "perial orwords e+pressing or i"pl!ing the sanction,approval or patronage o
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Propert! o the ir" ?oint propert! o all the partners as opposed totheir personal propert!
Propert! incldes
riginall! broght into fr" b! partners Ac@ired b! the fr"
Ac@ired b! one or "ore partners or theprpose o bsiness
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Positions natic cannot beco"e a partner
Alien (ne"! cannot beco"e a partner
Alien riend can enter into contract o"an *arried or ;n"arried can be
a partner
nsolvent 0annot beco"e a partner/ceases to be a partner ro" date onwhich order was passed b! cort
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Position o *inor Sec 3-15, A person who is a "inor
according to law to which he is sbBect
"a! not be a partner in a fr", bt withthe consent o all the partners or theti"e being, he "a! be ad"itted to thebenefts o partnership#
A "inor can onl! be ad"itted to thebenefts o an alread! e+istingpartnership
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Position o *inor Dring his *inorit! &ights
&ight to receive agreed share o profts and
propert! Cave access to and inspect and cop! the
acconts o the fr" share in profts is not given, can se can do i
he wants to sever his connection5 iabilities
nl! to the e+tent o share in profts andproperties not personall! liable5
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Position o *inor n Attaining *aBorit!
ithin si+ "onths shold give notice
whether he is Boining the partnershipor not#
notice not given he shall beco"e a
partner
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Position o *inor hen a *inor elects to beco"e a partner &ights
Share re"ains the sa"e &ights and iabilities as that o a ll edged partner &ights will be the sa"e till the date on which he
beco"es a partner iabilities
iabilities will be the sa"e till the date on which hebeco"es a partner
Personall! liable to third parties or all acts o thefr" ro" the date o beco"ing a partner
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Position o *inor hen a *inor elects not to beco"e a partner
&ights
&ights will be the sa"e till the date o notice (ntitled to se or his share o propert! and
profts
iabilities
iabilities will be the sa"e till the date o notice
Cis share o propert! and profts will not beliable or an! acts o the fr" ater the date onotice
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T!pes o Partnerships Partnership at ill
'o provision in contract between the
partners or Dration o Partnership Deter"ination o Partnership
an! partner gives notice odissoltion in writing, the partnershipis dissolved#
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T!pes o Partnerships Particlar Partnership
A person "a! beco"e a partner with
another person in particlaradventres or nderta.ings#
n co"pletion o sch a ventre, the
partnership co"es to an end#
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T!pes o Partnerships
Partnership or a i+ed Ter" Dration is f+ed
Partnership co"es to an end whenthe ter" e+pires#
Partners contine the bsiness ater
the f+ed period, it beco"espartnership at will#
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0lasses o Partners Actal or Active Partner
(ngaged in actal condct o the bsiness Cis acts binds the fr" and other partners
'otice to be given in case o retire"ent Sleeping or Dor"ant Partner
Does not ta.e part in the condct o bsiness 0ontribtes his share o capital and enBo!s
profts and losses 'ot .nown to otside world 'ot liable to third parties or the acts o the fr"# 'ot re@ired to give notice in case o retire"ent
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0lasses o Partners
'o"inal Partners 'o real interest in bsiness, Does not
contribte an! capital, ends his na"e onl! 'o share in profts bt liable to third parties
or all acts o the fr"
Partner in Profts onl! Shares the profts bt not losses 'o interest in the "anage"ent o the fr"
iabilit! or the acts o the fr" is nli"ited
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0lasses o Partners
Partner b! (stoppel or Colding t &epresents hi"sel as a Partner, b! words
spo.en or written or b! condct
iable as a partner i credit is given to the fr"based on his representation# Ce cannot den!#
a partner does not give pblic notice andhis na"e is still sed in the bsiness, he is
also liable to third parties
Deceased partner is an e+ception to this rle#
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