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Amity University Jharkhand Ranchi Project On INDIAN PARTNERSHIP ACT Act 1932 by Kirti Sabran A35101919003

This document provides an overview of key concepts from the Indian Partnership Act of 1932. It defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. It discusses the different types of partnerships (partnership at will and particular partnership) and covers topics like the formation of partnerships, rights and duties of partners, retirement and insolvency of partners, registration requirements, and dissolution of partnerships.

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82 views7 pages

Amity University Jharkhand Ranchi Project On INDIAN PARTNERSHIP ACT Act 1932 by Kirti Sabran A35101919003

This document provides an overview of key concepts from the Indian Partnership Act of 1932. It defines a partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. It discusses the different types of partnerships (partnership at will and particular partnership) and covers topics like the formation of partnerships, rights and duties of partners, retirement and insolvency of partners, registration requirements, and dissolution of partnerships.

Uploaded by

Ravi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Amity University Jharkhand

Ranchi
Project on INDIAN PARTNERSHIP ACT Act 1932
By KIRTI SABRAN
A35101919003
ACKNOWLEDGEMENT
Writing a piece of acknowledgement is not enough to fathom the depth
of my excitement, knowledge and gratitude for all those who
contributed towards the completion of this report.I express my deepest
gratitude to our supervisor Ms.Jyoti Bharat Rangari,our Professor,Legal
Aspects Of Business the department of Amity Business School, AUJ, for
giving us an opportunity to work on this wonderful assignment .
Besides being an able supervisor she gave us timely advice whenever
needed and granted us enough time for the report.I am also thankful to
our Honorable Vice Chancellor sir for making it happen in the first
place.It was a great learning experience for all of us.
INDIAN PARTNERSHIP ACT 1932

DEFINITION OF PARTNERSHIP
According to sec 4 of the Indian Partnership Act. 1932-
"Partnership" is the relation between persons who have agreed to share the
profits of a business carried on by all or any of them acting for all.”
Partners, firm. Firm Name
 Partners -Person entered into partnership individually.
 Firm-Collectively a firm.
 Firm Name-The name under which the business is Partnership carried.

Partnership Act 1932 Received the assent of the Governor-General on 8th April
1932.

MEANING AND NATURE OF PARTNERSHIP


 Association of two or more than two persons.
 Result of an agreement between two or more persons.
 Agreement must be to share profit of the business.
 Business must be carried on by all or any of them acting for all.
 Unlimited liability.
 Restriction on transfer of interest.
 unanimity at consent.
 Agreement must be to carry on some business.

FORMATION OF PARTNERSHIP
 Agreement orally, written or may be implied.
 Must be free and genuine consent.
 Object should be law full and complied with legal formalities.

KINDS OF PARTNERSHIP

1.Partnership at will - Where ho provision is made by contract between the


partners for the duration of their partnership, the partnership is partnership at
will. The essence of a partnership at will is that the partners do not fix any term of
partnership and are free to break their relationship their own sweet will. It is a
partnership for an indefinite period.

2.Particular partnership- When a partnership is formed for a particular period or


for a particular venture, it is called particular partnership. In such a case, the
partnership is automatically dissolved at the expiry of the fixed term or on the
completion of the venture.

RIGHTS OF PARTNER’S

 Right to take part in the conduct of the business.


 Right to be consulted.
 Right to access the books.
 Right to share the profits.
 Right to interest on capital Right to interest on advances.
 Right to indemnity.

RETIREMENT OF PARTNERS
A Partner is said to retire when the surviving partners continue to carry the
business of the firm, and the retiring member ceases to be a Partner. In case of
particular partnership a partner may retire with the consent of all the other
partners, unless otherwise agreed. In case of partnership at will. a partner may
retire by giving a notice in writing to all the other partners of his intention to
retire, unless otherwise agreed

INSOLVENCY OF PARTNERS
When a partner in the firm is adjudicated as insolvent, he ceases to be a partner
on the date on which the order of adjudication is made, whether or not the firm is
there dissolved will depend upon the agreement of partnership between the
partners. The insolvent partner's share in the firm's assets will be used for firm's
debts fist and whatever remains will be utilised for the insolvent partner's
personal debts.
REGISTRATION OF PARTNERSHIP FIRM
Step 1: Deciding the Partners & Designated Partners for forming.
Step 2: Obtaining the Director identification Number and the Digital Signature.
Step3 : Checking Name availability for LLP.
Step 4: Drafting of LLP Agreement.
Step 5: Filing of Incorporation Document.
Step 6I: Certificate of Incorporation.
EFFECTS OF NON- REGISTRATION OF PARTNERSHIP FIRM

 No partner can file a suit against other partner.


 The firm cannot file a suit against any partner.
 No partner can file a suit against the firm unless the firm is registered.
 The firm cannot file a suit against a third party.
 A third party cannot file a suit against the firm.

DISSOLUTION OF PARTNERSHIPS FIRM

1.By Agreement - A firm may be dissolved with the consent of all the partners or
in accordance with contract between the partners. Partnership is created by a
contract, it can also be terminated by a contract.

2.By notice - Where the partnership is at will, the firm may be dissolved by any
partner giving the notice in writing to all the other Partners of his intention to
dissolve the firm. A notice of dissolution once given cannot be withdrawn without
the consent of all the other partners.
3. On the happening of certain contingencies - Subject to a contract between the
partners, a firm may be dissolved if-
 if constituted for a fixed term, by the expiry of that term.
 If constituted to carry out one or more adventures or undertaking. Is the
completion thereof.
 By the death of the partner.
 By the adjudication of partner as an insolvent.

4.Compulsory Dissolution - A firm may be compulsorily dissolved if:


 When all the partners or all the partners but one are adjudged insolvent.
 When some event has happened which makes it unlawful for the
business of the firm to be carried on.

5.Dissolution by the Court - Dissolution is the court is necessitated when there is a


difference of opinion between the puts regarding the matter of dissolution in
cases of-
 Insanity.
 Permanent Incapacity.
 Misconduct.
 Persistent breach of agreement.
 Transfer of interest.
 Just and Equitable.

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