Category: Indian Partnership Act
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Duties and Rights of Partners
The Indian Partnership Act, 1932 contains provisions that govern the relation of partners to one another. The partners of a partnership firm can draft their terms and conditions with respect to their duties, roles and responsibilities in a partnership deed. In the absence of a partnership deed, the provisions given under the Indian Partnership Act…
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Registration of Partnership Firm
The Act does not make the registration of partnership firms compulsory in India nor does the Act impose any penalties for non-registration. However, certain disabilities are provided in s 69 of the Act for unregistered firms and their partners. In this article we shall discuss registration of partnership firm and effects of its non-registration The…
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Dissolution of Partnership Firm
When the partnership between all the partners of a firm is dissolved, then it is called dissolution of a firm. It is important to note that the relationship between all partners should be dissolved for the firm to be dissolved. A dissolution of partnership changes the existing relationship between partners but the firm may continue…
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Outgoing Partner
‘Outgoing partner’ is the partner who is leaving the partnership firm. When the partner leaves the firm either due to the retirement or due to the death, it is called as the outgoing partner. Outgoing partner is a partner who is going to leave a particular firm purposely or to he/she might be died or expelled…
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Retirement of Partner (S.32 Indian Partnership Act, 1932)
‘Outgoing partner’ is the partner who is leaving the partnership firm. When the partner leaves the firm either due to the retirement or due to the death, it is called as the outgoing partner. Outgoing partner is a partner who is going to leave a particular firm purposely or to he/she might be died or expelled…
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Liability of Incoming Partner (S. 31 and S. 30(7) Indian Partnership Act, 1932)
Section 4 of the Partnership Act of India, of 1932 defines “Partnership” as “a relationship between individuals who agree to share the business interests of one or all of them, present on behalf of all”. And in the same way, it defines a Partner, as who enters into such a partnership with another person. In…