Indian partnership act 1932

Agreements in restraint of trade. If a partner carries on any business of the same nature as and competing with that of the firm, he shall account for and pay to the firm all profits made by him in that business.

Where any person has been admitted as a minor to the benefits of partnership in a firm, the burden of proving the fact that such person had no knowledge of such admission until a particular date after the expiry of six months of his attaining majority shall lie on the person asserting that fact.

Indian partnership act 1932 case laws

Liability of firm for misapplication by partners. Late registration on payment of penalty. There are certain restrictions in keeping the firm name like the restriction of usage of words like an emperor, supreme, empress and other descriptive names, restriction on keeping names of existing firms or names similar to existing firms, keeping fraudulent names etc. Powers, rights, duties, and liabilities of the partners in the management and the affairs of the firm. To be just and faithful. Such minor's share is liable for the acts of the firm, but the minor is not personally liable for any such act. Inspection of Register and filed documents. Recording of changes in and dissolution of a firm. Compulsory dissolution.

Special provision for amending the register. Amendment of Register.

partnership act 1932 summary notes

The object of the firm that is the nature of the business and the date of commencement. Mutual rights and liabilities. Uttar Pradesh. The insanity of a partner does not ipso facto dissolve the firm and the next friend or continuing partners has to file suit foe dissolution. However there are serious effects of non-registration.

indian partnership act 1932 notes for cpt

Section 59A Andhra Pradesh. The partnership can be oral was seen in the landmark case of Niadar Mal Jagdish Parshad vs Commissioner Of Income-Tax, where the partnership was formed by an oral agreement and the firm later applied for registration but the application was rejected.

partnership act 1932 summary

If there are more than two partners in a firm, an individual can be a partner in his individual capacity as well as in a representative capacity as Karta of the Hindu undivided family.

Agreements in restraints of trade.

Indian partnership act 1932 case study

The application for registration has to be made to the Registrar of Firms in the prescribed form. Retirement of a partner. Effect of notice to acting partner. There should be the relevance of share of profits. Power to make rules. Pondicherry —Same as in Dadra and Nagar Haveli, except for the date of enforcement of section 69 which is 1st day of July, For formation of a partnership, all the partners should be jointly and severally liable for all the losses that take place. Inspection of Register and filed documents. As per section 11 2 of The Indian Partnership Act, a partner shall not carry on any business other than that of the firm while he is a partner. The Registrar may likewise amend the register by adding thereto the entries relating to any firm included in the register of another State but whose place of business has, by reason of the said reorganisation of States, become part of the State of Madhya Pradesh: Provided that the Registrar shall, before passing an order, make such inquiry as he deems necessary. The capital invested by each partner. Rules of evidence. Section 59A1.

If the partnership is between the karta or member of Hindu undivided family the members of the joint Hindu family will not be taken into account.

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Indian Partnership Act