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7/28/2019 Formation of Partnership business
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7/28/2019 Formation of Partnership business
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Group Members :
Israt Islam Tanisha 114 101 015
Nusrat Islam Esha 114 101 016
Md. Julhash Hossain
111 102 061
Nazneen Naher 111 101 033
Kazi Sabrina Samanta 111 101 138
Barnali Chowdhury 111 101 160
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Nature of Partnership
Partnership
Essential Elements Voluntary Agreement
Sharing of Profit of a Business
Mutual Agency
Capacity of a partner
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Classes of
Partners:
Active Partner
Sleeping orNominal Partner
Sub-Partners
Classes of
Partnership:
Partnership-at-will
ParticularPartnership-
Joint Venture
LimitedPartnership
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The legal status of a firm
Name of Firm
The Partnership Agreement:
oral
Written-Deed of Partnership/Articles ofPartnership
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Registration of Firm
Procedure of Registration-
The name of the firm The principal place of business of the firm.
Names of other places where the firm'sbusiness is carried on.
Names and permanent addresses of thepartners
Duration of partnership, if any.
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Consequences of Non-Registration:
Cannot enforce its claims against a third party
Cannot claim adjustment for any sum exceeding Rs.
100
Cannot file a legal suit against any of its partners.
Partners of an unregistered firm cannot file any suit
to enforce a right against the firm
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Exception: Right to sue for the dissolution of the firm or to
realize the property of a dissolved firm
Any suit or set off in which the claim does not
exceed Rs.100
The right of a third party to sue the unregistered
firm or its partners.
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Relation between partners:Basically there two ground duties of partners-
General duties
Duty to indemnify for loss caused by fraud
Rules regarding the conduct of the business-
Every partner has a right to take part in the conduct of the
business and is bound to attend his duties in the conduct
of the business
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Mutual rights and liabilities No remuneration for taking part in the conduct of the
business.
share equally in the profits earned
contribute equally to the losses
interest shall be payable only out of profits
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Rights and Duties of Partners taking part in the conduct of the business
expressing opinion in different matters
having free access to all the records
sharing in the profits of the business
getting interest on the payment of advance
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Continues
partner shall not obtain a private advantage at the
expense of the firm;
Maintaining mutual trust and confidence of each
partner
Sharing true accounts and full information of all
things Not to carry on business competing with the firm
Carrying out the duties created by the contract
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Dissolution of PartnershipThe Grounds of Dissolution-
By agreement
Compulsory dissolution
On the happening of certain contingencies
By notice
Dissolution by the court
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The Consequences of Dissolution
Acts done after dissolution
Windings up
Continuing Authority of partners for purpose of winding
up
Personal profit earned after dissolution
Return of premium
Recession for fraud and misrepresentation
Agreements in restraint of trade
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Settling accounts upon dissolution
All the liabilities should have to be pay before
desolation of the firm
The sums of the amount contributed by the partners
will be used in paying third parties due
In case of one partners insolvency loose the right over
firm assets.
Payment of the firm debts and of Separate Debt
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