Mercantile Laws

8/8/2019 Mercantile Laws

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A

TERM PAPER

ON

MERCANTILE LAWS

TOPIC: PARTNERSHIP ON FOOT WEAR

SUBMITTED TO : SUBMITTED BY

GEETANJLI MAM BIRBAL KUMAR MAHATO

REG.NO. -10906418

ROLL NO. A12

SECTION:- RR1908

BBA 1ST

SEMESTER


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CONTENT

Introduction

The Topic

Reason for Selection of this Topic

Importance

Learning from the StudyPartners

Name of all the partner,address, qualification

Capital Contribution

Profit Sharing Ratio

Duration Of Partnership Firm

Firm

Firms Name

Address Of The Firm

Nature Of The Business of The FirmPlace Of The Firm

Registration Of The Firm

Rates Of Interest On Capital,Drawing ,And Loans

Duties Of All The Partner To The Firm

Right Of A partner


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CHAPTER 1- INTRODUCTION

1.1 THE TOPIC: FOOTWEAR

At footwearI was assigned with the topic asto know how the partnership firm can

be open .I joined the company as a partner. The selection of the topic was to know

how the partnership firm work through them.

Footwear consist of garmentsworn on the feet .It is for variety of reason, including protection agains the

environment .Footwear is sometimes associ with fetishism, particularly in

some recent fashion in shoes and boots.

1.2 REASON FOR SELECTION OF THIS TOPIC:

The footwear is one of the increasing company in India. The partnership company

are one of the powerful, efficient and effective channel through which the company

sales its various types of products.. Where as in my entire term paper I found myinterest in working in a team, dealing with customers and finally convincing them

to buy a product.

1.3 IMPORTANCE:

The ultimate purpose of giving me this topic was to know about the various law of

partnership,rights and duties of partner and to know about business law. how the

partnership firm can work and how the company can generate maximum profit

and grow up, and to know relation of partners to third parties and at last how thepartnership firm can be dissolve.

1.4 LEARNING FROM THE STUDY:

The process of partnership related transaction, partnership related various terms,

work environment of the firm. Different products and services provided by the

firm. Customers perception about the different products. The brand image of the

firm. What are the problems faced by customer on daily basis. How to

communicate with the customers. Different techniques of dealing with the

customers. How to convince and convert a customer into a real customer. and atthe last how to better response to the customer problem.

PARTNERS:

DEFINATION: According to section 4 two or more person who have agreed to

share the profit of a business carried on by all or any of them acting for all.


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FIRM :

Person who have entered into partnership with another are called collectively a

firm .Altough in the commercial sense a firm has distinct meaning , according to

Indian law a firm is not entity, a firm is merelly a collectively name for the

members composing it .

FIRMS NAME :

BETA SHOES PVT. LTD.

ADDRESS OF THE FIRM:

Model Town, Jalandher City

Road no - 8

NATURE OF THE BUSINESS OF THE FIRM:

In this firm the nature of the business is the manufacturing of the footwear like,

sport shoe ,leather shoe,sandels , etc.

PLACE OF THE BUSINESS OF THE FIRM:

The place in which the firm is situated model town, jalandher city .This land isjointly purchased by all the partners in which the firm is situated.This land is

jointly purchased so we (all the partner ) are owner of this land.

REGISTRATION OF THE FIRM:

A company can not come into existence unless it is registered under the

companies act,1956. Section 58 lays down the process for effecting registration

of firm or company . It provide that a firm may get it self registered by making an

application to the registrar of firm of the area in which any place of business of

the firm is situsted .

The application for registration must be made in the prescribe form and must

contain the following particulars .

a)The firm name


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b)the place of the business of the firm or if there are more than one place of its

business the principal place .

c)The names of any others places where the firm carries an business.

d)The date when each partner joined the firm .

e)The name in full and permanent address of the partner.

f)Duration of the firm.

After full fill these necessary things the application shall be signed by all the

partner .When the register is satisfied that he provisions of section 58 have been

duly complied with he shall record an entry of the statement in register of firm .

RATES OF INTEREST ON CAPITAL, DRAWING, AND LOANS :

An advance by a partner to a firm is not treated asan increase of his capital but

rather as a loan on which intrest should be paid .The partner may be fixed a

lower or higher rate as they think fit .

DUTIES OF ALL THE PARTNER TO THE FIRM:

1.To carry on the business of the firm to the gretes common advantage.

2.To be just faithful to each other.

3.To render true account .

4.To provide full information .

5.To indemnify for loss caused by fraud.

6.Prohibition against carrying on the business.

7.To share loss.

8.To indemnify for loss caused by willful neglect.

9.To hold and use propery of the firm.

10.To account for personal profit.

11.To accounts for profit of competing business.


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12.Not to assign his right.

Right of a partner :

1.To take part in the management.

2.Right to be consulted.

3.Right of access to accounts.

4. To share the profit.

5.Right to intrest on capital.

6. Right to interest on advances.

7.Right to indemnity .

8.Right to the use of the partnership property.

9.Partners authority in an emergency.

10.No new partner to be introduced.

11.No liability before joining.

12.Right to retire.

13.Right not to be expelled.

14.Right of outgoing partner to share subsequent profit.

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Mercantile Laws