Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Partnership firm

534 views

Published on

Partnership firm

Published in: Business
  • Login to see the comments

Partnership firm

  1. 1.  It is the relation between persons who have agreed to share profit of business carried on by all or any of them acting for all. – Sec 4 of Indian Partnership Act, 1932.  Partnership is the relation between persons competent to make contracts who agreed to carry on a lawful business in common with a view to private gain. – Prof. Haney.  Partnership is the relation which subsists between persons, who have agreed to combine their property, labor or skill in some business and to share the profits thereof between them. – Indian Contract Act, 1872.
  2. 2.  Agreement  Registration  Lawful Business  Membership  Mutual Agency  Liability  Sharing of Business Profit  Joint Ownership and Management  Dissolution  Restriction on Transfer of Interest  No Legal Status  Secrecy
  3. 3.  Increased Capital  More Manpower Resources  Easy Formation and Dissolution  Secrecy  Personal Contacts  Mutual Approach  Sharing of Risk  Flexible Management  Effort-Reward Relationship
  4. 4.  Unlimited Liability  No Legal Status  Disputes among Partners  Risk of Implied Authority  Problem of Continuity  Difficulty of Transfer of shares  Lacks of Public Trust  Limited Membership  Limited Capital  Difficulty in Admitting New Partners
  5. 5.  Active Partner  Sleeping Partner  Nominal Partner  Partner in Profit only  Limited Liability Partner  Quasi (Retirement) Partner  Secret Partner  Sub-Partner  Minor Partner  Partner by Holding out  Partner by Estoppel
  6. 6.  Classification on the Basis of Duration  Partnership at will  Particular Partnership  Classification on the Basis of Liability  General Partnership  Limited Liability Partnership  Classification on the Basis of Registration  Registered Partnership  Unregistered Partnership
  7. 7.  Procedure  Partnership Deed  Filling of Prescribed Forms  Submission of Forms  Verification of Forms  Entry in Register of Firms  Issue of Certificate of Registration
  8. 8.  Suits between Partner and Firm  Suits between Firm and Third Parties  Claim of Set-off

×