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    The document summarizes key aspects of the Indian Partnership Act of 1932, which regulates partnership firms in India. It defines a partnership as the relationship between two or more persons who have agreed to share the profits of a business carried on by all or any of them. The essential elements of a partnership are two or more persons, sharing of profits, an agreement, and a business. It also outlines characteristics of partnerships, types of partners, advantages and disadvantages of partnerships, and what a partnership deed typically contains.

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    The document summarizes key aspects of the Indian Partnership Act of 1932, which regulates partnership firms in India. It defines a partnership as the relationship between two or more persons who have agreed to share the profits of a business carried on by all or any of them. The essential elements of a partnership are two or more persons, sharing of profits, an agreement, and a business. It also outlines characteristics of partnerships, types of partners, advantages and disadvantages of partnerships, and what a partnership deed typically contains.

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    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    10 views10 pages

    Partnership Act, 1932 Presentation: Submitted by

    Uploaded by

    Koushik Cool
    The document summarizes key aspects of the Indian Partnership Act of 1932, which regulates partnership firms in India. It defines a partnership as the relationship between two or more persons who have agreed to share the profits of a business carried on by all or any of them. The essential elements of a partnership are two or more persons, sharing of profits, an agreement, and a business. It also outlines characteristics of partnerships, types of partners, advantages and disadvantages of partnerships, and what a partnership deed typically contains.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 10

    Partnership Act, 1932

    PRESENTATION

    Submitted by:
    Narain Hari 100106810 Sanapala Srikanth 100106298

    INTRODUCTION
    The Indian Partnership Act, 1932 is an act enacted by the Parliament of India to regulate partnership firms in India. It received the assent of the Governor-General on 8 April 1932 and came into force on 1 October 1932. Before the enactment of this act, partnerships were governed by the provisions of the Indian Contract Act.

    PARTNERSHIP
    PARTNERSHIP IS THE RELATION BETWEEN TWO OR MORE PERSONS WHO HAVE AGREED TO SHARE THE PROFITS OF A BUSINESS CARRIED ON BY ALL OR ANY OF THEM ACTING FOR ALL.

    Thus, Partnership is the name of legal relationship between/among persons who have entered in to the contract. One of the forms in which business can be carried on where two or more persons join together to form the partnership and run the business.

    Essential elements of Partnership

    Two or more persons

    Sharing of profit

    An agreement

    Business

    CHARACTERISTICS OF PARTNERSHIP
    A partnership firm has the following characteristics: 1. Two or more members 2. Unlimited liability 3. Voluntary registration 4. No separate legal existence 5. Restriction on transfer of interest: 6. Based on agreement 7. Partners are competent to contract 8. Partnership may be only for lawful business.

    Kind Of Partners
    Active partner

    Sleeping partner
    Partner for profit Sub-partner Partner by Estoppel Minor partner

    Advantages of partnership
    Better decisions Flexibility in operations Sharing risks Benefits of specialization Protection of interest of each partner

    Disadvantages of partnership
    Unlimited liability Uncertain life No transferability of share Lack of harmony Limited capital

    Partnership Deed
    A Partnership Deed should contain the following clause:

    Nature of business Duration of partnership Name of the firm Capital Share of partners in profits and losses Bank Account firm Books of account Powers of partners Retirement and expulsion of partners Death of partner Dissolution of firm Settlement of disputes

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