The Indian Partnership Act,1932

Index Defination Registration of Partnership Firm Types of Partnership Types of Partners Rights of Partners Duties of Partners Position of Minor Limited Liability Partnership .

Partnership Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all. .

Registration of the firm is optional.1932 nor does it impose any penalty for non registration. . Section69 of the Act attaches certain disabilities to unregistered partnership firms.Registration of Partnership Firm Registration of a partnership firm is not compulsory under the Indian Partnership Act. This acts as an inducement to the partners to get their firm registered at one time or the other.

Types of Partnership Types of Partnership General/Unlimited Partnership Limited Partnership Partnership at Will Partnership for a Fixed Period Partnership for a Particular Venture .

Types Of Partners Active Partner Sleeping Partner Nominal Partner Partner in Profits only Sub Partner Partner by Estoppel .

RIGHTS OF THE PARTNERS To take part in the conduct and management of the business To express opinion in matters connected with the business Share in the profits of the business To be indemnified by the firm against losses or expenses .

GENERAL DUTIES OF A PARTNER Carry on the business with common advantage Just and faithful Render true accounts To provide full information To indemnify for loss caused by fraud Liable jointly and severally .

.Position of Minor When a Minor elects to become a partner Rights Share remains the same Rights and Liabilities as that of a full fledged partner Rights will be the same till the date on which he becomes a partner Liabilities will be the same till the date on which he becomes a partner Personally liable to third parties for all acts of the firm from the date of becoming a partner.

.EFFECT OF ADMISSIONS BY A PARTNER An admission on representation made by a partner concerning the affairs of the firm is evidence against the firm. if it is made in the ordinary course of business.

2008 came into effect from 31st March Liability Partnership Limited Liability Partnership Act. LLP: A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible. innovative and efficient manner. providing benefits of limited liability while allowing its members the flexibility for organizing their internal structure as a partnership. .

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