Important Topics of Patnership Act
Important Topics of Patnership Act
Important Topics of Patnership Act
Q5. Can you spell out the procedure for registration of a firm?
a. If any firm wants to be registered then it shall have to made application to the registrar under
prescribed form & fee mentioning the following subjects / information:
i. Name of the firm
ii. The principal office
iii. The branch office (if any)
iv. Objectives
v. Date of joining of each partner
vi. Date of constitutions
vii. Name and full address of the partners
viii. Duration of the firm
b. The above application must be signed & verified by all partners or their agent specially authorized on
this behalf.
c. If registrar satisfies with the application he record an entry of the statement in the Register of Firm
and the firm is thereupon considered to be registered.
5. By Notice :Where the partnership is at will, the firm may be dissolved by any partner giving notice in
written to all other partners of his intention to dissolve the firm.
Q14. What are the ten Important elements of a stand and partnership deed?
The important elements of a stand and partnership deed are as follows:
1. Name and address of the partners
2. Firm name
3. Nature of business
4. Place of business and business address
5. Duration of the partnership and mode of dissolution
6. The amount of capital to be contributed by each partner
7. The mode of management
8. The powers of the partners
9. Terms on which a partner can retire
10. Expulsion of partners
11. Introduction of new partners
Q27. What re the general rules regarding the conduct of he partners to one another?
a. General duties of partners.
b. Indemnity.
Q28. What are the rules regarding the relationship between the partners as regards the management
of the business ands their mutual rights?
a. Rules regarding the conduct of the business.
b. Mutual rights and duties
c. Personal profits earned by partners
d. Continuance of per-existing terms
Q29. What are categories of the authority of a Partner?
The authority of a partner to act on behalf of the firm can be divided into two categories:
a. Express Authority: Any authority, which is expressly given to a partner by the agreement of
partnership called Express Authority. The firm is bound by all acts done by a partner by virtue of any
express authority given to him.
b. Implied Authority: Implied Authority means the authority to bind the firm which arises by implication
of law from the facts of partnership.
Provided that bind the firm means those act which must be:
i. with the name of the firm, or
ii. to show an intention to bind the firm.
Examples:
i) X, the partner of a firm of confectioners, purchases sugar on credit in the firm’s name. The firm is
bound to pay for the sugar.
ii) Y, the partner of a firm of confectioners, purchases a horse on credit in the firm’s name. The firm is
not bound in the absence of any express authority from the other partners because this act dose not
come within the scope of a confectioner’s business.