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General Nature of Partnership
By Bharat Galani MeraSkill.com Š MeraSkill
The Partnership Act,1932
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Partnership Act General Nature of Partnership
Relations of Partners
Registration and Dissolution of Firm
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General Nature of Partnership
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Index What is Partnership? Features of Partnership True Test of Partnership Partnership vs Other Organisation Who can become a partner in a firm Types of Partnership Types of Partners Minor’s position in Partnership
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What is Partnership?
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Is it a Partnership? 1. A & B are joint owners of House which is given on rent of ₚ 10000 p.m Which is shared by both. 2. A,B & C are members of a HUF which is into the business of textiles. The profit is shared equally. 3. A of Pune has appointed B of Jaipur to sell his goods in Jaipur. Wherein the profit will be distributed in the ratio of 2:1 4. A,B & C run a CA Firm wherein A takes care of Audit,B takes care of Tax and C off finance. Profit is shared equally. Š MeraSkill
Is it a Partnership? 5. A & B run a recreation house for elderly people. On subscription basis. This Subscription is utilised for getting in more equipment for recreation activities and giving better facilities to the members. 6. A owns a Jeep and B drives it on commercial basis. The income after deducting the expenses is shared by them equally. 7. A & B owns a plot of land on which they have constructed a Gurudwara ,whatever donations are received are utilised for conducting langar services for poor. 8. A& B are in the business of manufacturing and selling shoes the profit is shared in the ratio 3:1.However A shall bear all the losses. Š MeraSkill
Definition (Section 4) “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all” © MeraSkill
Features of Partnership
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Features of Partnership 1. At least 2 persons 2. Agreement 3. Existence of business 4. Sharing of Profits 5. Mutual Agency
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