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Law of Partnerships (Indian Partnership Act 1932)
Law of Partnerships (Indian Partnership Act 1932)
Law of Partnerships (Indian Partnership Act 1932)
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Law of Partnerships (Indian Partnership Act 1932)

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PREFACE

From ancient ages, the sole proprietorship was the most popular form of business organisation. The dilating scales and augmenting territories of business brought forth the combination of more than one individual into partnering. Partnership facilitated pooling of resources and efforts and gained prevalence over the sole proprietorship. Law of partnerships emerged at such point of time and has now gained the status of one of the very old mercantile laws.

Partnership is, in fact, a relation which subsists between persons carrying on business in common with a view of profit. As an economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. When there is relationship of partnering, there is needed a code to administer the relationship. Law of partnership is, therefore, a necessary code for regulation of relations between the partners.

In India, the law of partnership is contained in the Indian Partnership Act, 1932, which was enacted to define and amend the law relating to partnerships. Prior to the passing of the present Act in 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to 266) of the Indian Contract Act, 1872. Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian law of partnership.

Over the period of nearly 75 years, the law of partnership has developed and is fairly enriched with the judicial precedents and pronouncements, though it is cumbersome to grasp from the thick volumes on Partnership Act.

iv  Law of Partnerships

In order to make this law simple and easily understandable, an effort is made in the present book. The author feels that the law of partnerships so simplified shall make it 'easy to understand' for the readers and the persons to the profession of law. Case laws, important to the understanding of the code, are incorporated at the appropriate places, though restraint has been kept so that the book is not unnecessarily bulky.

The author feels that the readers will find the book useful and looks forward to receive with pleasure any comments and suggestion from the readers towards improving this book further.

2018  Dr. Sanjeev Kumar

LanguageEnglish
Release dateJul 30, 2021
ISBN9788193414606
Law of Partnerships (Indian Partnership Act 1932)

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    Law of Partnerships (Indian Partnership Act 1932) - INDIA NETBOOKS indianetbooks

    Dr. Sanjeev Kumar

    M.Com, LL.B., Ph.D., DIPRL, FCMA, FCS,

    General Management from Sloan School of MIT, Boston (USA)

    Corporate and Legal Advisor and Advocate

    india NetBooks

    India Netbooks

    (A Division of Salesnet Services Pvt. Ltd.) C-122, Sector 19, Noida, 201301

    India Netbooks

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    Gautam Budh Nagar (NCR of Delhi)

    Ph: +91 120437693, Mobile +91 9873561826

    E-mail : indianetbooks@gmail.com website: www.indianetbooks.com

    ––––––––

    Copyright © - Author First Edition 2018

    ISBN : 978-81-934146-0-6

    ––––––––

    All rights reserved. No part of this book may please be reproduced or utilized in any form by any means, electronic or mechanical, including photocopying, recording or by  any information storage or retrieval system without permission in writing from the publisher.

    Price : Rs.250.00/-

    Printed by : Design unit, Delhi -110092

    PREFACE

    ––––––––

    From ancient ages, the sole proprietorship was the most popular form of business organisation. The dilating scales and augmenting territories of business brought forth the combination of more than one individual into partnering. Partnership facilitated pooling of resources and efforts and gained prevalence over the sole proprietorship. Law of partnerships emerged at such point of time and has now gained the status of one of the very old mercantile laws.

    Partnership is, in fact, a relation which subsists between persons carrying on business in common with a view of profit. As an economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. When there is relationship of partnering, there is needed a code to administer the relationship. Law of partnership is, therefore, a necessary code for regulation of relations between the partners.

    In India, the law of partnership is contained in the Indian Partnership Act, 1932, which was enacted to define and amend the law relating to partnerships. Prior to the passing of the present Act in 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to 266) of the Indian Contract Act, 1872. Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian law of partnership.

    Over the period of nearly 75 years, the law of partnership has developed and is fairly enriched with the judicial precedents and pronouncements, though it is cumbersome to grasp from the thick volumes on Partnership Act.

    iv Law of Partnerships

    In order to make this law simple and easily understandable, an effort is made in the present book. The author feels that the law of partnerships so simplified shall make it ‘easy to understand’ for the readers and the persons to the profession of law. Case laws, important to the understanding of the code, are incorporated at the appropriate places, though restraint has been kept so that the book is not unnecessarily bulky.

    The author feels that the readers will find the book useful and looks forward to receive with pleasure any comments and suggestion from the readers towards improving this book further.

    2018 Dr. Sanjeev Kumar

    drsanjeevi@gmail.com

    AUTHOR'S PROFILE

    ––––––––

    Dr. Sanjeev Kumar obtained degrees of M.Com., LLB, PGDIPRL and PhD. He did General Management from Sloan School at Massachusetts Institute of Technology (MIT), Boston (USA) and Cobol Programming from IIT, Kanpur. He is a Fellow Member of the Institute of Cost Accountants of India (FCMA) and the

    Institute of Company Secretaries of India (FCS).

    He has over 35 years' rich experience in the field of corporate, business and economic laws, company law, corporate finance, accounts, costing, budgeting, MIS, systems, corporate affairs, merchant banking, capital market, mutual funds etc.

    He is currently Managing Director of BPA Advisory Limited

    & Director of Bolster Juris IBP Pvt. Ltd. Formerly he was Executive Director with Bajaj Hindusthan Sugar Ltd., the largest manufacturers of sugar and ethanol in the country (4th largest in the world) as In-charge of Group's Corporate and Legal Affairs for more than 12 years. He is also Founder and Chairman of BPA Foundation and President of the India Economic Foundation.

    He is prolific Writer for legal and research journals and newspapers, viz. Chartered Secretary, Corporate Law, Advisor, SEBI and Corporate Laws, Tax and Corporate Referencer, Hindusthan Times etc. from time to time. He is also a vivid Speaker and Member of Various Committees and Core Groups in the ICSI, ASSOCHAM and PHDCCI,

    Books/e-books authored and edited

    Ramaiya's Companies Act, 2013 (17th and 18th Edn), Corporate Criminology-Corporate Offences, Real Estate (Regulation & Development) Act 2016, Law of Benami Property Transactions. Civil Law Manual (MLJ). J.C.Varma's Corporate Mergers Amalgamations & Takeovers. Shonbhague's Company Resolutions Notices Meetings & Minutes. Frequently Asked Questions on Company Law. Mercantile Law Section of the Annual Survey of Indian Laws 2003 & 2004 (ILI). Systematic Approach to Indirect Tax Laws. Law & Practice of Producer Companies. Industrial and Labour Laws Economic Laws & Practice. Legal and Regulatory Framework. Handbook of Company Law. Industrial and Labour Legislations. Corporate Administration. Hand book of Business Laws.

    E-  books at Amazon

    Professional Series: Guidance Notes & FAQs on Real Estate (Regulation & Development) Act, 2016. Law of Partnerships. Law of Industrial  Disputes.  Law  of  Maternity  Benefits.  A  to Z on Futures  & Options,  Lecture Series: Lectures on Law of Contracts. Lectures on Law of Sale of Goods. Lecture on Law of Negotiable Instruments. Lectures on Law of Partnerships. Lecture on Law of Stamp Duty. Lectures on Mercantile Laws. Lectures on Environment Laws. Lectures on Intellectual Property Rights Laws.

    INDEX OF CASES

    Case

    A

    Abbashbhai v. R.G.Shah AIR 1988 Bom. 187 Abbott v Crump (1870) 7, BLR 109

    Abdul Badsha v. Century Wool Industries Ltd. AIR 1959 Mys. 33 Abdul Latif v. Gopeshwar AIR 1933 Cal 204

    Abdul Subhan v. Abdul Ravool AIR 1942 Mad. 707 Ahmed Khan v. Turup Md. Hayat AIR 1953 Mys. 4 Airy v. Borham (1861),

    Alwar Iron Syndicate v. UOI_AIR 1970 Raj. 86 Arbuckle v. Taylor (1815).

    Ashok  Transport  Agency  v.  Awadhesh  Kumar  1998(5) SCALE 730 (SC)

    B

    B.V.Narasimhulu v R. Krishnamurthy AIR 1986 AP 177 Babu v. Gokuldas 1930 Mad 393

    Bachubhai v. Shamji ILR (1985) 9 Bom 536 Badri Prasad v Nagarmal AIR 1959 SC 559

    Badrimal Ramcharan & Co. v. M/s Gana Kaul-AIR 1971 J&K 109

    Badrivehari v. Nursing Rao AIR 1959 AP 116

    Bajranglal Maniram v. Anandilal AIR 1944 Nag. 124 Banarsidas v. Kanshi Ram 1963 SC 1165

    Bank of Australia v. Breillat(1847) 6 Moo PC 152 Barklie v. Scott, 1 H & Billion 83

    Barnes v. Youngs (1898)

    Benjamin v. Porteous(1769) 2 FYBL 590 Bentley v Craven1853) 18 Beav.75

    Bhagat Ram Mohanlal v. Com of PET AIR 1956 SC 374 Biggs v. Lawrence-(1978)3 R 454

    Birdichand v. Harakchand AIR 1940 Nag. 211 Blisset v. Daniel (1853) 10 Hare 493-522

    Both v. Parks 1 M 465;

    Bource v. Freeth-449 P&C 632

    Brijendra Singh Prithvi Singh v. Gyan Chand Kastoor Chand AIR 1965 MP 100

    Brown v. De Tastet (1819) Jac 284 Brown v. De Tastet (1819) Jac 284 Burnell v. Hunt(1841) 5 Jur 650

    Buta Mal Dev Raj v. Charan Mal-AIR 1964 Punj. 270; Byrne v. Reid(1902) 2 Ch. 735 CA

    C

    C Assiamma v. State Bank of Mysore AIR 1990 Ker. 157 Campbell v Campbell (1834) 12 Sh 573

    Carmichael v Evans (1904) 90 LT 573

    Champaran Cane Concern v. State of Bihar AIR 1963 SC 1737 Cheesman v. Price (1865)

    CIT v. A W Figgies - AIR 1953 SC 455

    CIT v. Dwarkadas Khetan & Co.

    CIT v. Figgies and Co (1953) 24 ITR 405-409

    CIT v. G Parthasarthy Naidu (1999) 236 ITR 350 CIT v. Jadavji Naridas & Co.; AIR 1963 SC (1947)

    CIT v. Jayalakshmi Rice & Oil Mills AIR 1971 SC 1015 Cit v. Kandath Motors AIR 1997 SC 1111

    CIT v. S.T. Phool Chand, (1965) 57 ITR 588

    CIT v. Seth Govindram Sugar Mills AIR 1966 SC 24. Clark v. Clark (1863) 32 Beav 14

    Const v Harris1824 T & R 496

    Cook v. Collingridge (1823) Jac 607;

    Coope v. Eyre (1788) 1 Hy Bl 37 Cox v. Coulson (1916)

    Cox v. Hickman (1860) 8 HLC 268 Cragg v Ford(1842) 1Y & C. Ch. Cas.280

    D

    De Berkom v. Smith-1 Esp 29 Devis v. Davis(1984) 1 Cd. 393

    Dhanbai v Dhanbai AIR 1926 Sind 291 Dickinson v Valpy 10 B &C 128 (1829)

    Docker v. Somes 2 M&K 654

    Dulichand Laxminarayan v. CIT (1959) 29 ITR 535

    Dulichand v. CIT, Nagpur; (1956) 29 ITR 535

    Dunne v English (1874) LR 18 Eq 524

    Durga Das Janak Raj V. Preeti Shah Sant Ram AIR 1959 Punj. 530

    Durgada Janak Raj v. Preete Shah Sant Ram-AIR 1959 Punj 530

    Dwarka Prasad Naik v. Shyam Charan Naik AIR 1964 MP 55 Dwarkadas v. Bansilal-AIR 1956 Ajmer 8

    Dy. Com. Sales Tax v. K.Kelukurty-AIR 1985 SC 1143

    E

    Ellice v. Joseph Elilice & Co(1905) 1 KB 324 England v. Curling (1844) 8 Beav 129

    Essell v Hayward (1860) 30 Beav 130 Everest v. Williams (1725)

    F

    Featherstonhaugh V. Turner 25 Beav 382

    G

    Gappulal Gordhandas v. Chunilal Shyamlal AIR 1961 Raj. 286

    Garner V Murrey (1904) 1 CH. 57.

    Geddes v. Wallace (1820) 2 Bligh 270

    Gherulal parekh v. Mahadeodas AIR 1959 SC 781 Girdhari bhai v. Sd. Md. Madri-AIR 1987 SC 1782 Girdhari Lal v. Dinga Singh & Co AIR 1954 HP 52 Goldberg v. Jenkins(1989)

    Gordon v Holland(1913) 108 LTR 385 Grace v. Smith, 2 Wm Blacks 1008 Green V Howell (1910) 1 Ch 495 Greenaway v. Greenaway (1940)

    Gujarat Trading Co. vs. Tricumjee, 3, Bom H.C.R. 45

    H

    Habib Bux v. Samuel fitz 7 Co., 23 All L.J..961 Haji Isa v. Sarnbai-AIR 1938 Nag. 324 Handyside v. Campbell (1901)

    Hardern v. Hordern (1910) AC 465

    Harijan Boot House v.Registrar of Firms AIR 1988 Guj. 188 Harish Kumar v. Bachan Lal AIR 1991 P&H 130

    Harrison v. Tennant (1856)

    Hart v. Clarke (1854) 6 De GM & G 232 Hawhsley v. Outram(1892) 3 Ch. 359

    Heathcote v. Hulme 1 J&W 122 Helmore v. Smith-(1886) 35 Ch D 436

    Heyhoe v. Burge-9 CB 431 and Smith v. Watson-2 Billion&C 401

    Hiralal v. Bhagirath & Co AIR 1964 Bom 174 Holme v. Hammond1872 LR 7EX 218 Hudgell, Yeates & Co. v Watson (1978)

    I

    Inder Singh Sham Singh v. Brahmo Deo Prasad-1958 BLJR 608

    J

    Jagat Mittar Saigal v. Kailash Chander Saigal-AIR 1983 Del 134

    Jagdish Chandra Gupta v. Kajaria Traders (India) Ltd AIR 1964 SC 1882

    Jain  Nautamal  Veni  Shanker  v.  Shri  Vivekanand’s  Co-op

    Housing Society Ltd. & Ors. AIR 1986 Guj 162

    Jamal Usman v. Umar Hazi Kari AIR 1943 1943 Nag. 175 Jankidas v Sri Kishen Pershad AIR 1918 PC146

    Jatti v. Banwari Lal and Radhakrishandas v. Gangabhai AIR 1927 Sinnd 218

    Jayalakshmi R&OM v Income Tax Commissioner AIR 1967 AP 99

    Jennings v. Baddeley (1856) 3 K7J 78

    Jiwan Singh v. Lakhmi Chand AIR 1935 Lah. 332 Johnstone v. Pedler-(1921) 2 AC 263

    Jones v. Lloyd (1874)

    K

    K.D.Kamath & Co. v. CIT-(1971) 82 ITR 680 SC

    Kay v. Jhonson 21 Beav 536,537

    Keith Spicer v. Mansell-(1970) 1 WLR 333

    Kerala Arecanut Stores v. Ram Kishore AIR 1975 Ker 144 Kerala Roadlines Corp. v. CIT AIR 1964 Ker 251

    Keshav Lal v. Chunni Lal AIR 1941 Rangoon 196

    Keshavbhai Lallubhai v. Patel Bhailao Narendas-AIR 1968 Guj 157

    Keshavji Ravji & Co v. CIT(1990) 2 SCC 231 Kesrimal v. Dulichand AIR 1959 Raj. 140

    Khushal Khimgar vs Mrs. Khorshedhanu, AIR (1970) S.C. (147)

    Knox v. Gy LR 5 HL 656

    Krishnamachariar v. Sankara Sah AIR 1921 PC 91 Krishnarao v.Shankar AIR 1954 Bom. 532

    KT Chettiar v. EM Muthappa-AIR 1961 SC 1225

    L

    Lachhman Das v. Mrs. Gulab Devi-AIR 1936 All 270. Lake v Duke of Argyll (1844) 6 QB 477)

    Lakshmibai v. Rashal Lal AIR 1972 Raj, 288 Lancaster v. Allsup (1887) 57 LT 53

    Law v Law(1905) 1 Ch.140

    Loonkaran Sethia v. Ivan E John AIR 1977 SC 336 Loscombe v. Russell (1830)

    Lovell and Cristmas v. Beauchamp (1894) Lovergrove v. Nelson(1834) 3 MY & K 1, 20

    M

    M.M. Abbas Bros. V Chetandas AIR1979 Mad 272

    M/s Luda Ram v M/s Maharani of India AIR 1989 Del 169

    M’Neil v. Reid (1832) 9 Bing 68

    Madgwick v. Wimble 6 Beav 495 Mair v. Wood (1948)

    Malabar Fisheries Co. v. CIT (1979) 120 ITR 49 Maliram Chaudhary v. Jagannath-AIR 1972 Ori.17 Manley v. Sartori (1927) 1 Ch 157;

    Maula Bux v. Mohammad Afzal AIR 1922 Nag 96 Mc Donald v. Richardson 1 Giff 81

    Mc Leod v. Dowling 43 TLR 655

    Md. Hafeez Khan V. State Transport Appellate Tribunal AIR 1978 MP 116

    Meenakshi Achi v. PSM Subramanian Chettiar-AIR 1957 Mad 8 DB

    Mellersh v. Keen (1861) 27 Beav 236

    Mellow, March & Co. v. Court of Wards(1872) LR 4 PC 419 Mercantile Credit Co. Ltd. v Garrod(1962) 2 All ER 1103 Miles v. Clarke (1953

    Milliken v. Milliken 8 Ir Eq. 16

    Mirza Mal Bhagwan Das v. Rameshwar-AIR 1929 All 536

    Mohd. Musa Sahib v. N.K.Mohd, Ghouse Sahib- AIR 1959 Mad. 379

    Mohori Bibi v. Dharmodas Ghose(1903) 30 IA 114/ ILR 30 Cal 539

    Moss v. Elphick(1910) 1 KB 486

    Motilal v Unnao Commercial Bank(1930) 32 Born LR 1571

    Mrs. Bacha F Gazdar, Bombay v. CIT-Bombay AIR 1955 SC 74.

    Mulchand v. Manekchand (1906) 8 Bom. LR 8 Munton v Rutherford(12 Mich.418)

    N

    Nagendrier v. Mutui Bhagavathar AIR 1927 Mad 1096 Narayanappa v. Bhaskaia krishnappa- AIR 1966 SC 1300 Nathilal v. Mal & Ors-AIR 1940 1940 All 230

    Neel Comul Mookerjee v. Bipro Das Mookerjee(1901) 28 Cal 597

    Nemi Das v. Kunj Behari AIR 1928 Oudh 440 Nissar Ahmed v. Nasima Bi., (1970) 1 Mad LJ 512 North Western Rail Co. v. m’ Michael

    O

    O Balasubramanian v. Registrar of Firm, Trivendrum-AIR 1984 Ker. 20

    Oriental Bank v S.R. Kishore AIR 1992 Del 174

    P

    Padam Singh Jain v. Chandra Bros AIR 1990 Pat. 95 Palmer V. Mitchell 2 M&K 672

    Parsons v Hayward (1862) 31 Beav 199 Pathirana v Pathirana(1967) 1 ac 233 PC Peyton v. Mindham (1972)

    Pigott v. Bagley Mc CL & Y 569

    Pitchiah v. Subramanian-AIR 1934 Mad 404

    PK Oswal Hosiery Mills v. Tilak Chand AIR 1969 Punj. 150 Pooley v. Driver(1876) 5 Ch 458

    Pratt v. Strick (1932) 7 Tax Cas 459

    Prembhai v Brown(1873) 10 Born HC Rep 319 Prithvi Singh v. Hasan Ali(1950) Bom. LR 862

    Progressive Financiers v. CIT AIR 1997 SC 2160

    Punjab United Bank Ltd. v Muhammad Hussain AIR1934Lah 358

    R R. v Kapfer (1915) 112 LT 1138

    Rajasthan trading Co. v. Registrar of Firms-AIR 1975 AP 232

    Rajkishore Guru Prasad Khatri, Satna v. Jwala Prasad Bhimraj (1976) MPLJ 479

    Ram Das v. Mukut Dhari-AIR 1952 VP 1

    Ram Kumar Shew Chand Rai v. UOI-AIR 1977 Cal 37 Ram Laxman Sugar Mills v. Cit (1967) 66 ITR 6113 (SC) Ram Prasad v. Kamta Prasad AIR 1935 All 898 Ramnath Gagoi v Pitambar Deb ILR (1915) 43 Cal 733

    Rasik Lal & Company v. CIT, Orissa AIR  1998  SC  401, (1998)144CTR(SC)161

    Ratanji Bhagwanji & Co. v. Prem Shanker AIR 1938 All 619 Rawligson v. Clarke (1846) 15 M&W 292

    Re Lonergan, ex p sheil (1877)

    Re Yenidje Tobacco Co. Ltd. (1916),

    Regional Director of ESIC v. Ramanuja Match Industries AIR 1985 SC 278

    RN Kothare v. Hormasjee AIR 1927 Bom. 187 Ross v. Parkyns(1875) LR 20

    RR Sarna v. Reuben AIR 1946 Oudh 68

    S

    S.K. Bandopadhya v Man Gobinda(AIR 1919 Pat 386)

    S.N. Soni vs Taufiq Farooke, AIR (1976) Delhi 63

    Sankar Housing Corporation v. Smt. Mohan Devi & Others AIR 1978 Del 255

    Sat Pal v R.K.Ahuja AIR 1973 P & H 197 Satyanarayanamurthi v. Gopalan AIR 1939 Mad. 891 Scott v. Raymont 1868,7 Fq.112

    Seth Suganmal v. Mst. Umraobi-AIR 1938 Nag. 550

    Shankar Housing Corporation v. Mohan Devi,-AIR 1978 del 255

    Shankarling Nadar v. Chacko1963 Ker LJ 387

    Sharad Vasant Kotak v. Ramniklal Mohanlal Chawda-AIR 1998 SC 877

    Shreeram finance Corporation v. Yasin Khan(1989) 3 SCC 476

    Simpson v. Chapman 4 De GM&G 154

    Singh Amrit Singh v. Dhanna Singh Diwan Singh-AIR 1928 Lah 832

    Sitaram Kalani v. Manmal Gattani—Smith v. Everett 27 Beav 446

    Snow v. Milford (1868)

    Snow White Food Products Pvt. Ltd. v. Sohanlal Bagia AIR 1964 Cal. 209

    Spicer (Keith) Ltd. v. Mansell (1970)

    Sri Kishan Gupta v. Ram Babu Gupta AIR 1990 ALL 171

    Sri Murugan Oil Industries (Pvt.) Ltd. v. A.U. Suryanarayana Chettiar (1963) 33 Comp. Cas 833 (Mad.)

    State of Punjab v. Jullender Vegetables Syndicate - 1966 (17) STC 326 (SC)

    Stekel v. Ellice (1973)

    Stevenson  &  sons  Ltd.  v.  AG  fur  Cartonnagen  Industrie (1918)

    Stocken v Dawson 9 Beav 239

    Suresh Kumar v. Amrit Kumar AIR 1982 Del 131 Syres v. Syres (1876) 1 AC 174

    T

    T Savariraj Pillai v. RSS Vastrad & Co.-AIR 1990 Mad. 198 Tapendra Chunder v. Jogendra Chunder AIR 1942 Cal 76 Thompson Bros. Co. v. Amis-(1917) 2 Ch. 211

    Tower Cabinet Co. v Ingram(1949) 1 All ER 1033

    U

    U. Sein Pov, Phyu, A.I.R. (1930) Rang. 21 Umarani Sen v. Sudhir Kumar AIR 1984 Cal 230

    V

    Vaiyapurri Mudaliar & Sons v. Sri Arunodhaya Textiles, AIR 1996 Mad. 19

    Van Sandau v. Moore (1826) 1 Russ 441 25 RR 100

    Virendra Dresses, Delhi v. Virender Garments AIR 1982 Del 482

    W

    Wainwright v. Waterman 1 Ves Jun 311 Walker v. Hirsch (1884) 27 Ch D 460 Waterer v. Waterer (1873)

    Waugh v Carver(1793) 2 HB 235 Wheatley v. Smithers (1906), Whitwell v Arthur(1865) 147 RR 73

    Willet v. Blandford, 1 Hare 253 William law v. James Law (1905)

    Y

    Yates v. Finn 13 Ch D 839 (1819)

    CONTENTS

    ––––––––

    Preface...................................iii

    Author's Profile..............................v

    Index of Cases..............................vii

    Introduction....................................1

    General Principles of Partnership Contracts...............20

    Registration of Partnership Firms.....................43

    Formation of Partnerships..........................59

    Reconstitution of Partnerships........................79

    Relation of Partner-Inter Se.........................95

    Relation of Partners With Third Parties.................120

    Dissolution of Firms.............................141

    Indian Partnership Act, 1932........................155

    Model Partnership Deeds..........................185

    Appendix-1................................201

    Appendix-2................................204

    Introduction

    1.1  Introduction

    Partnership is  a  fundamental  form  of  business  organisation. It is a relation, which subsists between persons carrying on business in common with a view of profit1. As an  economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. In India, the law of partnership is contained in the Indian Partnership Act, 1932.

    Indian Partnership Act 1932

    Indian Partnership Act, 1932., which came into force on 1st October 1932, except Section 69, which was enforced a year later (i.e. from 1st October 1933). Prior to the passing of the present Act, 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to

    266) of the Indian Contract Act, 1872. Indian Partnership Act is one of the very old mercantile laws.

    The Preamble to the Indian Partnership Act 1932 sets out its aims as follows:

    An Act to define and amend the law relating to partnerships.

    The provisions contained earlier in the India Contract 1872 were not exhaustive. The present Act does not purport to alter in any substantial way, the law of partnership; but only to rectify it with a view to avoiding doubts and difficulties and also making it uniform with the law in force in England and other parts of the Commonwealth. It brought about comprehensive provisions

    Section 1 of (English) Partnership Act 1890

    relating to registration of the partnership firms, which are the most significant provisions in the Act.

    Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian

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