Professional Documents
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Israt Islam Tanisha Nusrat Islam Esha Md. Julhash Hossain Nazneen Naher 114 101 015 114 101 016 111 102 061 111 101 033
Nature of Partnership
Partnership
Essential Elements
Voluntary Agreement Sharing of Profit of a Business Mutual Agency
Capacity of a partner
Classes of Partners:
Active Partner
Classes of Partnership:
Partnership-atwill
Particular PartnershipJoint Venture Limited Partnership
Sub-Partners
Registration of Firm
Procedure of Registration The name of the firm The principal place of business of the firm. Names of other places where the firm's
business is carried on. Names and permanent addresses of the partners Duration of partnership, if any.
Consequences of Non-Registration:
Cannot enforce its claims against a third party Cannot claim adjustment for any sum exceeding Rs.
100
Cannot file a legal suit against any of its partners. Partners of an unregistered firm cannot file any suit
Exception:
Right to sue for the dissolution of the firm or to
exceed Rs.100
The right of a third party to sue the unregistered
Rules regarding the conduct of the businessEvery partner has a right to take part in the conduct of the business and is bound to attend his duties in the conduct of the business
business.
share equally in the profits earned contribute equally to the losses interest shall be payable only out of profits
Continues
partner shall not obtain a private advantage at the
partner
Sharing true accounts and full information of all
things
Not to carry on business competing with the firm
Carrying out the duties created by the contract
Dissolution of Partnership
The Grounds of Dissolution By agreement Compulsory dissolution
up
Personal profit earned after dissolution
Return of premium
Recession for fraud and misrepresentation Agreements in restraint of trade
firm assets.
Payment of the firm debts and of Separate Debt