Partnership Act

17731 WordsSep 30, 201271 Pages
IBS Gurgaon A PROJECT REPORT ON The Partnership Act 1932 & Its Registration. SUBMITTED ON:- SUBMITTED TO:- 9TH January,2012 PROF. UPDESH SINGH SACHDEVA MONDAY. BY:- ABHISHEK ANAND. 11BSP0010 SECTION- “A” TABLE OF CONTENTS. TOPIC PAGE NO 1. Acknowledgement ………………………………………… 3 2. Introduction………………………………………………... 4 3. Defination of Partnership Firm…………………………… 5 4. Features of Partnership…show more content…
However, if you don’t get your firm registered, you will be deprived of certain benefits, therefore it is desirable. The effects of non-registration are: * Your firm cannot take any action in a court of law against any other parties for settlement of claims. * In case there is any dispute among partners, it is not possible to settle the disputes through a court of law. * Your firm cannot claim adjustments for amount payable to or receivable from any other parties. * No Separate Legal Existence - Just like sole proprietorship, partnership firm also has no separate legal existence from that of it owners. Partnership firm is just a name for the business as a whole. The firm means the partners and the partners collectively mean the firm. * Principal Agent Relationship - All the partners of the firm are the joint owners of the business. They all have an equal right to actively participate in its management. Every partner has a right to act on behalf of the firm. When a partner deals with other parties in business transactions, he/she acts as an agent of the others and at the same time the others become the principal. So there always exists a principal agent relationship in every partnership firm. * Restriction on Transfer of Interest - No partner can sell or transfer his interest to any one without the consent of other partners. For example - A, B, and C are three partners. A wants to sell his share to D as his
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