Partnership Act

17739 words 71 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
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Again, doing social or philanthropic work is not termed as partnership business. * Competence of Partners - Since individuals join hands to become the partners, it is necessary that they must be competent to enter into a partnership contract. Thus, minors, lunatics and insolvent persons are not eligible to become the partners. However, a minor can be admitted to the benefits of partnership i.e., he can have a share in the profits only. Business Studies. * Sharing of Profit - The main objective of every partnership firm is sharing of profits of the business amongst the partners in the agreed proportion. In the absence of any agreement for the profit sharing, it should be shared equally among the partners. Suppose, there are two partners in the business and they earn a profit of Rs. 20,000. They may share the profits equally i.e., Rs. 10,000 each or in any other agreed proportion, say one forth and three fourth i.e. Rs 5,000/- and Rs. 15000/-. * Unlimited Liability - Just like the sole proprietor the liability of partners is also unlimited. That means, if the assets of the firm are insufficient to meet the liabilities, the personal properties of the partners, if any, can also be utilised to meet the business liabilities. Suppose, the firm has to make payment of Rs. 25,000/- to the suppliers of goods. The partners are able to arrange only Rs. 19,000/- from the business. The balance amount of Rs. 6,000/- will have to be

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