Vidhikarya Logo
Callback Request
Call Back Request
Track Your Request
Track Your Request
+91-7604047602 Legal Blog For Students Free Legal Advice Lawyer Login
Menu
arrow_back
Connect with your Lawyer through:
Phone
Consultation
Email
Consultation
Video
Conferencing
Online Document
Sharing
Online Message
Sharing

Search Result : Partnership agreement Lawyers

Consult Expert Partnership agreement Lawyers in India. If you are searching for Partnership agreement Lawyers, then your searches will end here.

510d3acef613604ac7a6363a1a678d84.jpg

ANISH PALKAR

Exp
Mumbai | Thane | Mumbai Suburban |

Specialization

  • Partnership
  • Documentation
  • Corporate and Incorporation
  • Cheque Bounce
  • Domestic Violence
Total Answers Given : 816
ccdc40f4c72ef17306ac9e36d288a0a7.jpg

Ayantika Mondal @ Prime Legal

Exp
Bangalore |

Specialization

  • Corporate and Incorporation
  • Cyber, Internet, Information Technology
  • Cheque Bounce
  • Banking
  • Immigration
Total Answers Given : 9355
056e513bfa594553d97c2e5bf2724c9a.jpg

Mural Krishnan Sanjeevi

Exp
Chennai |

Specialization

  • Documentation
  • Child Custody
  • Cheque Bounce
  • Divorce
  • Civil
Total Answers Given : 31
0759a83c65a263b344f6b99f7b5a325f.jpg

Kamendu Joshi

Exp
Ahmedabad |

Specialization

  • Corporate and Incorporation
  • Real Estate
  • Civil
  • Employment and Labour
  • Industrial Laws
b7591029dc60308f39e8e3abbf4c9445.jpg

Sandip Bhowmick

Exp
Kolkata |

Specialization

  • Documentation
  • Civil
  • Divorce
  • Media, Communication, Entertainment
  • Equipment Finance and Leasing
Total Answers Given : 21
f87f63e21fd72b68330040d0a0bbf934.jpg

J Vijay

Exp
Hyderabad |

Specialization

  • Corporate And Incorporation
  • Bankruptcy And Debt
  • Power Of Attorney
  • Civil
  • Debt And Lending Agreement
Total Answers Given : 3
40e7a611231fb741abe77546ae624ebc.jpg

Murugesh Ramiah

Exp
Bangalore |

Specialization

  • Corporate and Incorporation
  • Civil
  • Employment and Labour
  • Arbitration And Mediation
  • Outsourcing Agreement/Laws
115c7e64070d0789ee4a7af14eb90912.jpg

Precinct Legal

Exp
Bangalore |

Specialization

  • Corporate and Incorporation
  • Bankruptcy and Debt
  • Contracts and Agreements
  • Real Estate
  • Cheque Bounce
f3ba637bf39ba892b160f9ff971f8de6.jpg

Dr Gubbi's House of Justice

Exp
Bangalore |

Specialization

  • Corporate and Incorporation
  • Divorce
  • Tax
  • Property
  • Debt and Lending Agreement
a998b9661d31d3f6a060e7df874f581e.jpg

Yusuf Shabbir Mithi

Exp
Mumbai suburban | Thane | Mumbai |

Specialization

  • Documentation
  • Corporate And Incorporation
  • Cheque Bounce
  • Will
  • Licensing
Total Answers Given : 14

Partnership Laws

Common Questions on Partnership Laws.

i.What is Partnership?

ii.Why Partnership?

iii.Which Laws Govern Partnership?

iv.How to End Partnership?

v.What are the Liabilities of Partners in Partnership?

Prior to 1932, Chapter XI (Sections 239 to 266) of the Indian Contract Act, 1872 contained the law relating to partnership in India. As these provisions were not exhaustive, it was considered expedient and necessary to separate the law relating to partnership and to embody it in a separate enactment. Hence, the Indian Partnership Act, 1932 was brought to the fore.

What Is Partnership?

It is a type of Business where two or more persons pool money, skill and other resources and share the profit of such business as per agreed terms in Partnership Agreement. The liabilities and risks associated in such business is shared as per the Agreement or if there is no agreement then it is shared proportionately.

Advantages of Partnership

  1. Easy to establish.
  2. Easy to Raise Funds.
  3. Wide pool of Knowledge, Skill and Contacts.
  4. Improved Management.
  5. Sharing of Profit and Loss.
  6. Equal Rights in Management.

 Laws Governing Partnership

The Indian Partnership Act ,1932

  • A partnership firm is not a distinct legal entity apart from the partners constituting it, i.e. a partnership firm is not a ‘person in law’ but is merely an association of individuals.
  • As per Section 4 of the Act, Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
  • An agreement of partnership need not be express but can be inferred from the course of conduct of the parties to the agreement
  • As per Section 11 of the Act, the mutual rights and duties of the partners of the firm may be determined by contract between the partners, and such contract may be expressed or may be implied by the course of dealing.
  • As per Section 29 of the Act, a transfer by a partner of his rights in the firm, either absolute or by mortgage, or by the creation by him of a charge on such interest, does not entitle the transferee, during the continuance of the firm, to interfere in the conduct of the business, or to require accounts, or to inspect the books of the firm, but entitles the transferee only to receive the share of profits of the transferring partner, and the transferee shall accept the account of profits agreed to by the partners. As per Section 31 of the Act, no person shall be introduced as a partner into a firm without the consent of all the existing partners.
  • As per Section 33 of the Act, a partner may not be expelled from a firm by any majority of the partner, save in the exercise in good faith of powers conferred by contract between the partners. (Rules of Section 32 can be applicable to an expelled partner)

Dissolution of Partnership

  • Dissolution by Mutual Agreement
  • Dissolution by Court.

 Dissolution by Mutual Agreement

 By Agreement (Section 40 Of Indian Partnership Act,1932).

 By Compulsory Dissolution (Section 41 Of Indian Partnership Act,1932).

 Dissolution by Happening of a Contingent Event (Section 42 Of Indian Partnership Act,1932).

 Dissolution by Notice (Section 43 Of Indian Partnership Act,1932).

Dissolution by Court

Insanity of Partner.

Incapacity of Partner.

Misconduct of Partner.

Constant Breach of Agreement of Partner.

Transfer of Interest.

Continuous Losses.

X
Are you
looking for
Legal
Help?
Post your matter to connect with the Lawyers Online
Symbol for Lawyer
Find Lawyers by Location


Download the Clients App on

Vidhikarya App on Android Platform

Contact Details

7604047602
[email protected]
505-A, Terminus Building,
Newtown, Action Area I,
Kolkata 700156

Download the Lawyers App on

Vidhikarya App on Android Platform

Certified by Startup India, DPIIT

startUpIndia

Payment secured by :

PayUMoney PayPal net banking
visa master maestro