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Consult Partnership Lawyers in India

ANSUL  BHUTA

ANSUL BHUTA

Exp
Mumbai City , Maharashtra

Specialization

  • Partnership
  • Commercial
  • Cheque Bounce
  • Arbitration and Mediation
  • Bankruptcy and Debt
Total Answers Given : 7
VLN  Prasad

VLN Prasad

Exp
Hyderabad , Telangana

Specialization

  • Partnership
  • Corporate and Incorporation
  • Cheque Bounce
  • Cyber, Internet, Information Technology
  • Arbitration and Mediation
Total Answers Given : 6
Vijay Raj  Mahajan

Vijay Raj Mahajan

Exp
Gurgaon , Haryana

Specialization

  • Partnership
  • Divorce
  • Power Of Attorney
  • Torts
Total Answers Given : 5
Ganesh  Kadam

Ganesh Kadam

Exp
Pune , Maharashtra

Specialization

  • Partnership
  • Civil
  • Employment And Labour
  • Landlord And Tenant
  • Licensing
Total Answers Given : 4
RAKTIM  PUJARI

RAKTIM PUJARI

Exp
Sundargarh , Orissa

Specialization

  • Partnership
  • Banking
  • Cheque Bounce
  • Corporate and Incorporation
  • Consumer Protection
Total Answers Given : 3
Gyan  Prakash

Gyan Prakash

Exp
Noida , Uttar Pradesh

Specialization

  • Partnership
  • Real Estate
  • Property
  • Civil
  • Sale
Total Answers Given : 3
Chinmoy  Patra

Chinmoy Patra

Exp
Cuttack , Orissa

Specialization

  • Partnership
  • Banking
  • Civil
  • Criminal
  • Consumer Protection
Total Answers Given : 3
Shivaleela  Gujare

Shivaleela Gujare

Exp
Pune , Maharashtra

Specialization

  • Partnership
  • Cheque Bounce
  • Banking
  • Adoption
  • Civil
Total Answers Given : 2
Neel  Shah

Neel Shah

Exp
Ahmedabad , Gujarat

Specialization

  • Partnership
  • Criminal
  • Civil
Total Answers Given : 2
Debadatta  Mishra

Debadatta Mishra

Exp
Bargarh , Orissa

Specialization

  • Partnership
  • Criminal
  • Landlord And Tenant
Total Answers Given : 2
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  • What is Partnership?
  • Why Partnership?
  • Which Laws Govern Partnership?
  • How to End Partnership?
  • 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


  • Easy to establish.
  • Easy to Raise Funds.
  • Wide pool of Knowledge, Skill and Contacts.
  • Improved Management.
  • Sharing of Profit and Loss.
  • Equal Rights in Management.

Laws Governing Partnership


  • 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.

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All you need to know about cheque bounce

ALL YOU NEED TO KNOW ABOUT CHEQUE BOUNCECheque bounce is one of the most common problem people face these days. What is cheque bounce? When does cheque bounce happens? What are the reasons for cheque bounce? How to deal with that? These are the common queries people have regarding cheque bounce. In this blog, I shall discuss all the topics related to cheque bounce and how to deal with that.WHAT IS CHEQUE BOUNCE?Before that we need to know what is actually a cheque? A cheque is basically a bill of exchange drawn upon a designated banker which is payable only when it is demanded by the applicant. Cheque bounce which is also known as dishonour of cheque is a basically failure of payment by the drawer towards the drawee or say it is an unpaid cheque returned back by the bank due to some or the other reasons.WHAT ARE THE REASONS FOR CHEQUE BOUNCE?There are various reasons a cheque can bounce. Following are the reasons for cheque bounce:-·      The signature on the cheque and the signature on the official documents like passbook, etc are different.·      Overwriting on the cheque can also be a problem if it is clearly visible.·      Cheque presented after the expiry of time period i.e. 3 months·      By any chance the bank account has been closed by the account holder or by the bank itself.·      Opening balance is insufficient·      Insufficient funds in the account of the drawer.·      The payment has been stopped by the drawer himself·      Inconsistency in the figures written on the cheque.·      Inconsistency in the amount number on the cheque.·      If the stamp of the company presenting the cheque is missing.·      In case the cheque is presented from a joint account and the signature of any of the account holder is missing.·      Any of the person i.e. the drawer or the drawee has died.·      By any chance the drawer has turned insolvent.·      Signs of insanity found in the drawer.·      Any alterations found in the cheque.·      Cheque issued against the rules of trust.·      The bank doubts the authenticity of the cheque.·      The cheque has been presented at the wrong branch by the drawee.·      The amount mentioned in the cheque crosses the limit of the cheque overdraft.Thus, above mentioned are the situations where a cheque issued can bounce due to some minor problems and hence can create a problem for both the drawer and the drawee.Well, every problem comes with a solution. Thereby we will discuss about the solutions and how to deal with cheque bounce cases:-CHEQUE BOUNCE CASE- WHAT AND HOW TO DEAL WITH THE PROBLEM?According to Section 138 of the Negotiable Instrument Act, 1881 cheque bounce is a criminal offence. Nevertheless, the aggrieved party in such cases can file both the criminal as well as a civil suit against the accused.Below mentioned are the actions one can take for a cheque bounce case:-·      Resubmission of the ChequeAfter being aware of the bounced cheque, the issuer of the cheque gets another chance to correct the error which caused the cheque bounce and can ask the payee to resubmit the cheque for clearance provided it is done within the time frame which is 3 months from the date of cheque bounce.·      Demand NoticeBy any chance if the cheque happens to bounce for the second time the recipient of the cheque opts to send a demand notice to the issuer of the cheque asking to transfer the required amount within the next 15 days. Also, the demand notice is sent within 30 days of receiving the notice of bounced cheque from the bank. ·      Filing a ComplaintEven after sending a demand notice there is no response from the issuer of the cheque then the drawee can file a complaint before the court within 30 days. You can also file a case after 30 days if you can provide a reasonable justification for the delay and the magistrate finds the reason justifiable enough. Keep in mind the court must be situated in a location where the cheque was presented or returned by the bank.The case can be filed under Section 138 of the Negotiable Instrument Act, making sure that the cheque issued as a gift cannot be covered by under such section.Moreover, for seeking remedies the recipient of bounced cheques can also file a complaint about cheating under Section 420 of the Indian Penal Code.·      Civil ComplaintIf filed a complaint regarding bounced cheques the issuer gets the punishment in terms of jail but in most cases does not let the recipient get his dues. Thus, it is advisable for the recipient if the bounced cheque to file a separate civil suit for the recovery of the amount he is supposed to get.PUNISHMENT AND PENALTYAfter receiving the complaint along with relevant papers and affidavit the court shall issue summons and hear the matter. If found guilty then the defaulter shall be punished with imprisonment for a term of two years or more or monetary penalty which can be twice the amount of the cheque or both. Also, the bank has the right to cease the cheque book facilities and close the account for repeated offences of cheque bounce. Consult Lawyer for Cheque Bounce Matter

Posted By

Neha Roy

1 week ago

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How is an NGO, a Trust and a Foundation Different?

From a legal standpoint, there is hardly any difference. An NGO or a Foundation cannot be registered. The legal viewpoint is that an NGO has one of three entities; its either a Public Trust or a Society or a not-for-profit organization or foundation. Under the Income Tax Act, all 3 entities are tax-exempt entities.Both trust and society alike are two types of a non-profit or non-government organization in India. Therefore if anyone intends on doing social work and for this purpose needs a legal entity, then either a trust or a society can be registered. One can also register a company under section 25 but in most cases, a registered is a norm or society for benevolent work.Trust is a comparatively simpler entity and can be easily registered and operated. Such organizations are fundamentally rooted in trust. Donations are purely based on trust that the donated funds would be fully utilized to serve the purpose mentioned in one’s trust deed. Trustees do not owe any explanation to anyone other than the Charity Commissioner and the applicable laws. Any tax breaks u/s 80g and 12a can be revoked if trustees do not abide by the rules, laws, and regulations of the Income Tax department. Analyzing NGO Registration people seem to think that even with lack of funds if NGO registration is done then their goals and objectives can be attained. Truth is as quickly as some NGOs are being registered they are also winding up quickly or even leaving it in the middle. If NGOs are registered with the intention or mindset of obtaining external grants and donations then such NGOs would not be sustainable in the long run. A company donating a chunk of funds to charity on a regular basis, then in such cases an NGO can be registered with enhanced sustainability planning.  In India, there are many registered NGOs only on paper and only about a little over half of NGOs are actually working for the betterment of society. NGOs can be formed in no time at all. However, when project funds from local government schemes or contributions from foreign countries are on hold indefinitely then the entire NGO comes to a screeching halt. Rather than looking for easier options for forming an NGO, for NGO registration its imperative to analyze the actual requirement and the strength to form, manage and maintain such NGO is far more important.Call 7604047601 for consultation with a registered expert Trust and Society NGO lawyers on Vidhikarya.

Posted By

Avik Chakravorty

2 months ago

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