Professional Documents
Culture Documents
Andrews
Indian
Partnership Act,
1932
Group 5 & 9
What is Partnership?
If
any partner gives notice of dissolution in
writing, the partnership is dissolved.
Types of Partnership
Particular Partnership
A person may become a partner with another
person in particular adventures or
undertakings.
On Attaining Majority
Within six months should give notice whether
he is joining the partnership or not.
If notice not given he shall become a partner
Restrictions On Authority Of A
Partner
Under the Partnership Act in the absence of any
usage of trade to the contrary, the implied
authority of a partner does not empower him to
do the following acts:
Submit a dispute relating to the business of a firm to
arbitration.
Open a bank account in his own name.
Compromise or relinquish any claim of the firm.
Withdraw a suit or proceeding on behalf of the firm.
Admit any liability in a suit or proceeding against the
firm.
Acquire immovable property on behalf of the firm.
Transfer immovable property belonging to the firm.
Enter into partnership on behalf of the firm.
Limited Liability Partnership
Limited Liability Partnership Act, 2008 came
into effect from 31st March 2009.
LLP: A corporate business vehicle that
enables professional expertise and
entrepreneurial initiative to combine and
operate in flexible, innovative and efficient
manner, providing benefits of limited liability
while allowing its members the flexibility for
organizing their internal structure as a
partnership.
Limited Liability Partnership
LLP has separate Legal Entity
Liability of the partners limited to their agreed
contribution
Not liable for the independent or un-authorized
actions of other partners
Perpetual succession
Indian Partnership Act, 1932 not applicable
No maximum limit of members; one partner should
be Indian
Registrar of Companies - register and control LLPs.