Case study partnership act 1932

Short essay description
According to the Partnership Act SA , section 1 1 , a partnership is defined in four sections. These sections relate to a business which includes any trade, occupation or profession that is carrying on involving continuity and system in common in terms of mutuality of rights and obligations with all the partners, and lastly with a view to profit, therefore resulting in an incorporated limited partnership. A corporation, however, is defined as a separate legal entity from its owners that also. This introduction of internationally recognized Limited Partnership opens the gate way for foreign capital investment which helps the company in their initially setup start. A partnership is an agreement between minimum two known parties; also called as partners, who agree to work with mutual interest for a similar goal.
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Partnership Act 1932

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act of : Partnership Act, | CaseMine

This paper deals with the rights and liabilities of a minor with respect to a partnership, under S. A minor, while not being a full-fledged partner in any case, can only avail the benefits of such partnership via consent of all partners, not all of which can be minors. The position of law stands — minor partners are not personally liable for the losses suffered by the firm. After attaining majority, the minor can choose to stay with the partnership and subsequently become liable for losses, or severe relations altogether. A bare reading of Section 30 [i] makes it clear that the aforementioned section deals with the rights including but not limited to, various protections and liabilities of a minor who is entitled to the benefits of a partnership. That being said, sub-section 1 [ii] makes it very clear that the minor cannot in any case be a full-fledged partner in a partnership, but can only be admitted to the benefits of a partnership by consent of all the partners. A minor is someone who is yet to attain majority under the law of the land he is subject to.
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Indian Partnership Act,1932

Please join StudyMode to read the full document. Introduction The Indian Partnership Act , lays down the important provisions relating to partnership contracts. The subject of partnership is included in item 7 of the Concurrent List of in Seventh Schedule to the Constitution of India and therefore Parliament and Legislature of any State have power to make laws with respect to this matter as provided in Article of the Constitution.
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A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a company may be individuals, businesses, interest-based organizations, schools, governments, or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach.
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