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Unit 10: Law of Partnership Act
Pooja, Lovely Professional University
Unit 10: Law of Partnership Act Notes
CONTENTS
Objectives
Introduction
10.1 Meaning and Nature of Partnership
10.1.1 Formation of Partnerships
10.1.2 Duration of Partnership
10.1.3 Partnership at Will
10.1.4 Particular Partnership
10.1.5 Limited Partnership
10.2 Registration of Firms (Secs.58-59)
10.2.1 Application for Registration
10.2.2 Registration of Firms is Optional
10.3 Partnership Deed
10.3.1 A Partnership can be Formed either by Oral or Written Agreement
10.3.2 Partnership Agreements and Contract Law
10.4 Relations of Partners to One Another
10.4.1 Rights of Partners
10.4.2 Duties of Partners
10.5 Relations of Partners to Third Parties
10.5.1 Implied Authority of a Partner
10.5.2 Liabilities of a Partner
10.5.3 Liability of a Firm for Wrongful Acts of a Partner (Secs.26-27)
10.6 Summary
10.7 Keywords
10.8 Self Assessment
10.9 Review Questions
10.10 Further Readings
Objectives
After studying this unit, you will be able to:
z State the meaning of partnership, partnership deed and types of partnership
z Explain distinction between partnership firm and co-ownership
z Discuss implied authority and third parties and implied authority
z Describe overview of the Limited Liability Partnership Act, 2008
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