Page 149 - DMGT407Corporate and Business Laws

Corporate and Business Laws Su Professional University

Notes Unit 6: Partnership Act and Limited Liability Act

CONTENTS
Objectives
Introduction
6.1 Meaning and Nature of Partnership
6.1.1 Other Legal Characteristics of Partnership Form of Organisation
6.1.2 Formation of Partnerships
6.1.3 ‘Partners’, ‘Firm’ and ‘Firm Name’ (s.4)

6.1.4 Test of Partnerships
6.1.5 Partnership Distinguished from some other Organisations
6.1.6 Partnership and Joint Hindu Family (JHF) Business
6.1.7 Various Forms of Partnership
6.2 Registration of Firms (Ss.58-59)
6.2.1 Application for Registration
6.2.2 Miscellaneous Provisions as regards Registration

6.2.3 Effects of Non-registration
6.3 Partnership Deed or Agreement or Articles of Partnership
6.4 Relations of Partners to One Another
6.4.1 Rights of Partners
6.4.2 Duties of Partners
6.4.3 Firm’s Property
6.4.4 Firm’s Goodwill
6.4.5 Personal Profits Earned by Partners
6.5 Relations of Partners to Third Parties

6.5.1 Implied Authority of a Partner
6.5.2 Matters in which there is no Implied Authority
6.5.3 Liabilities of a Partner
6.5.4 Liability of a Firm for Wrongful Acts of a Partner (Ss.26-27)
6.5.5 Implied Authority and Third Parties
6.5.6 Types of Partners
6.5.7 Minor as a Partner

6.6 Changes in a Firm
6.6.1 Rights and Liabilities of Incoming Partners
6.6.2 Rights and Liabilities of a Retired Partner
6.6.3 Expulsion of a Partner
Contd...

142 LOVELY PROFESSIONAL UNIVERSITY