Commerce

COMMERCE PROJECT PARTNERSHIP FIRMS AND THEIR FORMATION SUBMITTED BY UDIT RAJHANSA discipline XI/D dramatis personae NO -39 A union is a nominate shrivel between individuals who, in a life story of cooperation, agree to halt on an enterprise; contribute to it by combining property, friendship or activities; and share its profit. Partners may agree a companionship agreement, or declaration of fusion and in some jurisdictions, such(prenominal) agreements may be registered and available for public inspection. In m whatever countries, a confederation is also considered to be a juristic entity, although diametrical legal systems reach different conclusions on this point Indian PARTNERSHIP ACT 1932 The Indian union Act is panegyric to Contract Act. prefatory purvey of Contract Act take for to contract of compact also. Basic requirements of contract i.e. leg wholey enforceable agreement, mutual consent, parties competent to contract, openhanded consent, l awful object, consideration and so on apply to union contract also. partnership Contract is a co-occurrent subject - Contract, including partnership contract is a concurrent subject, covered in ingress 7 of List 3 (Seventh Schedule to Constitution). Indian Partnership Act is a underlying Act, but declare disposal throw out also die legislation on this issue.

though Partnership Act is a Central Act, it is administered by State Governments, i.e. work of registration of firms and link up matters is looked after by each State Government. The Act is non applicable to Jammu and Kashmir. interminable liabilit y is study disadvantage - The major disadva! ntage of partnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can follow the firm and the firm is liable for all liabilities incurred by whatsoever firm on behalf of the firm. If property of partnership firm is meagre to meet liabilities, personal property of any partner can be attached to pay the debts of the firm. Partnership Firm is not a legal entity -...If you want to draw a in full essay, order it on our website: BestEssayCheap.com

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