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Description: Short and understanding notes for partnership firm
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CHAPTER-2
FUNDAMENTAL OF PARTNERSHIP
PARTNERSHIP= According to section 4 of
Indian partnership Act,1932,”Partnership is a
relation between two or more persons who have
agreed to share profits and loss of a business
carried on by all or any of them acting for all
...
of Persons:Minimum-2 persons
Maximum-50 persons { according to section
464 of Indian Companies Act 2013 }
Essential Elements of Partnership
Two or more persons
Agreement
Share of profit and loss
Mutual agency
Rights of a PARTNER:-
1
...
2
...
3
...
4
...
5
...
Duties of Partners
To carry on the business with the greatest
common advantage
...
To devoted time and attention to the business
of the partnership
...
Not to assign his interest in the business to
any other person, unless with the consent of
all partners
...
It also called “ARTICLES OF
PARTNERSHIP
...
Name and address of the firm_________
...
Name and address of the partners
...
The type and nature of the business
...
Interest on capital
...
Drawings and interest on drawings
...
Profit sharing ratio
...
Salary of partners
8
...
9
...
10
...
IMPORTANCE OF PARTNERSHIP DEED
Partnership deed and its registration is not compulsory
but it is always better to have the agreement writing fir
the following reasons:-
• To help is setting desputr
...
• It regulates the powers of each partners
...
Profit and loss of partnership will distributes
equally
...
Interest on loan and advances allowed 6% p
...
Interest on capital, salary or commission, interest
on drawings will not allowed
Description: Short and understanding notes for partnership firm