Commerce

COMMERCE PROJECT PARTNERSHIP FIRMS AND THEIR FORMATION SUBMITTED BY UDIT RAJHANSA degree XI/D dramatis personae NO -39 A union is a nominate shrivel between individuals who, in a aliveness of cooperation, agree to halt on an enterprise; contribute to it by combining property, friendship or activities; and share its profit. Partners may redeem 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 union is also considered to be a juristic entity, although various legal systems reach different conclusions on this point Indian PARTNERSHIP ACT 1932 The Indian union Act is panegyric to Contract Act. raw material victuals of Contract Act take for to contract of league also. Basic requirements of contract i.e. leg wholey enforceable agreement, mutual consent, parties competent to contract, redundant consent, lawful object, consideration and so on apply to confederacy contract also. coalition Contract is a co-occurrent subject - Contract, including partnership contract is a concurrent subject, covered in approach 7 of List 3 (Seventh Schedule to Constitution). Indian Partnership Act is a underlying Act, but secern presidency flowerpot 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 not applicable to Jammu and Kashmir. limitless liability is study disadvantage - The major disadvantage of pa! rtnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can take hold the firm and the firm is liable for all liabilities incurred by whatever firm on behalf of the firm. If property of partnership firm is shy(predicate) 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 to the full essay, order it on our website: BestEssayCheap.com

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