March 2, 2021

Indian Partnership Act Notes and Reading Materials

Partnership Act

Partnership and the Nature of Partnership under the Indian Partnership Act (Click Here)

  • Definition of” Partnership”, “Partner”, “Firm” arid “firm name”.
  • Partnership not created by status
  • Mode of determining existence of partnership
  • Partnership at will
  • Particular partnership

Rights and Duties of Partners under Indian Partnership Act (Click Here)

  • General duties of partners
  • Duty to indemnify for loss caused by fraud
  • Determination of rights and duties of partners by contract between the partners
  • The conduct of the business
  • Mutual rights and liabilities
  • The property of the firm.
  • Application of the property of the firm
  • Personal profits named by partners
  • Rights and duties of partners

Relation of Partners under Partnership Act to Third Parties (Click Here)

  • Partners to be agent of the
  • Implied authority of partner as agent of the firm
  • Extension and restriction of partner’s implied  authority
  • Partner’s authority in an emergency
  • Mode of doing act to bind firm
  • Effect of admissions by a partner
  • Effect of notice to acting partner
  • Liability of a partner for acts of the firm
  • Liability of the firm for wrongful acts of a partner
  • Liability of firm for misapplication by partners Holding out
  • Rights of transferee of a partner’s interest
  • Minors admitted to the benefits of partnership.

Incoming and Outgoing Partners under Indian Partnership Act (Click Here)

  • Introduction of a partner
  • Retirement ota partner
  • Expulsion of a partner
  • Insolvency a partner
  • Liability of estate of deceased partner
  • Rights of outgoing partner to carry on competing business
  • Right of outgoing partner in certain cases to share subsequent profits
  • Revocation of continuing guarantee by change in firm

Dissolution of a Partnership Firm (Click Here)

  • Dissolution of firm
  • Dissolution by agreement
  • Compulsory dissolution
  • Dissolution on the happening of certain contingencies
  • Dissolution by notice of partnership at will
  • Dissolution by the Liability for acts of partners done after dissolution
  • Right of partners to have business wound up after dissolution.
  • Continuing authority of partners for purposes of winding up
  • Mode of settlement of accounts between partners
  • Payment of firm debts and of separate debts
  • Personal profits earned after dissolution
  • Return of premium on premature dissolution
  • Rights where partnership contract is rescinded for fraud or misrepresentation
  • Rights to restrain from use of firm name or firm property
  • Agreements in restraint of trade
  • Sale of good will after dissolution

Registration of Partnership Firm in India and Effect of Non-registration of Partnership Firm (Click Here)

And Procedure for Registration of Firms under Partnership Act (Click Here)

  • Power to exempt from application of this Chapter
  • Appointment of Registrar
  • Application of registration
  • Registration
  • Recording of alterations in firm name and principal place of business
  • Noting of closing and’opening of branches
  • Noting of changes in names and addresses of partners
  • Recording of changes in and dissolution of a firm
  • Rectification of mistakes
  • Amendment of Register by order of court
  • Inspection of Register and filed documents
  • Grant of copies
  • Rules of evidence
  • Effect of non- registration
  • Penalty for furnishing of false particulars
  • Power to make rules
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