Bare Act Search Results

Indian Partnership Act, 1932 Section 7

Title: Partnership at Will

State: Central

Year: 1932

Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is `partnership at will.

Indian Partnership Act, 1932 Section 43

Title: Dissolution by Notice of Partnership at Will

State: Central

Year: 1932

(1) Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. (2) The firm is dissolved as from the date mentioned in the notice as the date of dissolution or, if no date is so mentioned, as from the date of the communication of the notice.

Indian Partnership Act, 1932 Chapter II

Title: The Nature of Partnership

State: Central

Year: 1932

.....a firm, or whether a person is or is not a partner in a firm, regard shall be had to the real relation between the parties, as shown by all relevant facts taken together. Explanation 1.The sharing of profits or of gross returns arising from property by persons holding a joint or common interest in that property does not of itself make such persons partners. Explanation 2.The receipt by a person of a share of the profits of a business, or of a payment contingent upon the earning of profits or varying with the profits earned by a business, does not of itself make him a partner with the persons carrying on the business; and in particular, the receipt of such share or payment (a) by a lender of money to persons engaged or about to engage in any business, (b) by a servant or agent as remuneration, (c) by the widow or child of a deceased partner, as annuity, or (d) by a previous owner or part owner of the business, as consideration for the sale of the goodwill or share thereof, does not of itself make the receiver a partner with the persons carrying on the business. Section 7 - Partnership at will Where no provision is made by contract between the partners for the.....

Indian Partnership Act, 1932 Complete Act

State: Central

Year: 1932

.....therein means any person who is not a partner in the firm; and (e) expressions used but not defined in this Act and defined in the Indian Contract Act, 1872 (9 of 1872), shall have the meanings assigned to them in that Act. SECTION 03: APPLICATION OF PROVISIONS OF ACT 9 OF 1872 The unrepealed provisions of the Indian Contract Act, 1872, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms. CHAPTER II: THE NATURE OF PARTNERSHIP SECTION 04: DEFINITION OF "PARTNERSHIP", "PARTNER", "FIRM" AND "FIRM NAME" "Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are called individually "partners" and collectively a "firm", and the name under which their business is carried on is called the "firm name". SECTION 05: PARTNERSHIP NOT CREATED BY STATUS The relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying business as.....

Indian Partnership Act, 1932 Chapter VI

Title: Dissolution of a Firm

State: Central

Year: 1932

.....that of the firm within a specified period or within specified local limits; and notwithstanding anything contained in section 27 of the Indian Contract Act, 1872, (9 of 1872), such agreement shall be valid if the restrictions imposed are reasonable. Section 55 - Sale of goodwill after dissolution (1) In settling the accounts of a firm after dissolution, the goodwill shall, subject to contract between the partners, be included in the assets, and it may be sold either separately or along with other property of the firm. Rights of buyer and seller of goodwill.(2) Where the goodwill of a firm is sold after dissolution, a partner may carry on a business competing with that of the buyer and he may advertise such business, but, subject to agreement between him and the buyer, he may not,X (a) use the firm name, (b) represent himself as carrying on the business of the firm, or (c) solicit the custom of persons who were dealing with the firm before its dissolution. Agreements in restraint of trade.(3) Any partner may, upon the sale of the goodwill of a firm, make an agreement with the buyer that such partner will not carry on any business similar to that of the firm within a.....

Indian Partnership Act, 1932 Complete Act

Title: Indian Parternership Act, 1932

State: Central

Year: 1932

.....in an emergency Section22 - Mode of doing act to bind firm Section23 - Effect of admissions by a partner Section24 - Effect of notice to acting partner Section25 - Liability of a partner for acts of the firm Section26 - Liability of the firm for wrongful acts of a partner Section27 - Liability of firm for misapplication by partners Section28 - Holding out Section29 - Rights of transferee or a partners interest Section30 - Minors admitted to the benefits of partnership Chapter V Section31 - Introduction of a partner Section32 - Retirement of a partner Section33 - Expulsion of a partner Section34 - Insolvency of a partner Section35 - Liability of estate of deceased partner Section36 - Rights of outgoing partner to carry on competing business Section37 - Right of outgoing partner in certain cases to share subsequent profits Section38 - Revocation of continuing guarantee by change in firm Chapter VI Section39 - Dissolution of a firm Section40 - Dissolution by agreement Section41 - Compulsory dissolution Section42 - Dissolution on the happening of certain contingencies Section43 - Dissolution by notice of partnership at will Section44 - Dissolution by.....

Indian Partnership Act, 1932 Chapter III

Title: Relations of Partners to One Another

State: Central

Year: 1932

.....be implied by a course of dealing. Agreements in restraints of trade. (2) Notwithstanding anything contained in section 27 of the Indian Contract Act, 1872, (9 of 1872), such contracts may provide that a partner shall not carry on any business other than that of the firm while he is a partner. Section 12 - The conduct of the business Subject to contract between the partners,X (a) every partner has a right to take part in the conduct of the business; (b) every partner is bound to attend diligently to his duties in the conduct of the business; (c) any difference arising as to ordinary matters connected with the business may be decided by a majority of the partners, and every partner shall have the right to express his opinion, before the matter is decided, but no change may be made in the nature of the business without the consent of all the partners; and (d) every partner has a right to have access to and to inspect and copy any of the books of the firm. Section 13 - Mutual rights and liabilities Subject to contract between the partners, (a) a partner is not entitled to receive remuneration for taking part in the conduct of the business; (b) the partners.....

Indian Partnership Act, 1932 Section 17

Title: Rights and Duties of Partners

State: Central

Year: 1932

Subject to contract between the partners, (a) after a change in the firm.-where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before the change, as far as may be; (b) after expiry of the term of the firm, and.- where a firm constituted for a fixed term continues to carry on business after the expiry of that term, the mutual rights and duties of the partners remain the same as they were before the expiry, so far as they may be consistent with the incidents of partnership at will; and (c) where additional undertakings are carried out.-where a firm constituted to carry out one or more adventures or undertakings carries out other adventures or undertakings, the mutual rights and duties of the partners in respect of the other adventures or undertakings are the same as those in respect of the original adventures or undertakings.

Limited Liability Partnership Act, 2008 Complete Act

State: Central

Year: 2008

.....constituted under sub- sec. (1) of Sec. 10-FB of the Companies Act, 1956 (1 of 1956). (2) Words and expressions used and not defined in this Act but defined in the Companies Act, 1956 (1 of 1956) shall have the meanings respectively assigned to them in that CHAPTER 2 NATURE OF LIMITED LIABILITY PARTNERSHIP Section 3 Limited liability partnership to be body corporate (1) A limited liability partnership is a body corporate formed and incorporated under this Act and is a legal entity separate from that of its partners. (2) A limited liability partnership shall have perpetual succession. (3) Any change in the partners of a limited liability partnership shall not affect the existence, rights or liabilities of the limited liability partnership. Section 4 Non-applicability of the Indian Partnership Act, 1932 Save as otherwise provided, the provisions of the Indian Partnership Act, 1932 (9 of 1932) shall not apply to a limited liability partnership. Section 5 Partners Any individual or body corporate may be a partner in a limited liability partnership: Provided that an individual shall not be capable of becoming a partner of a limited liability partnership, if- (a) he.....

Indian Partnership Act, 1932 Chapter V

Title: Incoming and Outgoing Partners

State: Central

Year: 1932

.....of the firm within a specified period or within specified local limits; and, notwithstanding anything contained in section 27 of the Indian Contract Act, 1872 (9 of 1872), such agreement shall be valid if the restrictions imposed are reasonable. Section 37 - Right of outgoing partner in certain cases to share subsequent profits Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with the property of the firm without any final settlement of accounts as between them and the outgoing partner or his estate, then, in the absence of a contract to the contrary, the outgoing partner or his estate is entitled at the option of himself or his representatives to such share of the profits made since he ceased to be a partner as may be attributable to the use of his share of the property of the firm or to interest at the rate of six per cent per annum on the amount of his share in the property of the firm: Provided that whereby contract between the partners an option is given to surviving or continuing partners to purchase the interest of a deceased or outgoing partner, and that option is.....