Firm - Law Dictionary Search Results
Home Dictionary Name: firmFirm
Firm, a firm is not a legal entity. It is only a collective or compendious name for all the partners. In other words, a firm does not have any existence away from its partners. A decree in favour of or against a firm in the name of the firm has the same effect as a decree in favour of or against the partners. While the firm is incurring a liability it can be assumed that all the partners were incurring that liability and so the partners remain liable jointly and severally for all the acts of the firm. This principle cannot be stretched and extended to such situations in which the firm is deemed to be a person and hence a legal entity for certain purpose, Dena Bank v. Bhikhabhai Prabhudas Parekh, (2000) 5 SCC 694: AIR 2000 SC 3654 (3660).The name of style under which any business is established. 'Partners who have entered in partnership with one another are' for the purposes of the Partnership Act (see PARTNERSHIP) called collectively a firm, and the name under which their business is c...
Partners of a firm
Partners of a firm, the status of a partner qua the firm with reference to the provisions of the Partnership Act, the concept of 'employer' and 'employee' and the importance of the definition of 'wages' as also various Indian and foreign decisions are clearly indicative of the principle that a partner who belongs to the class of employer cannot rank as employee because he also works for wages for the partnership. In common parlance the status of a partner qua the firm is thus different from em-ployees working under the firm. It may be that a partner is being paid some remuneration for any special attention which he devotes but that would not involve any change of status and bring him within the definition of employee. In a partnership firm, which is not a legal entity, each partner acts as an agent of the other. The position of a partner qua the firm is thus not that of a master and a servant or employer and employee which concept involves an element of subordination but that of equali...
Partnership firm of Hindu undivided family
Partnership firm of Hindu undivided family, a firm in a partnership and a Hindu undivided family are recognised as legal entities and as such proceedings can only be taken against the firm or un divided family as the case may be. Neither the partners of the firm nor the members of the Hinduundivided family will be liable for the tax assessed against the firm or the undivided Hindu family, Commissioner of Sales Tax v. Radhakirhshan, AIR 1979 SC 1588: (1979) 2 SCC 249: (1979) 2SCR 33....
Firm
Fixed hence closely compressed compact substantial hard solid applied to the matter of bodies as firm flesh firm muscles firm wood...
Act of a firm
Act of a firm, means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm. [Indian Partnership Act, 1932 (9 of 1932), s. 2(a)]...
firm
firm [German Firma, from Italian, signature, ultimately from Latin firmare to make firm, confirm] 1 : the name or title under which a company transacts business 2 : a partnership of two or more persons that is not recognized as a legal person distinct from the members composing it 3 : a business unit or enterprise ...
Blanch-firmes
Blanch-firmes. In ancient times the Crown rents were many times reserved in libiris albis or blanch-firmes, in which case the buyer was holden dealbare firman, i.e., his base money or coin, below standard, was melted down in the Exchequer, and reduced to the fineness of standard silver, or instead thereof, he paid twelve pence in the pound by way of addition, Jac. Law Dict....
Enemy or 'enemy subject' or 'enemy firm'
Enemy or 'enemy subject' or 'enemy firm' means a person or country who or which was an enemy, an enemy subject or an enemy firm, as the case may be, under the Defence of India Act, 1962 (51 of 1962), and the Defence of India Rules, 1962 2[or the Defence of India Act, 1971 (12 of 1971), and the Defence of India Rules, 1971], but does not include a citizen of India. [Enemy Property Act, 1968 (34 of 1968), s. 2(b)]...
Firm name
Firm name, the name under which partners' business is carried on is called the 'firm name', Dulichand Laxminarayan v. Commissioner of Income Tax, AIR 1956 SC 354: (1956) SCR 154....
Refusal to register a firm
Refusal to register a firm, the words 'refusal to register a firm' in s. 30 of the Income Tax Act are wide enough to take in the orders made under Rr. 6A and 6B of the Income Tax Act refusing to renew the registration and also cancelling the certificate so renewed, Sir Hukumchand and Mannalal Co. v. C.I.T., AIR 1966 SC 1552 (1554): (1966) 3 SCR 193....
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial