General Partnership - Law Dictionary Search Results
Home Dictionary Name: general partnership Page: 3fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Account or Accompt
Account or Accompt [fr. compte, Fr., computo, Lat.], a registry of debts, credits, and charges, or a detailed statement of a series of receipts (credits) and disbursements (debits) of money-which have taken place between two or more persons. Accounts are either-(1) open, where the balance is not struck, or it is not accepted by all the parties; (2) stated, where it has been expressly or impliedly acknowledged to be correct by all the parties; and (3) settled, where it has been accepted and discharged. Stated and settled accounts may be investigated and reopened by the Court on the ground of fraud or fiduciary relationships. See SURCHARGE and FALSIFY.Companies under the Companies Act, 1929, must keep proper books of account, and present to the company in general meeting not less than 18 months after incorporation and subsequently at least once in every year a profit and loss account and balance sheet, to copies of which shareholders of all companies, except private companies, are entitl...
Business
Business, 'business' is a word of wide import. It has no definite meaning. Its perceptions differ from private to public sector or from institutional financing to commercial banking, Mahesh Chandra v. Regional Manager Uttar Pradesh Financial Corpn., AIR 1993 SC 935 (939): (1993) 2 SCC 279. [State Financial Corporation Act, (63 of 1951), s. 24]--Business would undoubtedly be property, unless there is something to the contrary in the enactment, J.K. Trust Bombay v. CIT, (1958) SCR 65: 1957 SCJ 845: AIR 1957 SC 846.Business includes the activities carried on by any public body, Halsbury's Laws of England, Vol. 20, 4th Edn., Para 546, p. 357. The term 'business' includes every trade, occupation and profession. The word 'business' has no technical meaning, but is to be read with reference to the subject and intent of the Act in which it occurs. The term 'business' means an affair requiring attention and labour as the chief concern; mercantile pursuits, that one does for livelihood, occupati...
Capital
Capital [fr. Capitalis; caput, Lat.]. The corpus of property of any description which may or may not be the source of a periodical or other return (fructus, produce or income). The word 'capital' when employed in Company Law is used in different senses. Nominal capital is the capital of a company so stated for the purposes of division into shares. It implies nothing more than that the company is possessed of money or assets of a stated value at the company's own valuation which may be, and often is, exaggerated or illusory. Working capital means the amount employable for the purposes of a company or any other undertaking or business. See ALTERATION OF CAPITAL, COMPANY, PROSPECTUS, DIRECTORS. In the Settled Land Act, 1925, capital money arising under the Act means capital money arising under the powers or provisions of that Act or Acts which it replaces, receivable for the purposes of a settlement and includes securities representing capital money. Elaborate provisions are contained in ...
Gazette
Gazette [fr. gaza, treasure; or gazetta, the name of a coin, about a farthing], the official newspaper of the Government, said to have been first published of Oxford in 1665; on the removal of the Court to London, the title was changed to the London Gazette. It is published on Tuesdays and Fridays, and contains all the acts of state, proclamations, and appointments to offices under the Crown; also all Orders in Council, and such other Orders, Rules, and Regulations as are directed by Act of Parliament to be published therein; also dissolu-tions of partnership, and notices of proceedings in bankruptcy. There is also an Edinburgh Gazette. It is presumed that another Gazette will be issued for N. Ireland, which will be of the same effect as the Dublin Gazette; with regard to S. ireland it does not seem certain what steps will be taken in this direction. By various Acts (especially the (English) Documentary Evidence Acts, 1868, 1882, and 1895) publication in the Gazette is made evidence of...
Hindu undivided family
Hindu undivided family, A Hindu undivided family is a fleeting body. Its composition changes by births, deaths, marriages and divorces. Such a partnership is likely to have a precarious existence, Messrs Agarwal and Co. v. Commissioner of Income-tax, AIR 1970 SC 1343: (1971) 1 SCR 237: (1970) 2 SCC 48.The expression 'Hindu undivided family' in the Income-tax Act is used in the sense in which a Hindu joint family is understood under the various schools of Hindu law (see Attorney-General of Ceylon v. Ar. Arunachalam Chettiar (1958) 34 ITR 42: 1957 AC 540) and Gowli Buddanna v. CIT. (supra). In the case of CIT v. Rm. Are. Veerappa Chettiar, ((1970) 3 SCR 307: (1970) 76 ITR 467: (1970) 1 SCC 174) the Supreme Court observed that under the Hindu law it is not predicated of a Hindu joint family that there must be a male members. It was accordingly held that so long as the property which was originally of the joint Hindu family remains in the hands of the Widows of the members of the family an...
Institutions
Institutions. It was the object of Justinian to comprise in his Code and Digest, or Pandects, a complete body of law. But these works were not adapted to the purposes of elementary instruction, and the writings of the ancient jurists were no longer allowed to have any authority, except so far as they had been incorporated in the digest, Smith's Dict. of Antiq. It was therefore necessary to prepare an elementary treatise, and the Institutes were published a month before the Pandects, A.D. 533, and designed as an elementary introduction to legal study (legum cunabula). The work was divided into four books, subdivided into titles.The Institutes are the elements of the Roman Law, and were composed at the command of the Emperor Justinian, by Trebonian, Dorotheus, and The ophilus, who took them from the writings of the ancient lawyers, and chiefly from those of Gaius especially from his Institutes and his books called Aureorum (i.e., of important matters).The Institutes are divided into four...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
Office
Office, an employment, either judicial, municipal (see CORPORATE OFFICE), civil, military, or ecclesiastical.As to obtaining offices by desert only, the repealed 12 Ric. 2, c. 2, enacted that--The Chancellor, Treasurer, . . . the Justices of the one bench and the other, Barons of the Exchequer and all other that shall be called to ordain, name, or make justices of the peace, sheriffs, . . . or any other officer or minister of the King shall be firmly sworn that they shall not ordain name, or make justice of peace, sheriff . . . nor other officer or minister of the King for any gift or brocage, favour or affection: nor that none that pursueth by him or by other privily or openly to be in any manner of office shall be put in the same office or in any other; but that they make all such officers and ministers of the best and most lawful men, and sufficient to their estimation and knowledge.Officia magistratus non debent esse venalia, (The offices of a magistrate ought not to be saleable.)L...
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