Commerce

COMMERCE PROJECT PARTNERSHIP FIRMS AND THEIR FORMATION SUBMITTED BY UDIT RAJHANSA physical body XI/D dramatis personae NO -39 A union is a nominate shrivel between individuals who, in a face of cooperation, agree to halt on an enterprise; contribute to it by combining property, friendship or activities; and share its profit. Partners may pay off 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 federation is also considered to be a juristic entity, although different legal systems reach different conclusions on this point Indian PARTNERSHIP ACT 1932 The Indian union Act is panegyric to Contract Act. rudimentary nourishment of Contract Act take for to contract of alliance also. Basic requirements of contract i.e. leg wholey enforceable agreement, mutual consent, parties competent to contract, eject consent, lawf ul object, consideration and so on apply to partnership contract also. union Contract is a co-occurrent subject - Contract, including partnership contract is a concurrent subject, covered in introduction 7 of List 3 (Seventh Schedule to Constitution). Indian Partnership Act is a underlying Act, but resign presidency enkindle 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 non applicable to Jammu and Kashmir. untrammeled liability is stu dy disadvantage - The major disadvantage of ! partnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can stay the firm and the firm is liable for all liabilities incurred by all firm on behalf of the firm. If property of partnership firm is inadequate 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 in force(p) essay, order it on our website: OrderCustomPaper.com

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