THE INDIAN PARTNERSHIP ACT

THE INDIAN PARTNERSHIP ACT
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Dr.NishaGupta,India,Teacher
Published Date:25-07-2017
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Relations of Partner Unit 2Part 3/3 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Learning Objectives Rights of Transferee of a partner’s Share Sec.29 Legal Consequences of Partner Coming in or Going Out Sec. 31 to 38 Rights of Transferee of a Partner’s Share Sec.29 A partner may transfer his share like any other property by sale, mortgage. Dissolution or Retirement of Continuance of partnership Transferring Partner Continuance of Partnership Not Entitled Entitled Receive Interfere in Share of Conduct of Profits Business Account of Require profits Accounts agreed Inspect books of Accounts Dissolution or Retirement of Transferring Partner Share of Assets of Transferring Partner Accounts as For from date of Ascertaining his dissolution share Legal Consequences of Partner Coming in or Going Out Sec. 31 to 38 Introduction of a Retirement of a Expulsion of a partner Sec.31 partner Sec.32 partner Sec.33 Insolvency of a Death of a partner Rights of Outgoing partner Sec.34 Sec.35 partner Sec.36 Revocation of Continuing guarantee due to reconstitution of firm Sec.38 Introduction of a partner Sec.31 A person can be admitted as a partner With consent of all Contract between partners existing partners Introduction of a partner Sec.31 Liability of Partner for Firm’s Act From date of admission Liable for acts Minor on done before attaining Admission majority New Firm Creditors Liable for acts assumes accepts new since he was liabilities of old firm admitted as firm Novation partner Retirement of a partner Sec.32 Retirement of a partner Partnership Consent of Express at will By all partners agreement notice Retirement of a partner Sec.32 Liability of Partner for Firm’s Act Retirement Liable for acts Liable for acts done before done After Retirement Retirement Tripartie Discharge agreement. Firm, Till Public through Third party, Notice is Given novation Retiring Partner Rights of Retiring Partner Sec.36 & 37 Without Using Carry on Firm Name Competing businessSec.36 Solicits Old Customer’s Right of Outgoing Share in subsequent partners profits of Firm Share Or Subsequent Interest at 6% ProfitsSec.37 Till accounts are finalized Insolvency of a partner Sec.34 Insolvent partner cannot continue as a partner Ceased to become partner from date of order of adjudication Estate is not liable for acts of firm after date of order of adjudication Firm not liable for act of insolvent partner after date of order of adjudication Expulsion of a partner Sec.33 Express power If, otherwise expelled Majority Expulsion is Null & Void. Good faith Expulsion Expulsion of a partner Sec.33 Interest of Firm Test of Notice Good Faith Opportunity Death of a Partner Sec.35 Dissolution of Firm No liability after death No public notice Revocation of Continuing Guarantee by Change in Firm Sec.38 Guarantee extending to series of Transactions Revoked due to change in Constitution of Firm By agreement, can be changed Questions MCQ Questions Question No.1 A person may be admitted as a new partners: A In accordance with a contract between the existing partners or with the consent of all the existing partners B In accordance with a contract between the existing partners or with the consent of all the existing partners subject to the provisions of section 30 of the Act. C After obtaining specific approval of the Registrar of Firms & Societies to this Act. DBy simply taking the consent of the new partner Ans B Question No.2 A Partner may retire with the consent of: A Majority of the Partners B Senior partners C All other Partners D None of These Ans C Question No.3 A Partner may retire from an existing firm: A with the consent of all partners B as per express agreement C by written notice in partnership at will D all of the above. Ans D

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