8/4/2019 Case on the Basis of Partnership Deed

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Case on the basis of 

partnership deed

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Contents 

partnership1

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partnership

Partnership" is the relation betweenpersons who have agreed to share theprofits of a business carried on by all orany of them acting for all. The term isdefined as a voluntary contract betweentwo or more competent person to placetheir money, effects, labor and skill, orsome or all of them, in lawful commerce orbusiness, with the understanding that there

shall be a communion of the profits thereofbetween them

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partnership

. Halsbury defines a partnership as "the

relation which subsists between persons

carrying on a business in common with a

view of profit".

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Important elements necessary toconstitute partnership

There are four important elements necessary toconstitute partnership.

1.There must be an association of two or morepersons to carry on a business.

2.There must be an agreement entered into by all

the persons concerned. 3.The agreement must be to share the profits of a

business.4.The business must be carried on by all or any of the persons concerned acting for all

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Types of Partnership

partners. Now there are various types of partnerships.

1. Ordinary Partnerships

2. Limited Partnerships

3. Partnership at-will

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Dissolution of firm

dissolution without the intervention of court

1. by agreement

2. compulsory resolution

dissolution by the order of the court

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Process or t e sso ut on o aPartnership firm

The process requires a Rs. 250 stamp papercalled the dissolution deed which is submitted inNational bank through a challan form. After this,the partnership is required to inform the generalpublic through best possible means so an ad is

placed in a newspaper. The copies of N.I.C. of allpartners are attached to all the attesteddocuments. Later, when all the documents aresubmitted, the partners are required to report tothe office with their original N.I.C. from 9 am to11 am

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Dissolution by The Order of Court

1. Insanity.

2. Permanent incapacity.

3. Misconduct.

4. Persistent breaches.

5. Transfer of Interest.

6. Perpetual loss.

7. Just and Equitable

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Insanity. The partner has become of unsound

mind

Permanent Incapacity: a partner, other

than the partner suing, has become permanentlyincapable of performing his duties as partner

Misconduct: a partner, other thanpartner suing, is guilty of conductwhich is likely to affect prejudiciallythe carrying on of the business,regard being had to the nature of thebusiness

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Breach of Agreement: a partner, other than

partner suing, willfully or persistently commits breach of agreement relating to the management of the affairs of the firm.

Transfer of Interest. That a partner, other than

partner suing, has transferred whole of his interest in the

firm to a third party or has allowed his share to be sold inexecution of a decree.

Losses. The business of the firm cannot be continued

further on except at a loss.

Just and Equitable Cause. On any other

ground which renders it just and equitable that the firmshould be dissolved.

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procedure

Lawyer

Without informing

Partnership deed

Civil court

Court are liable

Stamp paper (1000)

According to the “specific relief act

1877 section42” 

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