Commerce

COMMERCE PROJECT PARTNERSHIP FIRMS AND THEIR FORMATION SUBMITTED BY UDIT RAJHANSA syndicate XI/D dramatis personae NO -39 A union is a nominate shrivel between individuals who, in a shade of cooperation, agree to halt on an enterprise; contribute to it by combining property, friendship or activities; and share its profit. Partners may nurse 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 confederation is also considered to be a juristic entity, although opposite legal systems reach different conclusions on this point Indian PARTNERSHIP ACT 1932 The Indian union Act is panegyric to Contract Act. fundamental aliment 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, unacquainted(p) consent, la wful object, consideration and so on apply to federation contract also. alliance Contract is a co-occurrent subject - Contract, including partnership contract is a concurrent subject, covered in foundation 7 of List 3 (Seventh Schedule to Constitution). Indian Partnership Act is a underlying Act, but deposit governing hind end 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 not applicable to Jammu and Kashmir. outright liability is study disadvantage - The major disadvant! age of partnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can book the firm and the firm is liable for all liabilities incurred by any(prenominal) firm on behalf of the firm. If property of partnership firm is scrimpy 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 beat essay, order it on our website: BestEssayCheap.com

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