Indian Partnership Act

Indian Partnership Act, 1932 Question 1.Briefly explain the difference between Partnership and Co-ownership. (June 2014, 4 marks)Answer:Difference between Partnership and Co-ownership. Basis of Distinction Partnership Co-ownership 1. Agreement It arises from an agreement. It may or may not arise from an agreement. 2. Business It is formed to carry on a business. It may or […]

Registration of a Firm & Dissolution of a Firm – CA Foundation Business Law Study Material Question 1.What is the procedure of registration of the firm? Explain.Answer:The registration of a partnership is not compulsory. Therefore an unregistered firm is not an illegal association. But an unregistered firm suffers from certain disabilities and therefore registration is […]

Relations of Partners – CA Foundation Business Law Study Material Question 1.Explain the rights of a partner, under the Indian Partnership Act, 1932.Answer:Rights of partnersSubject to contract between the partners, the Partnership Act confers the following rights upon the partners of a firm:   1. Right to take part in the conduct of the business […]

General Nature of Partnership – CA Foundation Business Law Study Material Question 1.Define Partnership. Discuss the essential elements of Partnership.Answer:Section 4 of the Indian Partnership Act, 1932, lays down that “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them […]