Q: Write a brief overview of partnership act, 1932 ?

Ans: The partnership act, 1932 comprises of 74 sections and 2 schedules. 

Comments

Post a Comment

Popular posts from this blog

Q: What are the types of partner in partnership firm ?

Ans: The member of a partnership is called partners and it is not mandatory that all the partners are the same or all the partners participate in the conduct of the business or share the profit or losses equally. The partners are classified depending on the nature of work, the extent of liability, etc. There are basically six types of partner: 1. Active/managing partner: The partner who takes participation in the conduct of the business daily is known as active partner. This active  partner is also called an ostensible partner. 2. Sleeping/Dormant: The Sleeping or dormant partner does not participate in the conduct of the business but he is bound by the conduct of all the partners. 3. Nominal partner: The nominal partner  is a partner to the firm only by his name. In reality, the nominal partner has no significant or real interest in the firm. 4. Partner in profit only: The partner who agrees to share the profit but does not suffer losses. Such partner will not be liable for a...
Read more

Q: Elaborate section 41 of Indian Partnership Act, 1932 ?

Ans: Section 41 of Indian Partnership Act, 1932 mentions compulsory dissolution.  According to section 41(1) of partnership act, 1932, the partnership will be dissolved if one of the person gets insolvent. If the partners gets insolvent,  the business will have to be compulsorily dissolved. 'Delectus personae'  means personal skills and if the partners gets insolvent,  the personal skills will be compulsorily dissolved. According to section 37 of Indian Contract Act, the Contract gets dispensed and it needs not to be performed when the person who is to be performed lost his skills i.e., in case of death, physically disabled after Contract,  etc. According to section 41(2) of partnership act, 1932, if any event occurs and it becomes unlawful for any act, the partnership gets dissolved.  For instance: The prohibition of sale of liquor is illegal and the partnership becomes unlawful and gets dissolved. Suppose there are two businesses, i.e., one is of selling ...
Read more

Q: What are expressed and implied authority in partnership firm ?

Ans: The Authority in Partnership firm can be expressed Authority and implied authority.  The expressed authority in partnership firm means that it is specifically decided by all and it is mentioned that it is the authority of partner.  The actual authority is expressed authority.   The implied authority is assumed by some indirect permission and it is not expressed and mentioned about the authority of partner by direct permission.
Read more