types of partners, partnership deed & registration of partnersip firm

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In this there is meaning of partnership,partner, firm name and Types of partners, partnership deed & registration of partnersip firm.

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NAME - PUNEET GUPTA CLASS - XIth - B ROLL NO. - 11222 SUBJECT - BUSINESS STUDIES :

NAME - PUNEET GUPTA CLASS - XI th - B ROLL NO. - 11222 SUBJECT - BUSINESS STUDIES

TOPIC - TYPES OF PARTNERS, PARTNERSHIP DEED & REGISTRATION OF PARTNERSHIP FIRM:

TOPIC - TYPES OF PARTNERS, PARTNERSHIP DEED & REGISTRATION OF PARTNERSHIP FIRM

First we know that what is partnership ?:

First we know that what is partnership ? "Partnership is the relation between two or more persons who have agreed to share the profits as well as loss of a business carried on by all or any of them acting for all".

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In case of partnership firm carrying on a banking business no. of partners 10 In case of partnership firm carrying on any other business no. of partners 20 Persons who have agreed into partnership with one another are called individually ‘ PARTNERS ’ and the name under which their business is carried on is called the ‘ FIRM NAME’ Now what is Partners & Firm Name

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Different types of partners in partnership Contributes in capital Active partner :- Participate in management Shares profits & losses Unlimited liability towards the creditors

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Sleeping or Dormant partner Contributes in capital Does not take part in management Shares profits & losses Unlimited liability towards the creditors

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Association wants that this partner is unknown to general public. Contributes in capital. Participate in management. Shares profits & losses. Unlimited liability towards the creditors Secret Partner

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He allows the use of his/her name by a firm. Does not contribute in capital. Does not take part in management. Generally does not shares profits & losses. Unlimited liability towards the creditors. Nominal Partner

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By behaviour, initiatives & impression of person that show he is a partner of a firm. Does not contribute in capital. Does not take part in management. Does not shares profits & losses. Unlimited liability towards the creditors. Partner by Estoppel

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He allows himself /herself to be represented as a partner in a firm. Does not contribute in a capital. Does not take part in management. Does not shares profits & losses. Unlimited liability towards the outside creditors. Partner by Holding Out

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The document containing the agreement in writing amongst partners is called Partnership Deed. Thus, partnership deed is a written agreement between two or more persons for managing the affairs of a partnership firm. The partnership Deed is to be duly stamped as per the Indian Stamp Act, and duly signed by all the partners. Partnership Deed :-

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Name and address of a firm. Nature of business. Date of commencement of partnership. Name, description and adddresses of a partner. Amount of capital to be contributed by a partners. Ratio in which profits or losses are to be shared by a partners. Partner is to be paid a salary, commission etc. then how much? Content of Partnership Deed :-

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Rules to be followed in case of admission, retirement or death of a partner. Interest on capital and interest on drawing. The date on which accounts shall be closed every year. Method of solving disputes. Procedure for dissolution of the firm.

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Registration of a partnership firm means entering of a firm's name in the Register of Firm kept with the Registrar. It is not obligatory.It is optional. Registration of a Partnership Firm :-

Now discuss the limitations of a Non-Registered firm:

Now discuss the limitations of a Non-Registered firm They can't file a suit against the firm They can't file a suit against any third party for the recovery of claims. Partner of unregistered firm can't file a suit against the firm or any other partner.

Procedure of Registration:

Procedure of Registration Submission of applicant in prescribed form (signed by all partners) to the Registrar of Firms. It contain the following particulars: Name of the firm Location of the firm Name of other places where the firm carries on business Date of admisson of partners in the firm Names and permanent addresses of the partner. Duration of partnership

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2. Deposits of registration fees with Registrar of Firms. 3. After approval will make an entry in the register of firm. 4. And will issue a certificate of registration, and this is a proof of existence of a firm.

Questions and Answers:

Questions and Answers Is agreement necessary for partnership between partners? Ans. Yes, there must be an agreement between the partners of a partnership firm. Is registration necessary for partnership ? Ans. No, registration is not necessary but registered firms enjoy better legal position in comparison to unregistered firm.

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Can a sleeping partner see the accounts of the firm ? Ans. Yes, Every partner whether active or dormant, has a right of free access to all records. Can a partner stop entry of a new partner ? Ans. Yes, a partner of firm stop the entry of a new partner. Can a partner on his own open a banking account on behalf of the firm in his own name? Ans. No, not without others permission.

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Can a partner on his own transfer immovable property belonging to the firm? Ans. No, not without others permission. What is a proof of existence of partnership firm? Ans. 'Certificate of Registration' is the proof of existence of partnership firm. How should partners share profit and losses in the absence of agreement ? Ans. Shares the profits and losses equally, unless in different proportions.

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Is an unregistered firm an illegal association ? Ans. No an unregistered firm is not an illegal association.

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Thank You

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