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level: basis of partnership

Questions and Answers List

level questions: basis of partnership

QuestionAnswer
define partnership act ?sec 4 of IPA 1932 say partnership is the relation between person who have agreed to share the profit of a business carried on by all or any one of then acting for all.
Essential element of partnership1. association of two or more person 2. agreement between person 3. business 4. sharing of profit 5. mutual agency
Association of two or more person. describe?1. at least 2 person 2. maximum no= as per partnership act its silent. but CoMPANY ACT sec 464 say there shld be maximun 50 person. 3. if no of maximum person exceeds the it will become illegal association
describe? agreement bet 2 person.the relation of partnership arise from contract not from status. agreement shld be expressed or implied voluntary and contractual in nature
describe business?sec 2(b) states business includes every trade, occupation and profession partnership can form for doing business and not for any charitable or social work.
sharing of profitits is ESSENTIAL CONDITION for partnership. but not the conclusive test. if only one partner is entitle to share profit then there will be no partnership bet them
mutal agency.CARDINAL PRINCIPAL of PA. each partner is the agent of firm as well as principal of he other partner. thus, a partner is both an agent and principal. he can bind others with his act and can be bound by the act of others also