PARTNERSHIP ACT 1932/ Types of Partner

The Indian Partnership Act or 'Indian Partnership Act' is an Act passed by the Parliament of India in 1932 that regulates partnership firms. Prior to its passage, participation was governed by certain sections of the Indian Contract Act 1872. This Act is governed by the Ministry of Corporate Affairs.
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1. P A R T NERSH I P ACT 1932

2. CONTENT OF PRESENTATION : 🠶 INTRODUCTION OF PARTNERSHIP. 🠶 DEFINTION OF PARTNERSHIP . 🠶 MEANING OF PARNTERSHIP . 🠶 NATURE OF PARTNERSHIP . 🠶 ESSENTIALS OF PARTNERSHIP. 🠶 RIGHTS AND DUTIES OF PARNTER IN PARTNERSHIP ACT . 🠶 TYPES OF PARTNER.

3. I N T R O DU C T I ON : 🠶 The provisions of governing a partnership are specified in the partnership act of 1932. As per section 1of the act ,the indian parntership act came into force on 1 oct 1932and is enforciable in all parts of the country except the state Jammu and Kashmir . Before the enactment of the partnership act in 1932 ,the regulations governing partnership were a part of the Indian contract act ,1872,and it was felt that the act did not cover all the possible situations in a partnership ,and a separate partnership act was enacted .

4. DEFINITIONS OF PARTNERSHIP: 🠶 Partnership is a association of person with the object of jointly doing something to make a profit. In other words , when two or more persons , with the object to jointly doing something to make a profit . 🠶 Partnership is an agreement between persons having contractual capacity to carry on a business in common with a view to private gain. - L .H . H a ney

5. MEANING OF PARTNERSHIP : 🠶 According to the Indian partnership act of 1932, a partnership can be defined as a “ relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all’ 🠶 "Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all .

6. NATURE OF PARTNERSHIP : 🠶 Association of two or more than two persons. 🠶 Result of an agreement between two or more persons . 🠶 A g ree m e n t m u s t b e a s h are p r o f i t o f a bu s i n e s s . 🠶 Business must be carried on by all or any of them acting for all. 🠶 Unlimited liability . 🠶 Re s t r i c t i o n o n t ra n s f er o f i nt ere s t . 🠶 Agreement must be to carry on some business.

7. ESSENTIALS OF PARTNERSHIP: 🠶 T h ere m u s t b e a c ont ract . 🠶 Be t w een t w o o r m o re p er s on s . 🠶 Who agree to carry on a business. 🠶 With the object of sharing profits. 🠶 The business must be carried on by all or any of them acting for all . ( i . e . , th ere m u s t b e m u t u al a g e n c y )

8. 🠶 R i g ht s t o t a k e p ar t s i n th e c ondu ct o f bu s i n e s s . 🠶 R i g h t t o e x p re s s op e n i o n . 🠶 R i g h t o f acce s s t o acc oun t s . 🠶 Right to share in profit. 🠶 Interest on capital. 🠶 R i g h t t o i nt ere s t o n a dd i t i on al ca p i t al o r lo an . 🠶 R i g h t i n th e f i r m s p r op er t y . 🠶 R i g h t t o s h are i n p r o f i t s a f t er re t i er m e n t . RIGHTS OF PARTNERS:

9. DUTIES OF PARTNERS: 🠶 To work for common advantage . 🠶 T o b e f a i th f u l t o o t h er p ar tn ers . 🠶 T o g i v e c o rrect acc oun t s . 🠶 T o g i v e c o rrect i n f o r m a t i o n . 🠶 To share profit and loss.

10. TYPES OF PARTNERS : 🠶 A c t i v e Par tn er / M a n a g i n g Par n t e r . 🠶 D o r m a n t / S l ee p i n g Par nt e r . 🠶 Nominal Partner. 🠶 Par tn er i n p r o f i t s onl y . 🠶 M i no r Par n t e r .