This is a presentation slides for law 3_9_partnership_i.ppt

This is a presentation slides for law 3_9_partnership_i.ppt

1. Previous Lecture
Discharge of Contracts &
Remedies

2. Partnership - 1
Lecture # 9

3. Partnership
Partnership Act 1932
Partnership Deed

4. Law of Partnership
Partners
Partnership
Firm

5. Registration of Firms
•The Name of the Firm
–District

6. Registration of Firms
•Principal place of Business
–Head Office

7. Registration of Firms
•Other Places, where Firm carries on
Business
–Pakistan (may be)

8. Registration of Firms
•Joining date of partners to Firms
–Same date or any other

9. Registration of Firms
•Name & Addresses of Partners
–Name
–Father/ Husband Name
–Present Address
–Permanent Address
–CNIC No

10. Registration of Firms
•Duration of Firm
–Specific Date
–Completion of Undertaking
–End of Some Event

11. Effect of Non Registration
•Such Firm cannot file a suit

12. Effect of Non Registration
•Any Person cannot file a suit against such
Firm

13. Effect of Non Registration
•Partner cannot enforce his rights against
the such Firm

14. Penalty for a False Statement
•Fine
•Imprisonment for 3 months
•Both

15. Definition and Nature of
Partnership
•Association of Two or More Persons
•Agreement
•Business
•Carry on by all or least one
•Sharing Profit

16. Classes of Partners
•Active Partner
–An invested person who is involved in the daily
operations of the partnership. An active partner helps
run the business to enhance his or her returns and is
therefore considered a material participant. This
person typically shares more risk and return versus a
limited or silent partner.

17. Classes of Partners
•Partner by Estoppel or Holding out
–Partner by estoppel -The person who falsely
represents himself as a partner is known as partner by
estoppel. If a person falsely represents himself as a
partner of any firm or behaves in a way that somebody
can have an impression that such person is a partner
and on the basis of this impression transacts with that
firm then that person is held liable to the third party.
–Partner by Holding out – if the firm declare that the
Partner by estoppel is indeed a partner & such partner
remains quite

18. Classes of Partners
•Dormant or Sleeping Partner

19. Classes of Partners
•Nominal Partner
–Not entitle of Profit

20. Classes of Partners
•Partner in Profits Only

21. Classes of Partners
•Working Partner
–Special Qualification

22. Classes of Partners
•Sub Partner
–One Partner share his Profit

23. Classes of Partners
•Incoming Partner
•Retired or Outgoing Partner

24. Next Lecture
Law of Partnership - 2