Meaning of ‘Implied Authority’
As per Sec. 18 of the Indian Partnership Act, for the business of the firm, a partner is an agent of the firm. Thus a partner is both an owner of the firm as...
Category: business ethics
Rights, Duties and Liabilities of a Partnership
The partnership is created out of an agreement orcontract. As such, every partner has to stick to the duties and enjoy the rights, as mentioned in the Partnership Deed. But when there is no...
Limitations of Partnership
Some of the chief drawbacks or limitations existing in the partnership form of business organisation, might be mentioned as under: (1) Evils of Mutual conflicts- All the partners are entitled to participate in the...
An Ideal Partnership act
An ideal partnership is a word used for a successful business. It is a business where all the partners work honestly and for a common purpose. There is a perfect understanding among them and...
Kinds of Partnership act 1932
classified as under:There are different kinds of partners and they may be 1. Active Partner- An active partner is one who takes active part in the day-to-day working of the business. Henmay act in...
Indian Partnership Act, 1932
The law governing partnership in India is now em-bodied in the Indian Partnership Act, 1932 which came into force [except Sec. 69] on the 1st day of October 1932. Prior to this act, the...