Legalfundaa

Introduction Relationship between rights and duties arises in two aspect. One, rights/liabilities with respect to themselves and Second, with respect to third parties. In this Article We will discuss relation of partners inter se, rights and duties of partner. Chapter 3, from section 9 to 17 of the Indian Partnership Act contains provision related to "Relations of partners to one another". Rights and Duties are divided in two parts. First, their are general rights and duties which cannot be override by partner even with express agreement. Second, partners are given free hand in deciding rights and duties of partner in certain matters, but in case they fail, This act will provide default rules, for example sharing of profit equally in absence of any agreement. Section 11 - General Principle This section provides general guideline as to rights and duties. It provides that partner can determine rights and liabilities of them by mutual agreement. This agreem...

Intoruction 5 essentials of partnership are  Association of Two are more person Agreement between person Sharing of Profit Carrying on business Mutual Agency Is it required that all above elements should be present to consider as partnership ? Will only a single element present above confirm the relationship as partnership ? Which element above would definitely says that partnership exists between parties Why we need a test anyway! Why do we need to study these test anyway ? ( Apart from exams! ) Take this example. Mr Ramesh and Mr Suresh carries trading business in chocolates with a firm name " Chocalate Wale ". They need to expand a business so they took a loan from Mr Mallya. Now "Chocalate Wale" agrees to pay profit to Mr Mallya and also confer power to Mr Mallya to manage business as a trustee. Mr Mallya took a loan then to buy a jet from State Bank of Wasseypur. If Mr Mallya defaults loan, can  State Bank of Wasseypur sue "Chocalate...

Introduction People individually carry out business. But certain business involved more risk, more money and more burden. In such case we typically involve other people whom we trust and together we do a business. This togetherness is helpful in scaling business, expanding business and sharing risk. Partnership is one such form of business. There is one other form known as "Company". Find the difference between them here . Both of them have their advantages and disadvantages. Law related to partnership earlier was in Indian Contract Act,1872. Later, general principles of Contract were kept in Contract Act and other special contracts such as sales of goods, partnership were carved out in separate act. Indian Partnership Act, 1932 came into force in 1932 (Of course!). This act is not exhaustive per se, meaning containing everything and anything about partnership, but it purports to define and amend the law relating to Partnership. Definition of Partnership W...

Introduction In 1909, additional reforms were introduced by Morlay-Minto reforms. However this reforms didn't satisfy Political problems, nor did they satisfy our freedom fighters. Subsequently, in 1919 additional reforms were introduced by British crown. Montague introduced in the House of Common the Government of India bill in 1919. The Bill was then referred to Joint Select Committee of the Lords and Commons and ultimately the Bill was passed and became the law on 23rd December. Chelmsford was viceroy at that time. 3 Major events that lead to this reforms are World War 1 Home rule league Union of Radicals and Moderates of Congress' in Lucknow, and Union of Muslim League and Congress in 1916 Objectives More involvement of Indian in every sphere of administration like judiciary, civil service law making etc Establishment of Responsible and accountable government Development of self-governing institution Grant provincial autonomy, meaning regional gove...