Partnership
af Nazreen Ahmad
1. Liability Of Partners
1.1. contractual section 11
1.2. tortious section 12
1.3. criminal
1.4. holding out
2. Types of Partner
2.1. active
2.2. dormant
2.3. quasi
2.4. salaried
3. Capacity of Partner
3.1. minor
3.2. sound mind
4. Illegal Partnership
4.1. illegal purposes
4.2. exceed number of partners
5. Effect of Illegality
5.1. no rights and third parties can issue sue
6. Dissolution
6.1. court's intervention
6.1.1. section 37
6.1.1.1. lunatic
6.1.1.2. permanently incapable
6.1.1.3. guilty
6.1.1.4. breach of partnership
6.1.1.5. loss
6.1.1.6. just and equitable
6.2. without court's intervention
6.2.1. section 34
6.2.1.1. fixed term
6.2.1.2. single adventure
6.2.1.3. notice
6.2.2. section 35
6.2.2.1. death
6.2.2.2. bankrupt
6.2.2.3. charge
6.2.3. section 36
6.2.3.1. illegality
7. Definition
7.1. Section 3(1) The RELATION which subsists between PERSONS carrying on business IN COMMON with a view of PROFIT.
7.2. Section 3(2) Clubs, societies, building association is NOT partnership.
8. Elements
8.1. more than one
8.2. business in common
8.3. business for profit
9. Nature
9.1. Legal status -not a separate legal entity
9.2. Number - 2-2- partners except for professional firm
9.3. Management -partners responsibility
10. Rules for Determining Partnership
10.1. Section 4(a) Joint ownership
10.2. Section 4(b) Sharing of gross returns
10.3. Section 4(c) Sharing of profits
10.3.1. Section 4(c)(i) Payment of debt by installment
10.3.2. Section 4(c)(ii) Remuneration
10.3.3. Section 4(c)(iii) Annuity
10.3.4. Section 4(c)(iv) Payment of loan or interest out of loan
10.3.5. Section 4(c)(v) Sale of goodwill