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Group Members :

Israt Islam Tanisha Nusrat Islam Esha Md. Julhash Hossain Nazneen Naher 114 101 015 114 101 016 111 102 061 111 101 033

Kazi Sabrina Samanta


Barnali Chowdhury

111 101 138


111 101 160

Nature of Partnership
Partnership

Essential Elements
Voluntary Agreement Sharing of Profit of a Business Mutual Agency

Capacity of a partner

Classes of Partners:
Active Partner

Classes of Partnership:
Partnership-atwill
Particular PartnershipJoint Venture Limited Partnership

Sleeping or Nominal Partner

Sub-Partners

The legal status of a firm Name of Firm

The Partnership Agreement: oral Written-Deed of Partnership/Articles of Partnership

Registration of Firm

Procedure of Registration The name of the firm The principal place of business of the firm. Names of other places where the firm's

business is carried on. Names and permanent addresses of the partners Duration of partnership, if any.

Consequences of Non-Registration:
Cannot enforce its claims against a third party Cannot claim adjustment for any sum exceeding Rs.

100
Cannot file a legal suit against any of its partners. Partners of an unregistered firm cannot file any suit

to enforce a right against the firm

Exception:
Right to sue for the dissolution of the firm or to

realize the property of a dissolved firm


Any suit or set off in which the claim does not

exceed Rs.100
The right of a third party to sue the unregistered

firm or its partners.

Relation between partners:


Basically there two ground duties of partners General duties
Duty to indemnify for loss caused by fraud

Rules regarding the conduct of the businessEvery partner has a right to take part in the conduct of the business and is bound to attend his duties in the conduct of the business

Mutual rights and liabilities


No remuneration for taking part in the conduct of the

business.
share equally in the profits earned contribute equally to the losses interest shall be payable only out of profits

Rights and Duties of Partners


taking part in the conduct of the business
expressing opinion in different matters having free access to all the records sharing in the profits of the business getting interest on the payment of advance

Continues
partner shall not obtain a private advantage at the

expense of the firm;


Maintaining mutual trust and confidence of each

partner
Sharing true accounts and full information of all

things
Not to carry on business competing with the firm
Carrying out the duties created by the contract

Dissolution of Partnership
The Grounds of Dissolution By agreement Compulsory dissolution

On the happening of certain contingencies


By notice

Dissolution by the court

The Consequences of Dissolution


Acts done after dissolution Windings up Continuing Authority of partners for purpose of winding

up
Personal profit earned after dissolution

Return of premium
Recession for fraud and misrepresentation Agreements in restraint of trade

Settling accounts upon dissolution


All the liabilities should have to be pay before

desolation of the firm


The sums of the amount contributed by the partners

will be used in paying third parties due


In case of one partners insolvency loose the right over

firm assets.
Payment of the firm debts and of Separate Debt