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INTRODUCTION
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The Contents of The Partnership Act, 1932
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Classes of Partners
Classes of Partnerships
Partnership At Will
Particular Partnership
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Creation of Partnership
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DURATION AND RECONSTITUTION OF A
PARTNERSHIP FIRM
Duration of Partnership
Unless a partnership is dissolved in the meantime a
partnership will continue for whatever period of
time is specified in the agreement, or where the
partnership is for carrying out a particular venture,
until the completion of that venture.
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Reconstitution of a firm
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RIGHTS AND LIABILITIES
OF PARTNERS
The Partnership Act lays down two general rules
regarding the conduct of the partners to one
another :
Utmost good faith
Indemnity
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RIGHTS AND LIABILITIES
OF PARTNERS (Continued)
Partner's authority
Powers in an emergency
Reconstitution
Dissolution
Right to carrying on a competing business
Right to share profits after retirement
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DUTIES/LIABILITIES OF PARTNERS
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Minor As A Partner Special Guidelines
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Minor As A Partner (Continued)
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WHAT SHOULD A BANKER DO TO OPEN A
PARTNERSHIP ACCOUNT?
The banker should first verify the relationship between the parties
concerned;
All the partners join in and sign the account opening form/ letter of
partnership;
Specimen signature card is to be filled in and signed duly (as per
instruction or declaration);
The banker will, of course, take up the appropriate references;
The account should be opened in the name of the firm and not in the
name of individual partner(s);
The bank should obtain a mandate giving details about the operation
of the account, that is, who will sign on behalf of the firm, the properties
to be mortgaged etc.
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DOCUMENTS REQUIRED:
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OPERATING THE ACCOUNTS BANKS POSITION AND
SAFEGUARDS:
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Thank You All.
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