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Indian
Partnership Act,
1932
What is Partnership?
If
Partners continue the business after the fixed
period, it becomes partnership at will.
Types of Partnership
Partnership at Will
No provision in contract between the partners
for
Duration of Partnership
Determination of Partnership
If
any partner gives notice of dissolution in
writing, the partnership is dissolved.
Types of Partnership
Particular Partnership
A person may become a partner with another
person in particular adventures or
undertakings.
On Attaining Majority
Within six months should give notice whether
he is joining the partnership or not.
If notice not given he shall become a partner
Restrictions On Authority Of A
Partner
Under the Partnership Act in the absence of any
usage of trade to the contrary, the implied
authority of a partner does not empower him to
do the following acts:
Submit a dispute relating to the business of a firm to
arbitration.
Open a bank account in his own name.
Compromise or relinquish any claim of the firm.
Withdraw a suit or proceeding on behalf of the firm.
Admit any liability in a suit or proceeding against the
firm.
Acquire immovable property on behalf of the firm.
Transfer immovable property belonging to the firm.
Enter into partnership on behalf of the firm.