WELCOME

WELCOME

INDIAN PARTNERSHIP ACT 1932

DUTIES, RIGHTS & LIABILITIES

GROUP NO.11AMAN JASANIABDUL KHANVIJAY JAISWALMURTUZA KHANJIPANKAJ PANDEYJYOTI YADAV

THE INDIAN PARTNERSHIP ACT 1932INTRODUCTION

RIGHTS OF PARTNERS

DUTIES OF PARTNERS

LIABILITIES OF PARTNERS

RIGHTS AND LIABILITIES OF MINOR PARTNER

INTRODUCTIONpartnership is a relation between persons who have agreed to share the profits of business carried on by all or any one of them acting for all

Rights of a PartnerTo interest on loans and capital.

To be consulted.

Power in emergency.

To be indemnified.

To retire.

To take part in business.

ContdTo use partnership properties.

To share the profits.

To have business wound up after dissolution.

To have access to the accounts.

DUTIES OF A PARTNERAfter change in the firm.

After the expiry of the term of the firm.

Where additional undertakings are carried on.

LIABILITIES OF A PARTNER

To carry on business to common advantage.

To indemnify.

To be diligent.

No remuneration.

To account for personal profits made.

ContdNot to carry on competing business.

To share losses.

Liable for the acts of the firm.

Not to assign his rights.

RIGHTS AND LIABILITIES OF MINOR PARTNER

To share profits.

To elect to become a partner.

To elect not to become a partner.