Ppt on Uganda Partnership Act

7/29/2019 Ppt on Uganda Partnership Act

http://slidepdf.com/reader/full/ppt-on-uganda-partnership-act 1/18

GROUP , 06.

F.Y.B.B.I



Uganda

Partnership Act,1950



What is Partnership?



Formation of Partnership in Uganda

Based on agreement

Agreement may be express or implied

In Writing : helpful in times of adversity

Written agreement : “Partnership Deed”

Essence of Partnership : Trust & Confidence

Drafted with care and signed by allpartners

Firm should be registered and copy of the

Deed to be filed with the Registrar



Registration of Firms

Section 58 lays down that the registration of a

firm may be effected at any time by sendingby post or delivering to the Registrar, astatement in the prescribed form andaccompanied by the prescribed fee, statingthe following particulars: The name of the firm The place or principal place of business of

the firm The name of any other places, where the

firm carries on business The date when each partner joined the firm The names in full and permanent

addresses of the partners The duration of the firm



Types of Partners

Active Partner Dormant, Sleeping Partners in profit Partners by estoppel Partners by holding out Minor as a partner

Secret partner



Types of Partnership

Partnership for fixed term

Partnership at will

Particular partnership



Rights of Partners Right to take Part in the business of the firm

Right to share Equally in the Profit, Earned bythe Firm

Right to claim interest on the Capital, Subscribed

by Partners Right to be consulted in All Matters of the Firm

Right to Access to the Books of the Firm

Right to claim Interest on Advances Made byPartners

Right of a Partner to be Indemnified



Rights of Partners Right of a Partner to act in an Emergency

Right of a Partner to prevent Introduction of aNew Partner

Right of a Partner to Retire

Right of a Partner not to be Expelled

Right of an Outgoing Partner to carry onCompeting Business

Right of an Outgoing Partner to Share in theProfit



Duties of Partners A Duty to indemnify the Firm for Any Loss,

Caused by Fraud.

A Duty of a Partner to attend Diligently to HisDuties.

A Duty of a Partner to indemnify the Firm for Any Loss, Caused by His Willful Neglect.

A Duty of a Partner to account for Private Profits

A Duty of a Partner to account for Profit inCompeting Business

No Remuneration to Partners



Positions

Lunatic : cannot become a partner

Alien Enemy : cannot become a partner

Alien Friend : can enter into contract Woman : Married or Unmarried can be a

partner

Insolvent : Cannot become a partner;ceases to be a partner from date on whichorder was passed by court



Position of Minor

Sec 30(1), A person who is a minoraccording to law to which he is subjectmay not be a partner in a firm, but with

the consent of all the partners for the timebeing, he may be admitted to the benefitsof partnership.

A minor can only be admitted to thebenefits of an already existing partnership



Position of Minor

During his Minority Rights

Right to receive agreed share of profits andproperty

Have access to and inspect and copy theaccounts of the firm

If share in profits is not given, can sue (can

do if he wants to sever his connection) Liabilities

Only to the extent of share in profits andproperties (not personally liable)



Position of Minor

On Attaining Majority

Within six months should give notice whetherhe is joining the partnership or not.

If notice not given he shall become a partner



Partnership Deed A partnership deed should contain the following clause…..

Name of the parties Nature of business

Duration of partnership

Name of the firm capital

Share of Partners in profit and loss

Power of partners Death of partners

Dissolution of firm

Settlement of disputes



Dissolution of Firm/Partnership

Section 39 lays down : “The dissolutionof partnership between all the

partners of a firm is called thedissolution of the firm.”

When a firm is put to an end, it is calledthe dissolution of a firm.



Modes of Dissolution of a Firm

A firm may be dissolved by any of thefollowing three ways:

By voluntary acts of the partnersthemselves

By operation of law

By intervention of Court



Documents

Ppt on Uganda Partnership Act