TYPES OF PARTNERSHIP

Partnership form of business is governed by
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Slide 1: Open question
BUSINESS STUDIESSecondary Education

This lesson contains 17 slides, with interactive quizzes and text slides.

time-iconLesson duration is: 60 min

Items in this lesson

Partnership form of business is governed by

Slide 1 - Open question

The person whose behaviour impress the others that he /she is a partner
A
Active partner
B
Partner by holding out
C
Partner by estoppel
D
Nominal partner

Slide 2 - Quiz

Section of Indian Partnership Act 1932 which deals with minor as a partner
A
Sec 30
B
Sec 31
C
Sec 32
D
Sec 33

Slide 3 - Quiz

Partnership formed for the accomplishment of
a particular project to be carried on for a specified time period
A
General partnership
B
Partnership at will
C
Limited partnership
D
Particular partnership

Slide 4 - Quiz

Slide 5 - Slide

Slide 6 - Slide

Slide 7 - Slide

The written agreement which specifies the terms and conditions that govern the partnership is called

Slide 8 - Open question

Partnership Deed
  • The written agreement which specifies the terms and conditions that govern the partnership is called  partnership deed.
  • The agreement may be oral or written
  • Also called Articles of Partnership

Slide 9 - Slide

Contents of Partnership Deed
  • Name of the firm
  • Name and address of all partners
  • Name of the business
  • Nature of the business
  • The principal place of business
  • Duration of partnership
  • Capital contribution by partners
  • Profit sharing ratio

Slide 10 - Slide

Registration of Partnership Firm
Registration of a partnership firm means the entering of the firm’s name, along with the relevant prescribed particulars, in the Register of firms kept with the Registrar of Firms. 
Proof of the existence of a partnership firm.

Slide 11 - Slide

 Procedure 
Submission of application In the prescribed form to the Registrar of firms. Application should be signed by
all the partners. The  particulars include:
• Name of the firm
• Location of the firm
• Names of other places where the firm carries on business
• The date when each partner joined the firm.

Slide 12 - Slide

Payment of fee
 Deposit of required fees with the Registrar of Firms.

Slide 13 - Slide

Issue of Certificate
The Registrar after approval will make an entry in the register of firms and will subsequently issue a certificate of registration.

Slide 14 - Slide

 The consequences of non-registration of a firm
  • A partner of an unregistered firm cannot file a suit against the firm or other partners
  • The firm cannot file a suit against third parties
  • The firm cannot file a case against the partners.

Slide 15 - Slide

Write down the steps for registration of a partnership firmr

Slide 16 - Open question

NOT A TYPES OF PARTNERS
A
SLEEPING PARTNER
B
LIMITED PARTNER
C
ACTIVE
D
NOMINAL

Slide 17 - Quiz