TYPES OF PARTNERSHIP

• BUSINESS STUDIES
• Secondary Education

Partnership form of business is governed by

The person whose behaviour impress the others that he /she is a partner

1. Active partner
2. Partner by holding out
3. Partner by estoppel
4. Nominal partner

Section of Indian Partnership Act 1932 which deals with minor as a partner

1. Sec 30
2. Sec 31
3. Sec 32
4. Sec 33

Partnership formed for the accomplishment of
a particular project to be carried on for a specified time period

1. General partnership
2. Partnership at will
3. Limited partnership
4. Particular partnership

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

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

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

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.

 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.

Payment of fee

 Deposit of required fees with the Registrar of Firms.

Issue of Certificate

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

 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.

Write down the steps for registration of a partnership firmr

NOT A TYPES OF PARTNERS

1. SLEEPING PARTNER
2. LIMITED PARTNER
3. ACTIVE
4. NOMINAL