Kartik Akalwadi

11HM13

MISCELLANEOUS PROVISIONS AS REGARDS REGISTRATION.

Any alteration in the registered firm has to be brought into notice to registrar Penalty or imprisonment for false particulars. Rectification of mistakes. Amendment of register by order of court. Inspection of register and filed documents. Grant of copies.

REGISTRATION OF FIRMS IS OPTIONAL.

o o o

Suits between partners and firms. Suits between firm and third parties. Claim of set off

PARTNERSHIP DEED

Name of the Firm Full names and addresses of the partners Name of partnership business The town and place where business is carried on The commencement and duration of partnership All details to the amount of capital contributed by each partner The proportion in which profits and losses are to be shared.

The duties, powers and obligations of all partners Loans and advances by partners and interest payable there on. The amounts that can be withdrawn by partners and the rate of interest Rate of interest if any allowed on capital contribution Salary, if any payable to the partners for managing the firm Maintenance of accounts and audit

PARTNERSHIP AGREEMENTS AND CONTRACT LAW

Free consent Legal purpose Capacity Writing

Rights of Partners

To take part in the conduct of the firms business. To express his opinion on any matter, but in case of difference of opinion regarding ordinary matters of the business, he is bound by the majority decision. To have access to and inspect and copy any of the books of the firm. To share equally in the profits

To resist the introduction of a new partner. No new partner can be introduced into the firm unless all the partners consent thereto. To seek retirement from the firm. A partner may retire with the consent of other partners or as per the agreement. To share subsequent profits as on outgoing partner

Duties of Partners
To work for common advantage. To be just and faithful To render true accounts Duty to give full information To indemnify for fraud Not to assign his rights To be liable jointly and severally

It is necessary sometimes to distinguish the joint property of the partners from the personal property of the partners. For example, on the dissolution of firm, the firms debts are first paid out of the joint assets of the partners. Also, firms property can be used only for the purposes of the business of the firm. A partner cannot treat the firms property or a part thereof as his own. Furthermore, some personal property of one or more partners may be employed or used for the purpose of the firm.

Firms property