PARTNERSHIP FIRMS & MOA and AOA, DOCTRINE OF ULTRAVIRE, INDOOR MANAGEMENT, CONSTRUCTIVE NOTICEAND RTI

A minimum of two persons are required to form a partnership firm. The maximum limit is 50 partners as per the Companies Act, 2013.

Maximum 50 partners allowed in a partnership firm.

Partnership firms in India are governed by the Indian Partnership Act, 1932. It defines partnership as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

A partner who lends name but contributes no capital or management.

A Partnership Deed is a written agreement among partners specifying terms such as profit-sharing ratio, capital contribution, and authority of partners. Banks rely on it to determine which partners are authorised to operate the firm's account.

A partner who shares profits with a third party outside the firm.

The Doctrine of Ultra Vires holds that any act performed by a company beyond the powers specified in its Memorandum of Association is void and cannot be ratified even by a unanimous shareholder resolution. It protects shareholders and creditors by limiting a company's activities to its stated objects.

It defines company's name, objectives, and capital structure.