Definition, Meaning and Nature of a Partnership
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
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Free sample — 8 of 41 rapid-fire Q&A cards.
Partnership?
"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."
Partners?
the persons who have entered into partnership with one another individually.
Firm?
collectively they are called a "firm".
Firm name?
the name under which their business is carried on.
Partnership at Will — Section / Key Feature?
Section: Sec. 7; Key Feature: No fixed duration; can be dissolved by any partner giving notice in writing
Partnership for a Fixed Period — Section / Key Feature?
Key Feature: Dissolves automatically on expiry of the term; converts to "at will" if continued
Particular Partnership — Section / Key Feature?
Section: Sec. 8; Key Feature: Formed for a specific venture or undertaking; ends on completion
Limited Liability Partnership — Section / Key Feature?
Section: LLP Act, 2008; Key Feature: Separate legal entity; partners enjoy limited liability
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