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Law of Partnership In India

Law of Partnership In India

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Encompassing an exhaustive analytical and critical exposition of Indian Partnership Act, 1932; Limited Liability Partnership Act, 2008
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Description

Alongwith State Rules of Partnership, Allied  Acts, Taxation of Partnership Firms & Model Forms.
Partnership, as per Section 4 of Indian Partnership Act, 1932, is the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
A partnership contains three elements, viz., (i) an agreement entered into by all the persons concerned, (ii) the agreement must be to share the profits of a business; and (in) the business must be carried on by all or any of the persons concerned acting for all. These three elements though appear to overlap, but they are nevertheless distinct. The first element relates to the voluntary contractual nature of the partnership; the second gives the motive which leads to the formation of the firm; and the third and last element shows that the persons of the group who conduct the business to do so as agents for all the persons in the group and are therefore, liable to account to all.
The book is divided into three parts. Part I deals with Introduction to the Law of Partnership in India. Part II covers an exhaustive, analytical and critical exposition of the Indian Partnership Act, 1932. Part III of the book deals with law of Limited Liability Partnership.
Partnership is the relationship, it is not as such an organization in its own right with a separate legal personality. Unlike a company, therefore, a partnership cannot of itself make contracts, employ people, commit crimes, or even be sued, any more than a marriage can. Where we talk of partnership (or frequently of a firm) we simply mean the partners who comprise the partnership. Rather like marriage, a partnership is a relation, or perhaps, as the Law Commission recently suggested, an association, which if established governs the right and duties between the parties and their relationships vis-a-vis the rest of the society.
The Indian Partnership Act, 1932 is an Act enacted by the Parliament of India to regulate partnership firms in India. It received the assent of the Governor-General on 8th April, 1932 and came into force on 1st October, 1932. Before the enactment of this Act, partnerships were governed by the provisions of the Indian Contract Act. The Act is administered through the Ministry of Corporate Affairs. The Act is not applicable to Limited Liability Partnerships, since they are governed by the Limited Liability Partnership Act, 2008.
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Contents
•    PART-I:     INTRODUCTION
•    PART-II:    THE INDIAN PARTNERSHIP ACT, 1932
•    PART-HI: LAW OF LIMITED LIABILITY PARTNERSHIP
[1]   The Limited Liability Partnership Act, 2008
[2]   Limited Liability Partnership Rules, 2009
[3]   Limited Liability Partnership (Winding up and Dissolution) Rules, 2010
APPENDICES
1.   THE INDIAN PARTNERSHIP (FEES) RULES, 1932
2.  ANDHRA   PRADESH   PARTNERSHIP   (REGISTRATION  OF FIRMS) RULES, 1957
3.   ASSAM PARTNERSHIP RULES, 1933
4.    THE BIHAR AND ORISSA PARTNERSHIP RULES, 1933
5.    BOMBAY PARTNERSHIP RULES, 1932
6.   THE   DELHI   PARTNERSHIP   (REGISTRATION   OF   FIRMS) RULES, 1972
7.    GUJARAT PARTNERSHIP RULES
8.    HARYANA PARTNERSHIP RULES
9.    HIMACHAL PRADESH PARTNERSHIP RULES
10.   JAMMU AND KASHMIR PARTNERSHIP (REGISTRATION OF FIRMS) RULES, 1996 (SAMVAT)
11.   KARNATAKA PARTNERSHIP (REGISTRATION OF FIRMS) RULES, 1954
12.   KERALA PARTNERSHIP (REGISTRATION OF FIRMS) RULES, 1959
13.   THE MADHYA PRADESH PARTNERSHIP REGISTRATION OF FIRMS RULES, 1951
14.   THE MADRAS PARTNERSHIP (REGISTRATION OF FIRMS) RULES, 1951
15.   MAHARASHTRA PARTNERSHIP RULES, 1989
16.   THE MANIPUR PARTNERSHIP RULES, 1952
17.   ORISSA PARTNERSHIP RULES, 1943
18.   PUNJAB PARTNERSHIP (REGISTRATION OF FIRMS) RULES, 1932
19.    RAJASTHAN PARTNERSHIP RULES, 1952
20.    THE UTTAR PRADESH INDIAN PARTNERSHIP RULES, 1933
21.    THE WEST BENGAL PARTNERSHIP RULES, 1933
22.    RELEVANT PROVISIONS OF CIVIL PROCEDURE CODE, 1908
23.    THE ENGLISH PARTNERSHIP ACT, 1890
24.    THE INDIAN CONTRACT ACT, 1872
25.    THE SALE OF GOODS ACT, 1930
26.    THE NEGOTIABLE INSTRUMENTS ACT, 1881
27.    SEVENTH REPORT ON PARTNERSHIP ACT, 1932
28.    FREQUENTLY ASKED QUESTIONS
29.    FORMATION OF PARTNERSHIP AT A GLANCE
30.   TAXATION OF PARTNERSHIP FIRMS & LIMITED LIABILITY PARTNERSHIP (LLP)
31.   MODEL FORMS RELATING TO PARTNERSHIP
Subject Index
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