Expulsion amp Insolvency of the Partner By PRAJWAL DHYANI Definition of Partnership A partnership is an arrangement where parties known as business partners agree to cooperate to advance their mutual interest ID: 1028605
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1. Introduction, Retirement, Expulsion & Insolvency of the Partner By: PRAJWAL DHYANI
2. Definition of Partnership:-A partnership is an arrangement where parties, known as business partners, agree to co-operate to advance their mutual interest.
3. What is a Partnership?It is a definite Law.The Indian Partnership Act, 1932.Sharing of profit and loss.To achieve some Objective.Maximum Members.
4. Features of a Partnership:-There are Some main Features of Partnership are as follows:-Formation of Partnership agreementUnlimited LiabilityContinuityNumber of MembersMutual Agency
5. Types of Partners:-There can be various types of partners in a partnership are as follows:-Active PartnerDormant PartnerSecret PartnerNominal PartnerPartner by Estoppel
6. Meaning of Retirement of a Partner:-Withdrawal of a partner from the partnership.As per the Provision of the partnership deed.Giving notice of Retirement.A partner who cut his connection with the firm is called a retiring partner or Ongoing partner.
7. Rights of a Retiring Partner:-There are some rights for a Retiring Partner are as follows:-Share of Capital.Interest on Capital.Share of Profit and loss.Revaluation of profit and loss.Liable for Drawings, Int. on Drawings, current year’s of Loss.
8. Expulsion of a Partner:-There are some conditions where a partner may be expelled from a firm:-By majority of the partner.Contract between the partners.For the Benefit of the firm.
9. Insolvency of a Partner:-When a partner in the firm is adjudicated as insolvent.A partner will ceases on that date.Whether the firm is dissolved will depend upon the agreement of partnership.The Insolvent partner’s share will be used for firm’s debts and remains will be used for his personal debts.
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