Comparion of Partnership Law of Pakistan and Uk

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Group Report On

“ Partnership Law “

Submitted to :Mr. Mirza Waheed Baig

Submitted by:

5 Ms. Mussarat Sana (MB-10-10)

6 Mr. Mohsin Qureshi (MB-10-17)

7 Ms. Fateyma Wyne (MB-10-18)

8 Mr. Ehtesham Rafique (MB-10-40)

9 Ms. Qurat-ul-Ain (MB-10-45)

10 Ms. Humaira Rafique Malik (MB-10-63)

11 Mr. Shazaib Khan (MB-10-67)

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Table of Contents

• Acknowledgment.

• Partnership Act 1932 Pakistan.

• Mutual Rights & Liabilities.

• Registration Procedure of partnership firm.

• Partnership Deed.

• Minor as Partner.

• Dissolution of Firm.

• Partnership Act 1890 UK.

• Advantages & Disadvantages of Partnership.

• Limited liability Partnership.

• Ownership.

• Retirement of Partnership.

• Comparison of UK and Pakistani Parternership Law.

• Conclusion.

• Reference List.

AKNOWLEDGMENT

We are very thankful to almighty Allah who enables us to complete this report. Man is not perfect in all the context of his life. Although today man is doing some difficult and nearly impossible things, but his mind is still limited and has minor thinking approaches. It is mercy of Almighty ALLAH who Has blessed man with mind and knowledge and made him able to do a lot of things. HE is Almighty ALLAH who shows man light in the darkness and he finds his way to the light. Without blessings of Almighty ALLAH man is nothing but a helpless Creature. Same is the case with us, we also face many difficulties during completion this project and have been successful in my duty only because of the help of Almighty ALLAH.

We feel pleasure to admire Mr.Waheed Baig, whose tireless efforts are fruitful for the students and better educational atmosphere. We are especially thankful to Sir Waheed Baig for his everlasting coordination at all stages of our Project. We are thankful to all those people who help us a lot and provided us an Opportunity to understand and learn every aspect.

Partnership

(A comparative study of UK & Pakistani Law)

Partner Ship Act 1932 (Pakistan)

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This Act may be called “The Partnership Act. 1932. “

(2) it extends to the whole of Pakistan.

(3) It shall come into force on the 1st day of October, 1932, except section 69, which shall come into force on tile 1st day of October, 1933.

Definition

Partnership is defined as:

“The relation between two or more persons who have agreed to share the profits and losses according to their ratio of business run by all or any one of them acting for all."

It can be defined as:

“Partnership is a relation between individuals who have entered into agreement for the purpose of sharing profits of a business.” (PLD-1985 Karachi-85 (90)).
Partner

According to partnership Act 1932 “Partner” is defined as:

“Persons who have entered into partnership with one another are called individually “Partners" And collectively "a firm"
And the name under which their business is carried on is called the "firm name".

Mutual Rights and Liabilities
Some of the mutual rights and liabilities under partnership act 1932 are as under: However, the partners may agree to any right and liability with their mutual consent. • A partner is not entitled to receive remuneration for taking part in the conduct of the business • The partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm. • Where a partner is entitled to interest on the capital subscribed by him such interest shall be payable only out of profits. • A partner making, for the purposes of the business, any payment or advance beyond the amount of capital he has agreed to subscribe, is entitled to interest there on at the rate of six per cent per annum. • The firm shall indemnify a partner in respect of...
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