Partnership Act

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IBS Gurgaon
A
PROJECT REPORT
ON
The Partnership Act 1932 & Its Registration.
SUBMITTED ON:- SUBMITTED TO:-
9TH January,2012 PROF. UPDESH SINGH SACHDEVA MONDAY.
BY:-
ABHISHEK ANAND.
11BSP0010
SECTION- “A”

TABLE OF CONTENTS.
TOPIC PAGE NO 1. Acknowledgement ………………………………………… 3 2. Introduction………………………………………………... 4 3. Defination of Partnership Firm…………………………… 5 4. Features of Partnership Firm……………………………… 6-8 5. Advantages of Partnership Firm…………………………... 9 6. Disadvantages of Partnership Firm………………………... 10 7. Partnership Firm & Sole Proprietorship……………………. 11-12 8. Company Vs Partnership Firm …………………………….. 13-14 9. Types of Partners…………………………………………… 15-16 10. How to start a Partnership business ………………………... 17-19 11. Partnership Agreement/ Deeds……………………………… 20-21 12. Rights, Duties & Liability of Partners……………………… 22-25 13. Dissolution of Partnership Firm…………………………….. 26-27 14. Procedure for Registration of Partnership Firm…………….. 28-32 15. The Partnership Act 1932……………………………………. 33-43 * Incoming & Outgoing Partners…………………………… 44-65 16. Bibliography…………………………………………………. 66

ACKNOWLEDGEMENT.

Behind every achievement lies an unfaithful sea of gratitude to those who actuated it, without whom it would ever have come to existence. I would like to express our heartful gratitude to all those who’s tremendous support and co-operation has helped me in successfully making this project.

First of all, I would like to thank and acknowledge my Institute, I.B.S (Gurgaon) for giving me this opportunity to make a report on the topic The Partnership Act 1956 & its Registration.
I express our sincere gratitude towards Prof. Updesh Singh Sachdeva without whose guidance and support the successful completion of project would not have been possible. I would also like to thank all the people who helped me and supported me in making our report successfully.

For me it was a wonderful experience and fun in making the report, as I learned a lot of things from this.

INTRODUCTION.

A Partnership is a business entity having two or more owners. Earnings are distributed according to the partnership agreement and are treated as personal income for tax purposes. Thus, like the sole proprietorship, the partnership is simply a conduct for directing income to its partners. Partnership has a unique liability situation. Each partner is jointly and severally liable. Thus, a damaged party can pursue a single partner or any number of partners- and that claim may or may not be proportional to the invested capital of the partners or the distribution of the earnings. This means that if the one partner did something to damage a customer, that customer could sue all the partners even though other partner played  no part in the problem. Organizing a partnership is not as effortless as with a sole proprietorship. The partners must determine, and should set down in writing, their agreement on a number of issues: The amount and nature of their respective capital contributions (e.g., one partner might contribute cash, another a patent, and a third property and cash) * How the business’s profits and losses will be allocated * Salaries and draws against profits

* Management responsibilities
* The consequences of withdrawal, retirement, disability, or the death of a partner * The means of dissolution and liquidation of the partnership

DEFINATION

A partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on...
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