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PARTNERSHIP LAW, NOT NACESSARY, 4 LIABILITY, 4 TYPES - Coggle Diagram
PARTNERSHIP LAW
DEFINITION
Under Section 3(1) 1961
- The RELATIONSHIP with subsits between PERSONS carrying on business IN COMMON with a view of PROFIT
Under Section 3(2) 1961
(NON-PARTNERSHIP)
- Clubs, Societies, Building assocation
3 ELEMENTS
- More than 1 person
- Business in common
- Business mush gaining profit
NATURE(Person)
- Legal Status : Not separate legal entity
- NO. of member : 2 - 20 members ( general partnership) EXPECT professional partnership (2 - 200 members)
- Management : Partnes responsibility
PROFESSIONAL PARTNERSHIP
- M : Medical
- E : Enginnering
- A : Accountant
- L : Legal
Case
- Allagappa Chettiar v Coliseum Cafe (Not legal persona o Coliseum Cafe & Hotel)
RULES FOR DETERMING THE EXISTENCE OF A PARTNERSHIP
Under Section 14 1961
Cirsumstance NOT PRIMA facie a partnership in business
(Not necessary & Not strongly)
SECTION 4(a)
Joint Ownership/Tenancy
- Not necessary declearing yourself with other person
SECTION 4(b)
Sharing of Gross Return
- Not necessary sharing gross return /
Not necessary having this partnership assistance
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RELATIONSHIP OF PARTNERS AND 3rd PARTIES
- Sec. 7 – All acts done by a partner bind another
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LIABILITY OF PARNERS
Contractual under Section 11 1961
- Whatever any liabilities included into the agreement that already sign
Tortious under Section 12 1961
- Universal Law using by the world
Criminal - not jointly liable
- Criminal could or Criminal Action (Criminal Act)
Holding out – not authorised
- The information need to let all the partner know
- Not allow to hold any information
TYPES OF PARTNER
ACTIVE
- Manager of the partnership
QUASI
- Assistant of manager (penolong)
SALARIED
- The partner have been paid salary all the month
DORMANT
- In partnership but not gain any activities, only investment (Sleeping partner)
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