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As per section 29 of the Indian Partnership Act, 1932 a partner may transfer his interest in the firm _______:
- a)By sale
- b)By charge
- c)By mortgage
- d)All of these
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
As per section 29 of the Indian Partnership Act, 1932 a partner may tr...
Transfer of Interest in a Partnership Firm
Section 29 of the Indian Partnership Act, 1932 deals with the transfer of a partner's interest in a partnership firm. According to this section, a partner may transfer his interest in the firm in the following ways:
1. By Sale: A partner may transfer his interest in the firm by way of sale. This means that he can sell his share in the partnership to another person.
2. By Charge: A partner may also transfer his interest in the firm by way of charge. This means that he can create a charge on his share in the partnership in favour of another person.
3. By Mortgage: A partner may also transfer his interest in the firm by way of mortgage. This means that he can mortgage his share in the partnership in favour of another person.
4. All of these: The correct answer to the question is option 'D' as a partner can transfer his interest in the firm by sale, charge, and mortgage.
Conditions for Transfer of Interest
However, it is important to note that the transfer of a partner's interest in a partnership firm is subject to certain conditions. These conditions are as follows:
1. The transfer must be in accordance with the partnership agreement, if any.
2. The transfer must not be in contravention of the terms and conditions of the partnership agreement.
3. The transfer must not be in contravention of any provisions of the Indian Partnership Act, 1932.
4. The transfer must not be in contravention of any other law for the time being in force.
5. The transfer must be with the consent of all the partners or in accordance with the partnership agreement.
Conclusion
In conclusion, a partner may transfer his interest in a partnership firm by way of sale, charge or mortgage, subject to certain conditions. It is important for partners to understand these conditions before transferring their interest in the firm to avoid any legal disputes in the future.
Section 29 of the Indian Partnership Act, 1932 deals with the transfer of a partner's interest in a partnership firm. According to this section, a partner may transfer his interest in the firm in the following ways:
1. By Sale: A partner may transfer his interest in the firm by way of sale. This means that he can sell his share in the partnership to another person.
2. By Charge: A partner may also transfer his interest in the firm by way of charge. This means that he can create a charge on his share in the partnership in favour of another person.
3. By Mortgage: A partner may also transfer his interest in the firm by way of mortgage. This means that he can mortgage his share in the partnership in favour of another person.
4. All of these: The correct answer to the question is option 'D' as a partner can transfer his interest in the firm by sale, charge, and mortgage.
Conditions for Transfer of Interest
However, it is important to note that the transfer of a partner's interest in a partnership firm is subject to certain conditions. These conditions are as follows:
1. The transfer must be in accordance with the partnership agreement, if any.
2. The transfer must not be in contravention of the terms and conditions of the partnership agreement.
3. The transfer must not be in contravention of any provisions of the Indian Partnership Act, 1932.
4. The transfer must not be in contravention of any other law for the time being in force.
5. The transfer must be with the consent of all the partners or in accordance with the partnership agreement.
Conclusion
In conclusion, a partner may transfer his interest in a partnership firm by way of sale, charge or mortgage, subject to certain conditions. It is important for partners to understand these conditions before transferring their interest in the firm to avoid any legal disputes in the future.
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As per section 29 of the Indian Partnership Act, 1932 a partner may tr...
Modes by which a partner may transfer his interestentitlements & non entitlements:
According to Section 29 of the Indian Partnership Act, 1932 a partnermay transfer his interest in the firm by sale, mortgage or charge. The transfer may be absolute or partial. The transfer does not entitle the transferee, during the continuance of the firm:
(a)to interfere in the conduct of the business of the firm, or
(ii)to require accounts of the firm, or
(iii)to inspect the books of the Firm
On transfer of interest by a partner, the transferee only becomes entitled to receive share of profit of the transferring partner. But in this case also the transferee has to accept the account of profits agreed to by the partners [Section 29(i)].
If the firm is dissolved or if the transferring partner ceases to be a partner, the transferee is entitled to receive the transferring partner’s share in the assets of the firm. For the purpose of ascertaining that share, he is entitled to an account as from the dateof the dissolution (Section 29(2)).
According to Section 29 of the Indian Partnership Act, 1932 a partnermay transfer his interest in the firm by sale, mortgage or charge. The transfer may be absolute or partial. The transfer does not entitle the transferee, during the continuance of the firm:
(a)to interfere in the conduct of the business of the firm, or
(ii)to require accounts of the firm, or
(iii)to inspect the books of the Firm
On transfer of interest by a partner, the transferee only becomes entitled to receive share of profit of the transferring partner. But in this case also the transferee has to accept the account of profits agreed to by the partners [Section 29(i)].
If the firm is dissolved or if the transferring partner ceases to be a partner, the transferee is entitled to receive the transferring partner’s share in the assets of the firm. For the purpose of ascertaining that share, he is entitled to an account as from the dateof the dissolution (Section 29(2)).
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As per section 29 of the Indian Partnership Act, 1932 a partner may transfer his interest in the firm _______:a)By saleb)By chargec)By mortgaged)All of theseCorrect answer is option 'D'. Can you explain this answer?
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