PPT - Basics of Partnership CA Foundation Notes | EduRev

Business Laws for CA Foundation

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CA Foundation : PPT - Basics of Partnership CA Foundation Notes | EduRev

 Page 1


General Nature of a Partnership 
       Unit 1 
CPT Mercantile Law 
Chapter -3 The Indian Partnership Act ,1932 
 
CA. Dipti Lunawat 
Page 2


General Nature of a Partnership 
       Unit 1 
CPT Mercantile Law 
Chapter -3 The Indian Partnership Act ,1932 
 
CA. Dipti Lunawat 
INTRODUCTION TO INDIAN PARTNERSHIP ACT,1932 
WHAT IS PARTNERSHIP? 
ESSENTIAL ELEMENTS OF PARTNERSHIP 
TRUE TEST OF PARTNERSHIP 
PARTNERSHIP DISTINGUISHED FROM OTHER FORMS OF ORGANISATION 
TYPES OF PARTNERSHIP 
TYPES OF PARTNERS 
MINOR’S POSITION IN PARTNERSHIP 
Learning Objectives 
Page 3


General Nature of a Partnership 
       Unit 1 
CPT Mercantile Law 
Chapter -3 The Indian Partnership Act ,1932 
 
CA. Dipti Lunawat 
INTRODUCTION TO INDIAN PARTNERSHIP ACT,1932 
WHAT IS PARTNERSHIP? 
ESSENTIAL ELEMENTS OF PARTNERSHIP 
TRUE TEST OF PARTNERSHIP 
PARTNERSHIP DISTINGUISHED FROM OTHER FORMS OF ORGANISATION 
TYPES OF PARTNERSHIP 
TYPES OF PARTNERS 
MINOR’S POSITION IN PARTNERSHIP 
Learning Objectives 
Introduction 
  It extends to whole of India except the state of Jammu & 
Kashmir 
It came in force on 1
st
 October,1932 except Section 
69, which came in force on 1
st
 October , 1933 
Partnership Act is not exhaustive 
If partnership Act,1932 is silent, Indian Contract Act,1872 
is applicable 
Page 4


General Nature of a Partnership 
       Unit 1 
CPT Mercantile Law 
Chapter -3 The Indian Partnership Act ,1932 
 
CA. Dipti Lunawat 
INTRODUCTION TO INDIAN PARTNERSHIP ACT,1932 
WHAT IS PARTNERSHIP? 
ESSENTIAL ELEMENTS OF PARTNERSHIP 
TRUE TEST OF PARTNERSHIP 
PARTNERSHIP DISTINGUISHED FROM OTHER FORMS OF ORGANISATION 
TYPES OF PARTNERSHIP 
TYPES OF PARTNERS 
MINOR’S POSITION IN PARTNERSHIP 
Learning Objectives 
Introduction 
  It extends to whole of India except the state of Jammu & 
Kashmir 
It came in force on 1
st
 October,1932 except Section 
69, which came in force on 1
st
 October , 1933 
Partnership Act is not exhaustive 
If partnership Act,1932 is silent, Indian Contract Act,1872 
is applicable 
What Is  Partnership 
ACCORDING TO SEC 4 OF PARTNERSHIP ACT, 1932 
Partnership is the relation  
between persons  
who have agreed  
to share the profits  
of a business  
carried on by all or any of them acting for all  
Page 5


General Nature of a Partnership 
       Unit 1 
CPT Mercantile Law 
Chapter -3 The Indian Partnership Act ,1932 
 
CA. Dipti Lunawat 
INTRODUCTION TO INDIAN PARTNERSHIP ACT,1932 
WHAT IS PARTNERSHIP? 
ESSENTIAL ELEMENTS OF PARTNERSHIP 
TRUE TEST OF PARTNERSHIP 
PARTNERSHIP DISTINGUISHED FROM OTHER FORMS OF ORGANISATION 
TYPES OF PARTNERSHIP 
TYPES OF PARTNERS 
MINOR’S POSITION IN PARTNERSHIP 
Learning Objectives 
Introduction 
  It extends to whole of India except the state of Jammu & 
Kashmir 
It came in force on 1
st
 October,1932 except Section 
69, which came in force on 1
st
 October , 1933 
Partnership Act is not exhaustive 
If partnership Act,1932 is silent, Indian Contract Act,1872 
is applicable 
What Is  Partnership 
ACCORDING TO SEC 4 OF PARTNERSHIP ACT, 1932 
Partnership is the relation  
between persons  
who have agreed  
to share the profits  
of a business  
carried on by all or any of them acting for all  
Agreement 
Sharing profits of business. 
Business carried on by all or any 
of them acting for all. 
Essential Elements of Partnership 
 
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