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    Partnership Rights

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    Irfan Aijaz
    A partnership is an association of two or more persons engaged in a business enterprise where profits and losses are shared proportionally. The legal definition is an association of two or more persons carrying on a business for profit as co-owners. The rights of a partner include using partnership property for the common benefit, not being expelled without majority consent or good faith, retiring with consent or by giving notice, and not being liable for debts incurred before joining or from new partners introduced without consent.

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    Partnership Rights

    Uploaded by

    Irfan Aijaz
    9 views6 pages
    A partnership is an association of two or more persons engaged in a business enterprise where profits and losses are shared proportionally. The legal definition is an association of two or more persons carrying on a business for profit as co-owners. The rights of a partner include using partnership property for the common benefit, not being expelled without majority consent or good faith, retiring with consent or by giving notice, and not being liable for debts incurred before joining or from new partners introduced without consent.

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    A partnership is an association of two or more persons engaged in a business enterprise where profits and losses are shared proportionally. The legal definition is an association of two or more persons carrying on a business for profit as co-owners. The rights of a partner include using partnership property for the common benefit, not being expelled without majority consent or good faith, retiring with consent or by giving notice, and not being liable for debts incurred before joining or from new partners introduced without consent.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    9 views6 pages

    Partnership Rights

    Uploaded by

    Irfan Aijaz
    A partnership is an association of two or more persons engaged in a business enterprise where profits and losses are shared proportionally. The legal definition is an association of two or more persons carrying on a business for profit as co-owners. The rights of a partner include using partnership property for the common benefit, not being expelled without majority consent or good faith, retiring with consent or by giving notice, and not being liable for debts incurred before joining or from new partners introduced without consent.

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    MEANING OF PARTNERSHIP

    An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit"

    RIGHTS OF A PARTNER IN A PARTNERSHIP


    RIGHTS TO USE PARTNERSHIP PROPERTY A partner may contribute personal property to the partnership, but the contributed property becomes partnership property unless some other arrangements has been negotiated.. The partner may convey or transfer the property but only in the name of the partnership. The property of the firm is the property of all partners and therefore it can be held and used only for the common benefit of all partners

    RIGHTS OF A PARTNER IN A PARTNERSHIP

    RIGHT NOT TO BE EXPELLED


    Every partner is entitled to remain in the firm. Subject to an agreement, one partner cannot compel another to leave the firm. It is essential that power of expulsion is expressly conferred between the partners, that the expulsion is made by a majority of the partners of the firm. That the expulsion is made in good faith.

    RIGHTS OF A PARTNER IN A PARTNERSHIP

    RIGHT TO RETIRE
    A partner has the right to retire from a firm, with the consent of the partners. In accordance with an express agreement among the partners. Were the partnership is at will, by giving notice in writing to all other partners of his intention to retire.

    RIGHTS OF A PARTNER IN A PARTNERSHIP

    NO LIABILITIES BEFORE JOINING A partner does not become liable for any of the liabilities of the firm contracted before he joined the firm. A new partner cannot be held for the acts of the old firm.

    RIGHTS OF A PARTNER IN A PARTNERSHIP

    NO NEW PARTNER TO BE INTRODUCED The contract of partnership being based upon personal confidence, it follows that no new partner can be introduced into the firm without the consent of all the partners

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