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    Introduction To Business Lec 5

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    AHSAN SH3ikh
    The document discusses key elements that should be included in a partnership deed, which is a written agreement that forms the basis of a partnership. It defines the rights, duties, and liabilities of partners. A partnership deed typically specifies details like the business name and location, capital contributions, partner roles and obligations, profit/loss distribution, new partner admission, and dissolution procedures. It aims to minimize disputes by providing clarity around the partnership terms.

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    Introduction To Business Lec 5

    Uploaded by

    AHSAN SH3ikh
    140 views12 pages
    The document discusses key elements that should be included in a partnership deed, which is a written agreement that forms the basis of a partnership. It defines the rights, duties, and liabilities of partners. A partnership deed typically specifies details like the business name and location, capital contributions, partner roles and obligations, profit/loss distribution, new partner admission, and dissolution procedures. It aims to minimize disputes by providing clarity around the partnership terms.

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    Introduction to Business Lec 5

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    The document discusses key elements that should be included in a partnership deed, which is a written agreement that forms the basis of a partnership. It defines the rights, duties, and liabilities of partners. A partnership deed typically specifies details like the business name and location, capital contributions, partner roles and obligations, profit/loss distribution, new partner admission, and dissolution procedures. It aims to minimize disputes by providing clarity around the partnership terms.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    140 views12 pages

    Introduction To Business Lec 5

    Uploaded by

    AHSAN SH3ikh
    The document discusses key elements that should be included in a partnership deed, which is a written agreement that forms the basis of a partnership. It defines the rights, duties, and liabilities of partners. A partnership deed typically specifies details like the business name and location, capital contributions, partner roles and obligations, profit/loss distribution, new partner admission, and dissolution procedures. It aims to minimize disputes by providing clarity around the partnership terms.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Partnership Deed

    LECTURE # 5
    Partnership
    agreement in
    writing Is called
    partnership deed.
     It forms the basis of formation of
    the partnership
     It defines the mutual rights, duties
    & liabilities of the partners.
     It help in minimizing the areas of
    disputes among the partners.
     It serves as guidepost for the
    conduct of firm business.
    1. Name & location of the business
    2. The nature of the business
    3. The amount of capital to be contributed
    by each partner.
    4. Provisions of reinvestments in business.
    5. The duties, power & obligations of all the
    partners.
    6. Length or life of the business.
    1. The method of distribution of profit &
    sharing of losses.
    2. Method of admitting a new partner.
    3. Procedure for withdrawal of a partner.
    4. The method of revaluation of goodwill on
    admission or retirement or death of a
    partner.
    5. Procedure to be followed for in case a
    partner for managing the firm.
    6. Arrangements to be followed in case a
    partner becomes insolvent.
    1. Salary, if any, payable to the
    partners for managing the firm.
    3. The method of preparing accounts &
    arrangement for audit.
    4. Procedure for the dissolution of the
    firm & settlement of accounts.
    5. Arbitration in case of disputes among
    partners.
    6. Operation of bank account.
    • Common advantage
    • Indemnity
    • Loss caused by wilful neglect.
    • Due diligence
    • Provision of information
    • Right to take part in management
    • Expression of opinion
    • Inspection of books
    • Right to be indemnified
    • Right to continue • Right to retire
    • Use of property • Interest on capital
    • Sharing of profit/loss
    • Joint liability
    • Liability of a new partner
    • Liability of retiring partner
    • Competitive business
    • No private use of property
    • Admission of a new partner
    • Retirement of a partner
    • Insolvency of a partner
    • Death of a partner
    • A minor can’t be a partner
    • A minor can be admitted to the
    benefits of partnership alone
    • Rights of a minor in a firm
    • Liability of a minor
    Within 6 months of his attaining majority, he has to give
    notice:
    ii. Whether he wishes to continue as a partner or not.
    iii. In case he doesn’t make such announcement, he will be
    treated as decided to continue as a powerful fledged
    partner
    iv. When he chosen to become partner or
    is deemed to be partner his liability becomes
    unlimited with effect from the date of his
    admission as such.

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