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    The Indian Partnership Act, 1932 Sections 9 To 17 Youtube - : © 2020 Asif Ali (Law Explorer) - All Rights Reserved

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    Abhishek
    The document summarizes key sections of the Indian Partnership Act of 1932 regarding partners' obligations to the partnership. It states that partners are bound to carry on partnership business to the common advantage, have a right to access partnership books, and are responsible for indemnifying losses caused by willful neglect. It also notes that any personal profits made from using partnership property or in a competing business must be accounted for and paid to the partnership.

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    The Indian Partnership Act, 1932 Sections 9 To 17 Youtube - : © 2020 Asif Ali (Law Explorer) - All Rights Reserved

    Uploaded by

    Abhishek
    41 views1 page
    The document summarizes key sections of the Indian Partnership Act of 1932 regarding partners' obligations to the partnership. It states that partners are bound to carry on partnership business to the common advantage, have a right to access partnership books, and are responsible for indemnifying losses caused by willful neglect. It also notes that any personal profits made from using partnership property or in a competing business must be accounted for and paid to the partnership.

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    The document summarizes key sections of the Indian Partnership Act of 1932 regarding partners' obligations to the partnership. It states that partners are bound to carry on partnership business to the common advantage, have a right to access partnership books, and are responsible for indemnifying losses caused by willful neglect. It also notes that any personal profits made from using partnership property or in a competing business must be accounted for and paid to the partnership.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    41 views1 page

    The Indian Partnership Act, 1932 Sections 9 To 17 Youtube - : © 2020 Asif Ali (Law Explorer) - All Rights Reserved

    Uploaded by

    Abhishek
    The document summarizes key sections of the Indian Partnership Act of 1932 regarding partners' obligations to the partnership. It states that partners are bound to carry on partnership business to the common advantage, have a right to access partnership books, and are responsible for indemnifying losses caused by willful neglect. It also notes that any personal profits made from using partnership property or in a competing business must be accounted for and paid to the partnership.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    The Indian Partnership Act, 1932 Sections 9 to 17 YouTube – LAW EXPLORER

    1. Are partners bound to carry on the business of the


    firm?
    Partners are bound to carry on the business of the firm to
    the greatest common advantage. (Refer S. 9)
    2. Do partners have a right to have access to any of the
    books of the firm?
    Yes, every partner has a right to have access to and to inspect and copy any
    of the books of the firm. (Refer S. 12(d))
    3. Is a partner bound to indemnify the firm for any loss caused to it by his
    wilful neglect in the conduct of the business of the firm?
    Yes, a partner shall indemnify the firm for any loss caused to it by his wilful
    neglect in the conduct of the business of the firm. (Refer S. 13(f))
    4. To whom does the personal profits earned by a partner will belong to if
    a partner derives it for himself from the use of the property of the firm?
    If a partner derives any profits for himself from any transaction of the firm,
    or from the use of the property or business connection of the firm or the firm
    name, he shall account for that profit and pay it to the firm. (Refer S. 16(a))
    5. To whom does the personal profits earned by a partner will belong to if
    a partner carries on any business of the same nature as that of the firm?
    If a partner carries on any business of the same nature as and competing with
    that of the firm, he shall account for and pay to the firm all profits made by
    him in that business. (Refer S. 16(b))

    © 2020 Asif Ali (LAW EXPLORER). All rights reserved.

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