16 June 2021
IF A PARTICULAR PARTNERSHIP ENDS AFTER A PARTICULAR ADVENTURE BUT THE PARTNERS CONTINUE IT AFTER COMPLETEION OF BUSINESS , THEN WOULDN'T IT BE BREACH OF CONTRACT BECAUSE THEY HAD MADE AN AGREEMENT TO CARRY ON BUSINESS FOR A PARTICUALR ADVENTURE OR BUSINESS , BUT SINCE THEY CONTINUE TO DO BUSINESS, IT IS CLEAR BREACH OF THAT CONTRACT
17 June 2021
SIR FOR EG THERE IS A PARTNERSHIP FIRM OF SUGAR MANUFACTURING AND TRADING.. THREE PARTNERS ARE THERE I.E. A,B,C. B's IMPLIED AUTHORITY IS RESTRICTED AS TO HE CANNOT PURCHASE SUGARCANE FOR WORTH MORE THAN 10,000. HE GOES AND BUYS SUGARCANE FROM OUTSIDER WHO DOESN'T KNOW ABOUT THIS RESTRICTION WORTH 20,000. HERE ACCORDING TO SECION 20 OF THE INDIAN PARTNERSHIP ACT, THE FIRM WILL BE LIABLE FOR THE IT.. SO WILL B REQUIRE TO INDEMNIFY THE OTHER PARTNER AS SEC10 SAYS THAT IN CASE OF FRAUD THE PARTNER HAS TO INDEMNIFY AND FRAUD INCLUDES ACTIVE CONCEALNMENT OF FACTS KNOWN....OR ANY OTHER REASON WHY B WILL HAVE TO INDEMNIFY OTHER PARRTNERS... OR B WILL NOT BE REQUIRED TO INDEMNIFY THE OTHER PARTNERS
18 June 2021
sir correct me if i am wrong....the express authority of partners are bascially we can say extended or restricted implied authority of them. for eg. if there are three partners of sugar manufacturing business.. there is an implied authority that they can do everyhting like buying sugacane, borrow money and other things similar to it.. now one partner is said that he can only buy sugarcane for business (like deal in sugarcane for business)and nothing else.. now this is restrciction on implied authority but it can also be understood as express authority as by words spoken or written authority is given to the partner... sir plz reply whether i am right or worng
19 June 2021
But sir dormant partner doesn't take part in day to day activities and and right to be consulted is for day to day activities..so if he is a dormant partner he doesn't have right to be consulted
20 June 2021
Sir according to contract law both parties must give something and get something.i.e. both the parties must get consideration in return..so in sale of good act consideration is money only..so what the seller will be getting will only be consideration but what the buyer will get I.e goods will not be consideration as per sales of goods act but as per contract law what buyer is getting is also consideration..and for a contract to be formed buyer also must get consideration for otherwise therexant be consideration. So if only money is consideration per SOGA 1932 THEN THERE CAN NKT BE A CONTRACT
27 June 2021
1) LLP agreement can be made before and after incorporation. if it is made before incorporation ( i know it will contain rights and duties between partners) does it contain rights and duties between llp and partner.......and if it doesn't contain, then how is it added after incoprotation by ratification or how?? and if it is made after incorporation, does it contain right and duties between partners and benteen partners and the LLP
2)as we know that for acts out of the authority of partner and the other person knowing about those restriction, the firm will not be liable..
whose liability will be there if partner in his authority does some wrongful act or omission.
when we say fraud by partner, if it is without the knowledge or authority off LLP, LLP is not liable. what do we mean by authority and knowledge of the llp
3) at the time of incorporation of LLP is it compulsory to appoint Designated partners at that time or they cN be appointed afterwards.
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