Related to Partnership Act


Hrishikesh Ransing   19 May 2019

Hrishikesh Ransing

 4 likes  24 points

| My Other Post

What is the meaning of " No charitable institution or club maybe floated in partnership.However, joint-stock stock company may be floated for non economic propose"?

1 Like
avater

Dhirajlal Rambhia (KVO Merau Kutchh)     20 May 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 8809 likes  90560 points

View Profile | My Other Post

A... No charitable activity, or no clubs business under the partnership.

B.    but a limited company can be formed for the specific cause.

avater

Shrikant (Associate)     03 June 2019

Shrikant
Associate 
 19 likes  348 points

View Profile | My Other Post

As agreeing to the view of Dirajlal sir above, a Partnership cannot be formed for the non-economic purpose as the definition of Partnership itself says as it is for sharing of profits, etc. Please go through the definition below,

 

A Partnership is defined by the Indian Partnership Act, 1932, as 'the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all'. This definition gives three minimum requirements to constitute a partnership, viz.

(1) there must be an agreement entered into orally or in writing by the persons who desire to form a partnership, 
(2) the object of the agreement must be to share the profits of business intended to be carried on by the partnership, and 
(3) the business must be carried on by all the partners or by any of them acting for all of them. 

1 Like
avater

subhagan sreerangam   10 August 2019

subhagan sreerangam

 146 likes  5690 points

View Profile | My Other Post

good clarification and information


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »