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Related to Partnership Act


Hrishikesh Ransing   19 May 2019

Hrishikesh Ransing

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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"?

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Dhirajlal Rambhia (KVO Merau Kutchh)     20 May 2019

Dhirajlal Rambhia
KVO Merau Kutchh 
 9216 likes  93285 points

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

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

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Shrikant (Associate)     03 June 2019

Shrikant
Associate 
 19 likes  350 points

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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. 

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subhagan sreerangam   10 August 2019

subhagan sreerangam

 203 likes  6567 points

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good clarification and information


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