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MGT611 - Business & Labor Law Assignment No.2 Solution & Discussion Spring 2013 Due Date:01-07-2013

Topic:
“Partnership and Liabilities on Partners through Partnership Agreement”
Learning Objective:
• To help the students in understanding the term “Partnership” and the kinds of Partners.
• To help the student in understanding the position of minor partner in a Partnership
agreement.
Learning Outcomes:
• After attempting the assignment, students will be able to know about the Partnership,
Partners' liabilities and participation.
• Students will be able to handle the situation during minority and majority phases in a
Partnership agreement.
THE PARTNERSHIP
Partnership is the relation between persons who have agreed to share profits of the business
carried on by all or any one of them acting for all.A Partnership is an association of two or more
individuals who agree to share the profits of a lawful business which is managed or carried by
them. Partnership is the relation between persons competing to make contract who agrees to
carry on a lawful business in commonwith a view of private gain.
A COMPANY PROFILE
A well known garment company XYZ, start a new product for youngsters. When they launch the
product the active partner Mr. Nadim admitted his minor son Mr. Salman to the benefits of the
partnership. Mr. Salman reaches his majority after 6 months and elected to remain a partner of
the firm. XYZ company makes a fresh partnership deed and implement with all legal
requirements.
After One week of partnership deed, the company lost Mr. Salman in a road accident and they
lost a partner. All the accounts of the company were closedat the end of the year and the
income-tax officer calculated all the Profits betweenthe partners and also the tax to be paid by
everyone.
Requirement:
1. Give some solid reasons that why the father’ is liable to pay tax on the income of his
minor son. (10)
2. What are the possible conditions for the existence of a “Partnership Agreement”. Explain
in your own words. (10)

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Replies to This Discussion

or haan ye baat maine ksi or discussion pe poochi thi jiska reply app yahan kr rahy ho 

1. Give some solid reasons that why the father’ is liable to pay tax on the income of his
minor son.


simple in Q.1 mai batana hai k father kiun pay krta hai tax apne minor son ki income mai se.,.,   understand?????

i dont know to whom with discuss this assignment

thanks

2. What are the possible conditions for the existence of a “Partnership Agreement”. Explain
in your own words. (10)

ANSWER,.2

mai batana hai k scenario ma ab jb minor son who is mr.nadeem jo accidnt mai mar gya,., tuo usky son k sath ab agreement ki kia conditions rhain gi./

mr.salman is his minor son

plz koi to solution upload kr do plz aj extend date hai..

fairy second question man uske son k sath kiska agreement ki conditions ki bat kar rahay ho ap ??? explain karo gi ap zra :) 

 fairy I think 2nd qus ka ans generly dena hy iska Mr.Nadeem ya usk son se koi taluq nhe.  assignment k 1st peragraph "THE PATNERSHIP" kI last line dekhen.

There are 2 different Questions. First I think, Why father is liable to pay tax on the income of his minor son which is before the accident and refreshing partnership agreement. Second, after renewing the agreement and after the death of his son ( partner ), what are the possible condition for the existence of the partnership agreement? 

hnji..yehi hein questions...

 Usman Yaqoob I think 2nd qus ka ans generly dena hy iska Mr.Nadeem ya usk son se koi taluq nhe.  assignment k 1st peragraph "THE PATNERSHIP" kI last line dekhen.

A person who is a minor according to the law to which he is subject may not be a
partner in a firm, but, with the consent of all the partners for the time being, he may
be admitted to the benefits of partnership.

But in our assignment MR sulman become a partner after six month with mijority.
So in partnership all partner liability is unlimited. So after desolution of the partnership profit or loss will charge from his personal property. this is the main reaon that his fater is responsible for paying his profit income tax because he receive all profit of his minor son

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