We are here with you hands in hands to facilitate your learning & don't appreciate the idea of copying or replicating solutions. Read More>>

Looking For Something at vustudents.ning.com? Click Here to Search

www.bit.ly/vucodes

+ Link For Assignments, GDBs & Online Quizzes Solution

www.bit.ly/papersvu

+ Link For Past Papers, Solved MCQs, Short Notes & More


Dear Students! Share your Assignments / GDBs / Quizzes files as you receive in your LMS, So it can be discussed/solved timely. Add Discussion

How to Add New Discussion in Study Group ? Step By Step Guide Click Here.

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)

+ How to Follow the New Added Discussions at Your Mail Address?

+ How to Join Subject Study Groups & Get Helping Material?

+ How to become Top Reputation, Angels, Intellectual, Featured Members & Moderators?

+ VU Students Reserves The Right to Delete Your Profile, If?


See Your Saved Posts Timeline

Views: 1358

.

+ http://bit.ly/vucodes (Link for Assignments, GDBs & Online Quizzes Solution)

+ http://bit.ly/papersvu (Link for Past Papers, Solved MCQs, Short Notes & More)

+ Click Here to Search (Looking For something at vustudents.ning.com?)

+ Click Here To Join (Our facebook study Group)

Attachments:

Replies to This Discussion

Partnership Act 1890

NATURE OF PARTNERSHIP

DEFINITION OF PARTNERSHIP

1

.(1) Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.

(2) But the relation between members of any company or association which is

(a)Registered as a company under the Companies Act 1862, or any other Act of Parliament for the time being in force and relating to the registration of joint stock companies, or

(b) Formed or incorporated by or in pursuance of any other Act of Parliament or letters patent, or Royal Charter, or

(c) A company engaged in working mines within and subject to the jurisdiction of the Stannaries:

is not a partnership within the meaning of this Act.

RULES FOR DETERMINING EXISTENCE OF PARTNERSHIP

2. In determining whether a partnership does or does not exist, regard shall be had to the following rules-

(1) Joint tenancy, tenancy in common, joint property, common property, or part ownership does not of itself create a partnership as to anything so held or owned, whether the tenants or owners do or do not share any profits made by the use thereof.

(2) The sharing of gross returns does not of itself create a partnership, whether the persons sharing such returns have or have not a joint or common right or interest in any property from which or from the use of which the returns are derived.

(3) The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but the receipt of such a share, or of a payment contingent on or varying with the profits of a business, does not of itself make him a partner in the business; and in particular-

(a) The receipt by a person of a debt or other liquidated amount by instalments, or otherwise out of the accruing profits of a business does not of itself make him a partner in the business or liable as such

(b) A contract for the remuneration of a servant or agent of a person engaged in a business by a share of the profits of the business does not of itself make the servant or agent a partner in the business or liable as such

(c) A person being the widow or child of a deceased partner, and receiving by way of annuity a portion of the profits made in the business in which the deceased person was a partner, is not by reason only of such receipt a partner in the business or liable as such

(d) The advance of money by way of loan to a person engaged or about to engage in any business on a contract with that person that the lender shall receive a rate of interest varying with the profits, or shall receive a share of the profits arising from carrying on the business, does not of itself make the lender a partner with the person or persons carrying on the business or liable as such. Provided that the contract is in writing, and signed by or on behalf of all the parties thereto

(e) A person receiving by way of annuity or otherwise a portion of the profits of a business in consideration of the sale by him of the goodwill of the business is not by reason only of such receipt a partner in the business or liable as such.

Yaaar question is about partnership agreement .. dont u think we have to write conditions that are necessary while making a partnership agreement or condtions that a partnership agreemtn carries? kindly clarify my point :)

Why they have given a scenario ??? both questions are not related to the given scenario . they are totally different from the situation given above =/

kisi ko assignment banani nahe aati. leken don't worry ma sham ko complete assignment upload kr don ga 

mujhe bhi nahe aati :D :D :D :D

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./

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?????

mje second question ki samj ni a rhi 

rabel first man kya hai??? :(

1st question is worst :/

helo Heer ma har jaga yahi reply copy past nahe kr raha Mera 5 subject han ma sirf on me hi ya reply pest krta hon

Ha Ha Ha to mjky apky subjects same hain iss liye mai apka aik he reply har discussion pe parhti hoon

RSS

Latest Activity

Rahman Ullah posted a discussion
35 minutes ago
Rahman Ullah commented on + M.Tariq Malik's group CS302 Digital Logic Design
39 minutes ago
Profile IconRahman Ullah and norina joined + M.Tariq Malik's group
40 minutes ago
Rahman Ullah posted a status
"Koi CS302 Assignment No.3 Share karay"
47 minutes ago
DANI replied to + ! ! Şĩɳℊℯℛ ⋆⭐️⋆'s discussion MGT101 Online Quiz - 3 (SOLVED) Fall 2019 Discussion Date: 27-01-2020 in the group MGT101 Financial Accounting
58 minutes ago
DANI liked + ! ! Şĩɳℊℯℛ ⋆⭐️⋆'s discussion MGT101 Online Quiz - 3 (SOLVED) Fall 2019 Discussion Date: 27-01-2020
58 minutes ago
+ ! ! Şĩɳℊℯℛ ⋆⭐️⋆ added a discussion to the group MGT101 Financial Accounting
1 hour ago
Muhammad Ashfaq liked + M.Tariq Malik's discussion ECO404 Managerial Economics GDB Fall 2019 Solution & Discussion
1 hour ago
Muhammad Ashfaq replied to + M.Tariq Malik's discussion ECO404 Managerial Economics GDB Fall 2019 Solution & Discussion in the group ECO404 Managerial Economics
1 hour ago
Profile IconMuhammad Ashfaq and Muhammad Rizwan joined + M.Tariq Malik's group
1 hour ago
+ ! ! Şĩɳℊℯℛ ⋆⭐️⋆ joined + M.Tariq Malik's group
1 hour ago
Muhammad Talha Khaliq replied to + M.Tariq Malik's discussion FIN611 GDB Fall 2019 Solution & Discussion in the group FIN611 Advanced Financial Accounting
1 hour ago

© 2020   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service

.