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Business and labor law ( Mgt611)
Assignment no 1
Scenario: Mansoor – the sole owner of a well-established construction firm had been associated with construction business for the last 20 years. His business spans over all major cities in the country. Besides this, he also renders consultancy services to other construction players in the industry. Aslam, who is also in construction industry for the last 7 years entered into an agency relationship with Mansoor for a newly start-up construction project undertaken by the later. This project, located in heart of the city, successfully completed in 30 months. After completion of the project, Aslam showed his intentions to Mansoor to sign a partnership deed with him to which Mansoor agreed on sharing of future profit or losses in equal proportion. They formed a new construction firm under the name of Model Construction. The net assets contributions in the new firm were Rs. 25.75 million by Mansoor and Rs. 25.50 million by Aslam. The partnership deed is silent on all other monetary benefits to the partners except monthly drawings of Rs. 150,000/- to each individual against his share in the yearly profit.
Required: Answer the following questions: (2 * 5 Marks)
a) Briefly describe the duties of Mansoor while having agency relationship with Aslam.
b) How can they convert their agency relationship into partnership?
c) Despite of varying amount of contributed capitals, how they can share the future profit or loss of the firm?
d) If any of the partners intends to convert half of his drawings into salary, describe the provisions of the Partnership Act in this regard.
e) Can, in case the firm needs finance to meet its business operation, a partner borrow an amount from his wife at a promised mark-up rate and lend this money to the firm on his own behalf? State your answer as per provision of the Partnership Act 1932. --------------------------------------------------------
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hr koi soya hua hai kya???
kisi ny b complete ni ki abi tk ???????????????????????
Mansoor ki duties tu agent ki duties hoo jaiy gi
conversion of agency relationship into partnership i think after complete the agency agreement they can enter into partnership agreement
wt will be the ans of q4?
thanks and q4??
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sir plz helpp
yeh plz koi question part 4 ko upload kar day