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Business & Labuor Laws
Graded Discussion Board 02
Law of Partnership
According to the Partnership Act 1932, “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”. In other words, “Partnership is the relation between persons competing to make contract who agrees to carry on a lawful business in common with a view of private gain”. “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”. In partnership business, every partner has the right to take part in the management. The important business decisions are taken with the consent of all the partners.
“Sultan” and “Sikandar” are friends and want to establish a shoe manufacturing business at local level. They opted for a “Partnership” and this business due to their earlier experience and relationships with certain clients in this field Both Sultan and Sikandar need to consider which particular type of partnership do they go for as suitable to their business organization. Both of them have the desire to keep their financial dedication of their business totally separate from their personal financial affairs and activities. They don’t feel comfortable being accountable for the debts of the business personally. “Sikandar” also wishes to bring his son “Ali” into the business after some period of time by following the required rules.
· Being a student of “Business Law”, mention major characteristics of a partnership form of business? (Marks 10)
· What are the proper rules for bringing a new partner into the business? (Marks 10)
1: Your discussion must be based on logical facts.
2: The GDB will remain open for 3 working days/ 72 hours.
3: Your answer should not exceed 200 words.
4: Do not copy or exchange your answer with other students.
5: Obnoxious or ignoble answer should be strictly avoided.
6: Questions / queries related to the content of the GDB, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of GDB is over.
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What Is Features of a Partnership Business?
Partnership business has a number of features and some are as follows; Partnership Agreement, this the contract signed between the people carrying out partnership business, another feature is sharing of profits, profits must be divided equally among members , decision making is also crucial in partnership business and decisions must be made by all the members. Last but not least is capital; all partners have to contribute capital to the firm.
any one is here for discussion i understood second question .but fisrt one is ,i dont know what to write dono forms describe karni hai kya?
ma nay first kr lia ha second ka bata doo :P
abdur kindly tell me about first question :(
plzzz give some idea about 2nd question