The Partnership Act, 1932

Implied Authority of Partner as Agent of the Firm (1) Subject to the provisions of section 22, the act of a partner which is done to carry on, in the usual way, business of the kind carried on by the firm, binds the firm. The authority of a partner to bind the firm conferred by this section is […]

Partner to be Agent of the Firm Subject to the provisions of this Act, a partner is the agent of the firm for the purposes of the business of the firm. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST

Rights and Duties of Partners After A Change in the Firm. Subject to contract between the partners, – (a) where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before the change, as far as may be;

Personal Profits Earned by Partners Subject to the contract between the partners, – (a) if a partner derives any profits for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm-name, he shall account for that profit and pay it to the firm; (b) if a

Application of the Property of the Firm. Subject to the contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business.

The Property Of The Firm Subject to contract between the partners, the property of the firm includes all property and rights and interest in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm for the purposes and in the course of the business of the firm,

Mutual Right And Liabilities Subject to contract between the partners – (a) a partner is not entitled to receive remuneration for taking part in the conduct of the business; (b) the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by the firm; (c) where a partner is entitled to

The Conduct of the Business Subject to contract between the partners – (a) every partner has a right to take part in the conduct of the business; (b) every partner is bound to attend diligently to his duties in the conduct of the business; (c) any difference arising as to ordinary matters connected with the business may be decided by a majority

Determination Of Rights And Duties Of Partners By Contract Between The Partners (1) Subject to the provisions of this Act, the mutual rights and duties of the partners of a firm may be determined by contract between the partners, and such contract may be express or may be implied by a course of dealing. Such contract

Duty To Indemnify For Loss Caused By Fraud Every partner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.