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partnership
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partnership
Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The term is defined as a voluntary contract between two or more competent person to place their money, effects, labor and skill, or some or all of them, in lawful commerce or business, with the understanding that there shall be a communion of the profits thereof between them
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. Halsbury defines a partnership as "the relation which subsists between persons on a partnershipcarryingprofit".business in common with a view of
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Types of Partnership
partners. Now there are various types of partnerships. 1. Ordinary Partnerships 2. Limited Partnerships 3. Partnership at-will
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Dissolution of firm
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1. Insanity. 2. Permanent incapacity. 3. Misconduct. 4. Persistent breaches. 5. Transfer of Interest. 6. Perpetual loss. 7. Just and Equitable
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Insanity.
mind
Permanent Incapacity:
a partner, other than the partner suing, has become permanently incapable of performing his duties as partner
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Misconduct: a partner, other than partner suing, is guilty of conduct which is likely to affect prejudicially the carrying on of the business, regard being had to the nature of the business
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Breach of Agreement:
a partner, other than partner suing, willfully or persistently commits breach of agreement relating to the management of the affairs of the firm. That a partner, other than partner suing, has transferred whole of his interest in the firm to a third party or has allowed his share to be sold in execution of a decree. The business of the firm cannot be continued further on except at a loss.
Transfer of Interest.
Losses.
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On any other ground which renders it just and equitable that the firm should be dissolved.
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procedure
Lawyer Without informing Partnership deed Civil court Court are liable Stamp paper (1000) According to the specific relief act 1877 section42
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