Companies Act

Ans: The liability of estate of deceased partner is mentioned under section 35 of partnership act whereas the right of outgoing partner to carry on competing business is mentioned under Article 36 and right of outgoing partner in certain cases to share subsequent profits is mentioned under section 37 of partnership act. 

Ans: The partners are mentioned under Section 31, 32 , 33 and 34 of partnership act,  1932.  The introduction of partner is mentioned under section 31 of partnership act.  The retirement of partners is mentioned under section 32 of partnership act. The expulsion of partner is mentioned under section 33 of partnership act.  The Insolvency of partner is mentioned under section 34 of partnership act. 

Ans: No,  Judicial stamp can not be used in partnership deed.  Judicial stamps are paid under court fees act, 1870 and Non Judicial Stamps are paid under Indian Stamp Act, 1899 and the respective state amendments.

Ans: PARTNERSHIP NOT CREATED BY STATUS.  In accordance with section 5 of partnership act, 1932, the relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not partners in such business.  According to section 5 of contract act, 1932, the partnership is not created by status. The relation of partnership arises: From Contract; and not from status. Example 1:  Members of Hindu undivided family (Joint Family) carrying on a family business together. The family members are not partners of each other because although,  they are carrying business together but the relationship between them has not arisen from Contract but due to their family status according to their religion. Example 2: A Burmese Buddhist husband and wife carrying on business together according to their religion. The husband and w...

Ans: In accordance with section 4 of partnership act, 1932:  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.  Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name". So persons individually are partners and collectively makes a firm and the name under which business is carried on is the firm- name.  To make partnership,  partnership deed is required. If two persons agree to share profits, they become partners in partnership firm. 

Ans: The company act, 2013 comprises of 470 sections , 29 chapters and 7 schedules whereas partnership act, 1932 comprises of 74 Sections and 2 schedules.  

Ans: The partnership firm is governed by Indian Partnership Act, 1932 and state rules.  The partners individually and collectively make firm. Generally in every act, the powers are given to make rules. In Indian Partnership Act, the power to make rules are given to state government. The parties in partnership firm are called the partners. Contract is essential and basis of a partnership firm. Term is governed by the Agreement/ Deed. If silent,  it is 'partnership at will '. All terms can be decided by the partners,  and in absence of any specific term the relevant sections of the Act will apply. The minimum number of partners are two. The maximum number of partners are 50. Companies Act, 2013( Section 464), Companies Miscellaneous) Rules, 2014( Rule 10) . All terms can be decided by the partners,  and in absence of any specific term the relevant sections of the Act will apply. Each partner is the agent of other partner and this relationship is called Principal Agent ...