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Relationship of Partners

CA CPT Exam  

With Bharat Galani.Duration:3hrs 28min

Test Jayesh

Relationship of PartnersDuration (min:sec)
Mutual Rights & Duties 
Overview01:28
Rights of Partners36:21
Duties of Partners18:45
Quiz12:55
Authority & Misc. Points 
Authority of Partner19:37
Test of Implied Authority05:06
Authority of Partner Overview14:37
Restrictions on Implied Authority06:01
Authority during Emergency05:04
Misc. points24:04
Quiz16:37
Reconstitution of firm 
Overview04:53
Admission of Partner03:33
Retirement of Partner09:00
Expulsion of Partner05:49
Insolvency & death of Partner03:25
Rights of Transferee02:39
Revocation of Continuing guarantee04:43
Right & Duties after change in firm01:17
Quiz11:35
Conclusion00:45
Total03:28:14

Notes

Index

Mutual Rights & Duties
Authority of Partner
Misc Points
Reconstitution of firm

Mutual Rights

Subject to agreement
Right to take part in conducting business - If stopped participating
Right to be consulted - majority rule, change nature of business-all
Right to access to books -exercised bona fide
Right to Remuneration -No, except customary or agreement
Right to Share Profit- Equal unless diff agreement. No Capital ratio
Interest on Capital -No, except as per agreement or custom or statute
Interest on advances - ex-loan.6%p.a runs even after dissolution.
Right to be indemnified - protecting firm, prudent person
Right to stop admission of a new partner- consent all
Right to retire - consent all, partnership at will - notice
Right not to be expelled-unless majority partners,in agreement,good faith, benefit of firm
Right of outgoing partner to carry on competing business- not firm name, not represent firm, soliciting firm’s customer
Right of outgoing partner to share subsequent profits - option to have share of profit or interest @6%p.a
Right to dissolve the firm - consent of all, partnership at will-notice

Duties

Carry on business-greatest common advantage,faithful,true information.
Indemnify for his fraud or willful neglect
To attend duties diligently without remuneration.
Have partners advantage of his knowledge
To share loss
Return personal profit from firm’s assets or name
Return profit of competing business

Authority of a partner

Authority= capacity of partner to bind other by his act.
Express or Implied
Implied Authority
i. act related to normal business of the firm
ii.act in usual way of carrying on the business
iii.act in firm’s name or intention to bind firm
No Implied authority beyond the scope of partnership
No Implied authority beyond the normal course of business


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