UP JUDICIARY Indian Partnership Act, 1932 Syllabus

UP JUDICIARY Indian Partnership Act, 1932: topic-wise syllabus

1. 1

   Nature of Partnership (Sections 4-8)

   • Definition of Partnership (Section 4): Relation Between Persons, Agreed to Share Profits, Business Carried on by All/Any Acting for All
   • Essentials: Two or More Persons, Agreement, Business, Profit Sharing, Mutual Agency
   • Partnership vs Joint Family Business, Partnership vs Co-ownership, Partnership vs Company
   • Partnership Firm Not a Separate Legal Entity
   • Kinds: Partnership at Will, Particular Partnership
2. 2

   Relations of Partners to Third Parties (Sections 18-30)

   • Partner as Agent of Firm (Section 18): Mutual Agency Basis
   • Implied Authority of Partner to Bind Firm (Section 19): Acts Done in Firm Name, Trade Related
   • Extension and Restriction of Implied Authority (Section 20)
   • Liability of Partner for Acts of Co-Partner (Section 25): Joint and Several
   • Effect of Admissions (Section 23), Notice to Partner (Section 24)
   • Minor Admitted to Benefits (Sections 30): Rights and Liabilities on Attaining Majority
3. 3

   Relations of Partners Inter Se (Sections 9-17)

   • Mutual Rights and Duties (Sections 9-10): Conduct Business to Common Advantage
   • Duty to Indemnify for Fraud (Section 10), Duty of Good Faith (Section 9)
   • Partner's Right to Take Part in Business (Section 12), Access to Books (Section 15)
   • Profits and Interest (Sections 13-14): No Interest on Capital Unless Agreed
   • Property of Firm (Sections 14-17): Partnership Property vs Personal Property
4. 4

   Incoming, Outgoing Partners, and Dissolution (Sections 31-47)

   • Introduction of New Partner (Section 31): Consent of All Existing Partners
   • Retirement of Partner (Section 32), Expulsion (Section 33), Insolvency (Section 34), Death (Section 35)
   • Dissolution of Firm (Sections 39-44): By Agreement, Compulsory (Insolvency/Illegality), Contingent, Court Order
   • Grounds for Dissolution by Court (Section 44): Insanity, Permanent Incapacity, Misconduct, Breach, Continuously Losses, Just and Equitable
   • Settlement of Accounts on Dissolution (Sections 48-55): Creditors, Partners' Loans, Capital, Residue
5. 5

   Registration and Effects of Non-Registration (Sections 56-71)

   • Registration of Firm (Section 58): Procedure, Form, Fees
   • Effect of Non-Registration (Section 69): Suits Between Partners Barred, Firm v Third Party Suits Barred
   • Exceptions to Section 69: Suits for Dissolution, Accounts, Recovery of Property, Claims Below Threshold