Partnership Act, 1932, Section 4 -- Partnership firm - Firm may not be a legal entity in the sense of a corporation or a company incorporated under Companies Act, but is merely an association of individuals and firm name is only a collective name of those individuals who constitute the firm...........
Partnership Act, 1932, Section 4 -- Partnership firm - Partnership firm is only a collective of separate persons and is not a legal person in itself...........
Partnership Act, 1932, Section 25 -- Liability of partner for acts of Firm - Any liability of a firm has the same effect of a liability against partners - This is because, partners remain liable jointly and severally for all acts of firm...........
Partnership Act, 1932, Section 25 -- Liability of partner for acts of Firm - Debt of firm is personal debt of a partner and debt of firm has to be incurred by each partner as a financial personal liability...........
Partnership Act, 1932, Section 42 -- Partnership Firm - Death of a partner - Partnership consisted of three partners and deed of partnership in unequivocal terms, provided that death of a partner shall not cause discontinuance of partnership and surviving partners may continue with business - Therefore, principle laid down u/s 42 of the Act would not be applicable and..........
Kerosene dealership -- Dealership agreement between partnership firm and IOCL - Agreement itself recognises that in the event of death of one of partners, IOCL may continue dealership with said firm - Therefore, on death of one of partners of firm, business of firm would not come to an end in view of Clause 18 of deed of partnership r/w Clause 13 of dealership agreement -..........
Limitation Act, 1963, Section 14 -- Exclusion of time u/s 14 of the Act - Dismissal of earlier suit on the ground of bar u/s 69(2) of Partnership Act falls within the purview of S.14 of Limitation Act...........
Limitation Act, 1963, Section 14 -- Exclusion of time u/s 14 of the Act - Plaintiffs had filed an earlier suit against defendants and suit was dismissed as barred u/s 69(2) of Partnership Act, since firm was unregistered - However, defendants in their written statement had specifically urged the plea that suit is not maintainable in view of S.69(2) of Partnership Act - An..........
Partnership Act, 1932, Section 14 -- Property of Firm - Any property which is brought on stock of firm becomes firm's perpetual property...........
Partnership Act, 1932, Section 14 -- Property of Firm - Separate property of an individual partner can be converted into partnership property when it is brought on stock of firm by partner when partnership is formed...........
