Bismillah

Presented to :
Miss Mudassira Aziz
By:
Omer Murad Ali (2092073)
Sajjad Hussain (2092015)
Salman Mushtaque (2092066)
Wahab Zahid (2092121)

[Partnership Act, 1932]

Society is indeed a contract. It is a

partnership in all sciences; a partnership in
all arts; a partnership in every virtue
~:Edmund Burke:~
[Anglo-Irish statesman, author, orator, political theorist, and
philosopher ]

Partnership Act, 1932

Introduction

Definition

Example

Types

Characteristics

Legal Entity
Agreement
Number of Partners
Capital
Management
Control
Duration

Advantages

Easy Formation
Capital
Profit Sharing
Public Relations
Decision Making
Sharing of Risk
Possibility of Expansion
Easy Dissolution

Disadvantages

Unlimited liability

Risk of Dissolution

Limited Resources

Lack of Authority

Lack of Harmony

Lack of Secrecy

Possibility of Fraud

Registration and its

Procedure

Submission

Certificate

Change of Particulars

Penalty for False Particulars

Kind of Partners

Active Partners

Sleeping Partners

Senior Partners

Junior Partners

Secret Partners

Minor Partners

Rights of Partners

Right to take part in Business

Right to express opinion

Right to share profit

Right to get retired

Right to act in emergency

Right to bind other partners

Right to share profit and interest

Duties of Partners

Duty
Duty
Duty
Duty
Duty
Duty
Duty

to carry on Business
to Render Accounts
to be Just and Faithful
to share losses
not to transfer rights
to indemnify
to use Firms Property for Firm

Reconstitution of Firm

Admission of Partner

Retirement of Partner

Expulsion of Partner

Death of Partner

Dissolution & its Grounds

Dissolution by Agreement

Compulsory Dissolution

Contingent Dissolution

Dissolution by Notice

Dissolution by Court

Thank you