Business law assignment

PARTNERSHIP

by: Osama Zaid (215111056)

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My topic was Partnership and formation of Partnership. I tried finding stuff regarding my topic on google and Wikipedia, but the material was not satisfactory, so I prepared my presentation from book itself ( mercantile law). Partneship is a very important topic, so I prepared well for it. I worked hard to prepare my slide and my helping notes. My topic covered the general introduction of partnership, such as its definition Partnership is a relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all (Sec. 4, para 1)

Evolution of partnership act , its enforcement etc. I also covered law of partnership , an extension of law of agency. Which explains about, how a partnership is an extension of agency act, but first I elaborated , what agency exactly means. I gave an example of A, B ,C & D as 4 individuals entering into business, with the help of that example I made my points clear. Than I discussed about who is eligible to enter into a partnership, and few examples to support my points also. Most of the material I found in book itself, but I got a few examples from Wikipedia.

And one of the good point about my presentation is that, I finished within the given time limit, cause my time management was quite good and I allocated time according to the importance of the topic. For ex- I prepared about 4-5 slides juss for introdunction on partnership, cause without understanding the concept of partnership no one will understand the other related stuff to that. My group consisted of 5 members, Shajeen, Ajeet, Mandrita, Sahil and Myself. We devided topics among ourselves, and I decided to start the presentation with the introduction part and then Shajeen followed with his topic, i.e. formation of partnership. So I had to make my points clear , so that others can also present effectively, because without the prior understanding of basic concepts of partnership, audience cant understand the complex issues in partnership. So this made my task even more important, and I am glad that I gave my best.

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SWOT analysis of My Presentation:

Strengths: 1. I finished within time, so my presentation was short and to the point. 2. Body language: My body language was good for most of the time. Even though I was being put through various tough questions I remained unfazed and I tried to answer their queries. 3. Voice clarity: I was speaking clearly and at moderate speed so that audience can understand my words easily. 4. Slide content: My slides were simple, not much of hi-fi data , so it was easy for general public to comprehend.

Weakness: 1. As I didnt found any relevant data from internet, so I had to prepare it from book itself, which somewhat restricted me to add some intresting and knowlegable facts and examples. 2. As I was new to this topic, so I knew that the questions from the audience will be very tough for me.

Opportunities: 1. It was a very good opportunity for me to gain knowledge about the topic, not only I learnd but I tried give everyone a idea about my topic. 2. Next time I will come more prepared from the question answer point of view, this time I didnt expected such questions from the audience, so anwering them was a bit tough for me.

Threats: 1. Time Consuming: Due to excessive requirement of subject knowledge the time required to prepare may be high. 2. Indirect Questions: The indirect questions may be asked during the presentation which may force me to deviate from my core concept.

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My topic : Partnership

Introduction : Partnership is a relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all (Sec. 4, para 1) Persons who have entered into a partnership with one another are called individually partners and collectively a firm (Sec. 4, para 2 )

Essential characteristics of partnership:

1. Association of two or more persons. - There should be atleast two competent persons to form a partnership. 2. Agreement The partnership relation is one of contractual nature. It arises from contract and not from status. (Sec. 5, para 1 ) 3. Business A partnership can be formed only for the purpose of carrying on some business. Business include every trade , occupation and profession [Sec. 2(b)] 4. Sharing of profits The objective of partnership is to make profit. 5. Mutual agency The business of partnership may be carried on by all the partners or any of them acting for all.

Law of partnership an extension of the law of agency : The partnership business may be carried on by all the partners or any of them aciong for all. Thus , the relationship of principal and agent is established among partners and this relationship is established among partners and this relationship is governed by the law of agency.

Who may be partners?? :

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1. Alien enemy a alien enemy cannot enter into a contract of partnership with an Indian subject. An alien friend can do so. 2. Minor a minor cannot become a partner in a firm but with the consent of all the other partners , he may be admitted to the benefits of partnership. 3. Person of unsound mind A person of unsound mind is not competent to enter into a contract of partnership. 4. Corporation A corporation, i.e. a registered company , can enter into a contract of partnership as a single individual but not as a group of individuals comprising it.

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