PARTNERSHIP —- FUNDAMENTALS
Definition of
Partnership: Section 4 of the Indian Partnership
Act, 1932. “Partnership is the relation between persons who have agreed to
share the profits of a business carried on by all or any of them acting for
all.”
“ਸਾਂਝੇਦਾਰੀ ਉਹਨਾਂ ਵਿਅਕਤੀਆਂ ਦੇ ਆਪਸੀ ਸੰਬੰਧ ਨੂੰ ਕਹਿੰਦੇ ਹਨ ਜਿਹੜੇ ਇਕ ਵਪਾਰ ਦੇ ਲਾਭ ਨੂੰ ਇਕ ਦੁਆਰਾ ਚਲਾਇਆ ਜਾਂਦਾ ਹੋਵੇ।”
Features/Elements ‘Characteristics of Partnership: ਸਾਂਝੇਦਾਰੀ ਦੀਆਂ ਵਿਸ਼ੇਸ਼ਤਾਵਾਂ:
1. Two or more persons/ ਦੋ ਜਾਂ ਦੋ ਤੋਂ ਜਿਆਦਾ ਵਿਅਕਤੀ
2. Agreement / ਸਮਝੌਤਾ
3. Existence of Business / ਵਪਾਰ ਦੀ ਹੋਂਦ
4. Profit Motive / ਲਾਭ ਦਾ ਉਦੇਸ਼
5. Share of profit / ਲਾਭ ਦੀ ਵੰਡ
6. Relation of Principal and Agent /ਮਾਲਕ ਅਤੇ ਏਜੰਟ ਦਾ ਸਬੰਧ
7. Business carried on by all or any
of them acting for all
ਵਪਾਰ ਸਾਰੇ ਵਿਅਕਤੀਆਂ ਜਾਂ ਉਹਨਾਂ ਵਿੱਚੋਂ ਕਿਸੇ ਇੱਕ ਦੁਆਰਾ ਚਲਾਇਆ ਜਾਵੇ
8. No Separate existence / ਕੋਈ ਅਲੱਗ ਹੋਂਦ ਨਹੀਂ
Rights of a Partner: ਸਾਂਝੇਦਾਰ ਦੇ ਅਧਿਕਾਰ:
1. Every partner has the right to
share profit or loss at agreed ratio.
2. Every partner has the right to
take part in the conduct of the business.
3. Every partner has the right to be
consulted in the matters related to business.
4. Every partner has the right to
inspect the books of accounts.
5. Every partner has the right to
disallow the admission of a new partner.
6. Every partner is the joint owner
of the partnership property.
7. If a partner has given loan to the
firm, he has a right to receive interest at agreed rate, if the rate of
interest is not agreed, it is paid @ 6% p.a.
Questions for revision: ਦੁਹਰਾਈ ਲਈ ਪ੍ਰਸ਼ਨ:
1. Name the act which
governs partnership firms in India?
2. What is partnership?
3. Name the section
which defines the partnership?
4. What is the minimum
number of partners allowed in the firm?
5. What is the maximum
number of partners allowed in a firm?
Ans: As per the
Companies Act, 2013, the maximum number of partners in a firm can be 50.
6. A partnership firm
has 50 members. All the partners have agreed to admit X and Y as new partners.
Can X and Y be admitted? Give reason in support of your answer.
7. If a loan is given
by a partner to the firm, agreed rate of interest is not final then what rate
of interest will be given to the partner?
8. Give any to
characteristics of a partnership.
9. There are three
minimum partners in a partnership firm, True/False
10. There is no limit
of maximum partner in a partnership firm, True/False
