The essential requisites of an ideal partnership are as follows: 1. A Written Agreement 2. Common Purpose 3. Long Duration 4. Good Faith 5. Sufficient Capital 6. Registration. Requisite # 1. A Written Agreement: In order to avoid any complications, disputes, misunderstanding, it is always desirable that there should be a written agreement among the partners. Agreement should contain full [...]
After reading this article you will learn about:- 1. Meaning of Partnership Deed 2. Contents of a Partnership Deed 3. Rules to be Followed in the Absence of a Partnership Deed. Meaning of Partnership Deed: The partnership comes in existence by an agreement. The agreement may be written or oral. But it is advisable that a Partnership Agreement or Partnership [...]
There are different kinds of partners and they may be classified in the following manner: 1. Active Partner 2. Sleeping or Dormant Partner 3. Nominal Partner 4. Partner in Profits Only 5. Minor as a Partner 6. Incoming Partner 7. Outgoing Partner 8. Partner by Estoppel or Holding Out. Kind # 1. Active Partner: A partner who is actively engaged [...]