CPL ASS 1

CPL ASS 1

Published on 29 March 2021
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Transcript
00:01
HI ! THERE....
00:02
Lets know about Partnership Law
00:03
BY: GROUP 2
00:05
First of all What is Partnership Law ?
00:06
DEFINITION
00:11
Section 3(1) do state :
00:14
That the relation which subsists between carrying on business in common with a view of Profit
00:21
= PARTNERSHIP
00:21
PROFIT
00:21
IN COMMON
00:21
+
00:21
RELATION
00:26
- nExT : Section 3 (2)
00:28
: Clubs , societies , building is not partnership
00:41
ELEMENTS OF PARTNERSHIP
00:47
elements
00:47
more than 1
00:49
business in common
00:51
business for profit
00:55
NATURE OF PARTNERSHIP
00:58
NATURE
00:58
1. LEGAL STATUS [ NOT A SEPARATE LEGAL ENTITY 2. NUMBER OF PARTNERS SHOULD BE <2 - 20 EXCEPT PROFESSIONAL PARTNERSHIP 3. PARTNERS ARE RESPONSIBLE FOR MANAGEMENT
01:05
:
01:06
ALAGAPPA CHETTIAR Vv COLISEUM CAFE
01:13
RuLes FoR DeteRmiNinG ThE ExiStenCe oF a ParTneRshiP
01:18
Section 4 : Circumstances not prima facie a partnership
01:19
Section 4 (a) : Joint ownership / tenancy
01:21
Section 4 (b) : Sharing of gross returns
01:22
Section 4 (c) : Sharing of profits
01:29
Sec. 4 (a) : Joint Ownership / Tenancy
01:38
- Joint ownership of the property whereby a person GET PROFIT FROM THE USE OF PRPERTY does not necessarily means that there is partnership.
01:41
-Eg case : Davis v Davis
01:51
Sec. 4(b) -
01:53
Sharing of Gross return