Nobody downloaded yet

Duty of Partner to Give Accounts - Essay Example

Comments (0) Cite this document
Summary
The paper “Duty of Partner to Give Accounts" analyzes the relationship which exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into a legally binding relationship that is essentially contractual in nature…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.1% of users find it useful
Duty of Partner to Give Accounts
Read TextPreview

Extract of sample "Duty of Partner to Give Accounts"

Download file to see previous pages In the context of the partnership agreement, the roles, responsibilities, and liabilities of partners need to be discussed. According to Sec 9 of the Partnership Act of 1963, it states that except for an incorporated limited partnership, a partner of a particular firm is considered as the agent of the firm along with the other partners present in the firm, for the reason of the business of the firm1. It also, declares that apart from an, incorporated limited partnership, an act carried out by a partner of a firm, for the reason of cont,inning in the customary method business of the type continued by the firm, connects that particular firm and remaining of the partners in the particular firm unless the partner who conducts the act has no right to act in any way for the particular firm in the specific matter and the person involved in the dealings with that particular partner either is well aware that the person is not authorized or is unknown about the factor does not consider the particular partner to be the firm’s partner4. According to Sec 10 of the Partnership Act of 1963 it states that a certain act or any particular instrument in relation to the nature of business of the firm apart from an incorporated limited partnership is obligatory on all the existing partners of the particular firm and also on the firm too if it is carried out by any person who has the authorization to conduct such an actor perform the instrument irrespective of the fact that whether the person is a partner of the firm or not, in firm’s name or in any such way or intention where it involves the firm4. The liability of a partner according to Sec 13 of the Partnership Act of 1963 declares that every individual partner of any particular firm except for an incorporated limited supported partnership is equally accountable along with the other partners for the duties and legal responsibilities of that particular firm which was obtained when the particular person was still an existing partner as per the partnership agreement which proves it to be legal and also in case of the partner is an individual, after the demise of that partner the assets of the deceased partner would be liable in the course of management for the liabilities and obligations of that firm which was acquired while the already dead partner was still a partner that stays discontented, but subject to the previous payment of the individual debts of the deceased partner4. The most important duty of a partner that needs to be mentioned in relation to this case is according to Sec 33 (1) A particular partner of a firm apart from an incorporated limited partnership is responsible for giving accurate accounts and complete information regarding all the things that might affect the firm to the other partners or partner or to the legal personal spokesperson of the other partner4. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Law Essay on Partnership Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/law/1430098-partnership
(Law Essay on Partnership Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/law/1430098-partnership.
“Law Essay on Partnership Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/law/1430098-partnership.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Duty of Partner to Give Accounts

Tennessee's Partner

...? Tennessee's Partner Tennessee's Partner The short story written by Bret Harte focused on a man, given a by townsfolk at Sandy Barn as Tennessee’s Partner, apart from Tennessee, whose real name was also forgotten in oblivion. The story was told by an unknown narrator, who seemed to be a spectator and an observer of Tennessee and his partner’s trial under the jurisdiction of Judge Lynch. The characters, Tennessee’s Partner and Tennessee were known to be notorious at Sandy Barn, being termed as gamblers and thieves. The vagrant criminal activities of Tennessee involving accosting strangers and stealing weapons and money had finally cost his apprehension...
1 Pages(250 words)Essay

Countervailing duty

...development, how possible can the concept of fairness be pursued? Many believes that along with other trade instruments, the concept and implementation of the countervailing duties can be prone to abuse and misuse. Furthermore, countervailing duties may only serve few giants of trade but may be irrelevant to small export-oriented countries falling under the bracket of so-called less developed and developing countries. This paper aims to delve on the analysis of the countervailing duties based how these are being implemented, enforced and resolved under the umbrella of the World Trade Organization. Also, this paper will give particular emphasis on the practices of the...
20 Pages(5000 words)Essay

The Legal Process of Establishing Business Partnership

...Partnership Step 1 In context to the provided case, the areas of law with which the case is associated is Duty of partner to give accounts, Power of certain partners to bind the firm, Partners bound by acts on behalf of the firm and Liability of partner under the Partnership Act of 19631. Step 2 Partnership can be identified to possess certain features and aspects such as a legitimate agreement for carrying out a trade by having certain interest and rights with an aim to attain profit. Thus, it can be observed that, “Partnership is the relationship which exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into a legally binding relationship... to a...
8 Pages(2000 words)Essay

Accounts Manipulation

...Reasons for providing inaccurate picture of accounts Firms may window-dress the financial ments in order to show a rosy picture of their accounts. In such a case, the whole exercise of analyzing the statements becomes useless. Window-dressing is also done to forecast a better picture to shareholders, bankers and financial institutions. It is a rosier picture that what it actually is. Window-dressing is accomplished in general ways - by not making adequate provisions though prudence would require them for expenses and potential losses, by taking into account income even before its actual accrual, by playing around with inter-corporate adjustments etc. "Security analysts earn their...
9 Pages(2250 words)Essay

Group accounts

...Introduction to Accounting Group Accounts There are a lot of separate entities that provide goods and services which produce accounting and financial statements which are subsidiaries of group companies. Unless a consolidated group accounts are prepared and presented the accounts will not presenting a fair view of the activities of the group as a whole (Catherine Hernandez). This is one of the key reasons for revising the reporting requirements in respect of group company accounts by Financial Reporting Standard No2 (Shortly FRS 2). Convergence on the presentation of the financial statements worldwide is another reason for ensuring the...
4 Pages(1000 words)Essay

Duty Ethics

... Duty Ethics Duty ethics involves duties that are morally right to the person performing the action. The actions are based on what we ought to do for mankind but not because of inclination (Garrett, 1). However, for the action to be regarded ultimately good is to take into consideration the doer’s goodwill. The actions are acknowledged as wrong if the motive of the individual in acting is not in good faith regardless of the good consequence accompanying the action. For instance, the action of a police officer in shooting a burglar is wrong despite saving property and another life when he did it to gain work promotion or because he has the tendency to fire his ammunition. This is because his will does not give him dignity. However... , the...
1 Pages(250 words)Essay

Dyadic partner

...My partner’s non-verbal communication is very strong. He often uses four types of techniques that convey his moods or his mental which are: notusing eye contact while talking; tugging at his hair; color clothes; and upright position. Non-verbal behavior is important means of sending critical messages to the other person. Guirdham (2002) says that they are essential means of conveying vital information like sincerity, honesty, confidence etc. of individuals. When my partner is not telling truth about certain thing, he would not make eye contact while discussing the issue. When he is confused, he would also tug at his hair. He wears bright colored shirts like red, blue or green, when he is happy. But when...
1 Pages(250 words)Essay

Intimate Partner Violence (IPV)

...The Jacques Family Case Study Intimate Partner Violence (IPV) is best described by psychological, sexual or physical harm that is caused by one’s current or former partner or spouse. This form of violence can occur to all types of marriages and doesn’t require involving sexual intimacy. IPV can be prevented when it occurs but normally has dire consequences, such as family and relationships break, families’ getting broken, as well as a general feeling of distrust and fear of the aggrieved partner. There are two theories that try to explain the causes of Intimate Partner Violence which are Social Learning theory and the Feminist Theory. The Social Learning theory argues...
2 Pages(500 words)Coursework

Accounts Receivable

...Accounts Receivable and How It Relates to the Medical Billing Field May 05, Accounting 101 ACCOUNTS RECEIVABLE: The money owed by a customer to a company for the products or services it sells or provides to the customer on credit is called “Account Receivable”. It is a current asset. The companies sell products or provide services to its customers. These products and services are sold and provided for a certain value of money which is received from the customer as a consideration. This consideration is usually received in the form of cash. However, it may also be received in the form of certain other assets. However, in the businesses where long-term relationships have...
3 Pages(750 words)Research Paper

Preexisting Duty

...The issue at hand is a consideration for modifying the terms of reference of the contract between Jones Construction and Duane Reade. In general, there are four requirements of a valid contract: agreement, consideration, contractual capacity and legality. Consideration is usually defined as the value given in return for a promise or for a performance. This can be further broken down into two parts, namely, the legally sufficient value in exchange for the promise and the bargained-for exchange. Under most circumstances, a promise to do what one already has a legal duty to do does not constitute legally sufficient consideration. This preexisting legal duty may be imposed by law or may arise out of a...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Duty of Partner to Give Accounts for FREE!

Contact Us