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How many people have Ferrari in India what is name?
any people have ferrari in India
Is there any skyscraper in India?
yes in Mumbai skyscraper is going to be built, the name is india tower
What is the fullform of India?
The fullform of India is known as Mroflluf Aidni by the natives
What service does the Akin Gump law firm offer?
"The Akin Gump law firm is a large, viable, and successful law firm that helps client with any needs that requires an attorney or involves any legal issues."
What is the difference between India Ltd and India Pvt Ltd?
It is not mandatory to name the company with "India Ltd" or "India Pvt Ltd. If the company is a Public Limited Company (i.e. the shares of the company is listed with any of the Stock exchanges in India), the Company's name shall end with "Ltd or Limited". If the shares are not listed and privately held, the company name shall end with "Pvt Ltd or Private Limited". Some companies while naming their company for their own reasons add "India" to their company name.
Is a partnership firm has any legal entity?
No, a partnership firm has no legal entity. Registering the partnership firm means registering the partnership relation. firm has no separate legal entity.
What is the capital required to start a Partnership firm?
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.
Under what circumstances a partnership can come to an end?
Partnership can come to an end by the following reasons. If they mentioned the validity to be a partner in the firm, under the partners mutual willingness to terminate himself from de partnership and if any partner misbehavied in a firm others can revoke that partner from the firm
Meaning of partnership firm?
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". Hence the persons who form the partnership are called 'partners' individually and a 'Firm' collectively
How can I transfer my Partnership firm?
There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners.
What are the advantages of a Registered Partnership firm?
Only a registered Partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. Also, only a Registered Partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for Partnership firms to get itself registered sooner or later.
What are the advantages of registering a partnership firm?
he following are the benefits of Partnership Firm Registration in India: 1:Easy to Incorporate: In comparison to other types of business organisations, forming a partnership firm is simple. By preparing the partnership deed and entering into the partnership agreement, the partnership firm can be formed. Other than the partnership agreement, no other documents are necessary. It is not even required to be registered with the Registrar of Firms. A partnership firm can be created and registered at a later date because registration is optional. 2:Less Compliance: In comparison to a corporation or an LLP, a partnership firm is subject to far fewer regulations. The partners do not require a Digital Signature Certificate (DSC) or a Director Identification Number (DIN), which are required for LLP company directors or designated partners. Any changes to the business can be readily implemented by the partners. Their operations are subject to legal constraints. It is less expensive to establish than a corporation or limited liability partnership. The dissolution of a partnership firm is simple and requires few legal requirements. 3:Quick Decision: Because there is no distinction between ownership and management in a partnership firm, decision-making is swift. All choices are made collaboratively by the partners and can be applied instantly. The partners have broad powers and actions that they can carry out on behalf of the company. They can even conduct transactions on behalf of the partnership firm without the agreement of the other partners. 4:Sharing of Profits and Losses: The partners split the firm’s profits and losses evenly. They can even choose their own profit and loss ratio in the partnership firm. They feel a sense of ownership and accountability because the firm’s profitability and turnover are based on their efforts. Any loss incurred by the firm will be shared equally or in accordance with the partnership deed ratio, alleviating the weight of loss on one individual or partner. They are jointly and severally accountable for the firm’s operations.
What are the legal restrictions of starting a partnership firm?
A Partnership firm is not subject to excessive legal restrictions; therefore it enjoys freedom in administration. It is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. It can be easily dissolved. Any partner can give 14 days' notice to other partners and dissolve the firm with the consent of other partners. There is no requirement for audit of the accounts of a partnership firm annually as a Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
What is the meaning of dissolution of firm?
Dissolution of partnership and Dissolution of firm are two different terms.Dissolution of partnership means termination of existing partnership agreement and the formation of a new agreement which can be due to any reason like admission of a new partner or death or retirement of an old partner. In the case of dissolution of partnership the remaining partners may agree to carry on the business under a new agreement.Whereas Dissolution of Partnership firm means that the firm is closing down its business. In the case of dissolution of firm the Assets of the business are sold, Liabilities are paid off and the accounts of the partners are settled out
What are the Aims and objectives of winding up a partnership firm?
The aims and objectives of winding up a partnership firm include settling the firm’s financial obligations, distributing remaining assets among partners, and formally dissolving the partnership to conclude its legal existence. This process ensures that creditors are paid and that any remaining profits or losses are equitably shared according to the partnership agreement. Additionally, winding up helps protect the partners from future liabilities associated with the firm. Ultimately, it allows for an orderly transition and closure of business operations.
What is the difference between dissolution of partnership and dissolution of firm?
Dissolution of a Partnership firm* Dissolution of a partnership means:-The act of ending of the old Partnershipagreement and a reconstruction of the firm due to admission, retirement and death of a partner. It may or may not close the business.* Dissolution of a Partnership 'firm' means:-The firm close its business then the assets of the firm are sold and liabilities are paid off and remaining amount is distributed among the partners.*Cases of Dissolution of Partnership :-1. In case of change in profit-sharing ratio of the exiting partners.2. In case of admission of a new partner.3. In case of retirement of a partner.4. In case of expulsion of a partner.5. In case of death of a partner.6. In case of insolvency of a partner.7. In case of expiry of the period of partnership.*Cases of Dissolution of Partnership firm:-*Without the intervention of the court:1. When all partners agree to dissolve the firm.[sec.40]2. Compulsory Dissolution [sec.41]· When all or one partner of the firm becomes insolvent.· When business of the firm becomes unlawful.3. On the happening of any incidents:[sec.42]· Insolvency of a partner.· Fulfilment of the object for which the firm was formed.· Expiry of the period.4. When any partner giving notice to other partners can dissolve the firm.[sec.43 ]· By order of the court [sec.44]: cases in which the court may order the dissolution of the partnership firm.1. A partner has become of unsound mind.2. When a partner unable to perform his duties as a partner.3. When a partner is guilty of misconduct.4. When a partner wilfully, commits violation of law of partnership agreement.5. When a partner has transferred the whole of his interest in the firm to a third party.6. The firm cannot be carried on except at a loss.7. The dissolution is just and equitable due to some other reasons.*Difference between Dissolution of Partnership and Dissolution of firm:-s.no.Dissolution of partnershipDissolution of firmI.Change in the exiting agreement between the partners.Dissolution of partnership between all the partners of the firm.II.The firm continues its business.The firm dose not continue its business.III.Books of accounts may not be closed.Books of accounts have to be closed.IV.Dissolution of partnership dose not mean the dissolution of firm.Dissolution of firm means the dissolution of partnership also.V.It is voluntary nature.It is voluntary and compulsory nature.
What is Partnership according to the partnership act 1932?
The Indian Partnership Act, 1932 is an act enacted by the Parliament of India to regulate partnership firms in India. It received the assent of the Governor-General on 8 April 1932 and came into force on 1 October 1932. Before the enactment of this act, partnerships were governed by the provisions of the Indian Contract Act. The act is administered through the Ministry of Corporate Affairs. The act is not applicable to Limited Liability Partnerships, since they are governed by the Limited liability Partnership Act, 2008.DefinitionSection 2 of the act defines, (a) an "act of a firm" means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;(b) "business" includes every trade, occupation and profession;(c) "prescribed" means prescribed by rules made under this Act; (c-1) "Registrar" means the Registrar of Firms appointed under sub-section (1) of section 57 and includes the Deputy Registrar of Firms and Assistant Registrar of Firms appointed under sub-section (2) of that section;(d) "third party" used in relation to a firm or to a partner therein means any person who is not a partner in the firm; and(e) expressions used but not defined in this Act and defined in the Indian Contract Act, 1872, shall have the meanings assigned to them in that Act.Partnership refers to an agreement between persons to share their profits or losses arising on account of actions carried by all or one of them acting on behalf of all. The persons who have entered such an agreement are called partners and give their collective business a name, which is necessarily their firm-name. This relation between partners arises out of a contract or an agreement, which means a husband and wife carrying on a business or members of a Hindu undivided family re not into partnership. The share of profits received by any individual from the firm, money received by a lender of money, salary received by a worker or a servant, annuity received by a widow or a child of a deceased partner, does not make them a partner of the firm.
