ONLINE CERTIFICATE COURSE ON PARTNERSHIP ACT
(Indian Partnership Act, 1932 – Syllabus)Unit I: Introduction & Fundamentals
- History and objectives of the Act
- Definition of key terms:
- Partnership, Partner, Firm, Firm Name
- Nature and characteristics of partnership
- Essentials of a valid partnership
- Partnership distinguished from other associations (e.g., co-ownership, company, Hindu undivided family)
Unit II: Formation & Existence of Partnership
- How partnership arises (agreement, conduct, sharing profits)
- Mode of determining existence of partnership
- Partnership at will and particular partnership
- Kinds of partners (active, sleeping, nominal, minor admitted to benefits, etc.)
Unit III: Relations of Partners
- A. Between Partners (Inter Se)
- Rights and duties of partners
- Mutual agency and implied authority
- General duties (e.g., to carry on business to mutual advantage)
- B. Partners & Third Parties
- Relationship of partners to outsiders
- Firm’s relationship with third parties
- Liability for acts of partners
- Liability for holding out
Unit IV: Partnership Property
- What constitutes partnership property
- Relations of partners concerning partnership assets
- Use and management of partnership property
Unit V: Minor as a Partner
- Admission of minors to benefits of partnership
- Rights and liabilities of minor partners
Unit VI: Change in Partnership
- Incoming partner (admission of a new partner)
- Outgoing partner (retirement, expulsion, etc.)
- Effect on rights, liabilities, and goodwill
Unit VII: Registration
- Meaning and importance of registering a partnership
- Procedure for registration
- Effects of non-registration (limitations of actions, evidence)
Unit VIII: Dissolution of Partnership Firm
- Modes of dissolution
- By agreement
- Compulsory dissolution
- By court order
- Consequences of dissolution
- Settlement of accounts
- Public notice and partners’ liabilities after dissolution
Unit IX: Important Legal Concepts & Rules
- Doctrine of holding out
- Mutual agency principles
- Rights against third parties when firm dissolves