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FIRM REGISTRATION

FIRM REGISTRATION | ADVANTAGES | PROCEDURE FOR REGISTRATION

What is Firm Registration? According to The Partnership Act 1932, the registration of the partnership firm is not compulsory but is optional. Therefore, whenever two or more persons agree they can start any legal business in the shape of the partnership without getting the firm registered. But according to section 69 of the Partnership Act….

ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP

ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP BUSINESS

What are Advantages and Disadvantages of Partnership? According to English Act, Partnership is a relation which subsists between persons carrying on business in common with a view of profit. So we can say that partnership is a relationship between two or more persons who have agreed to contribute their capitals, combine their labor or skill…

CO-OWNERSHIP

CO-OWNERSHIP | DIFFERENCE BETWEEN CO-OWNERSHIP AND PARTNERSHIP

What is CO-Ownership? Generally, the liability of the firm is unlimited but it is clearly stated whether there is any partner whose liability will be limited up to a certain amount. When two or more persons own the same property then they are known as Co-owners and such relationship is said to be a co-ownership….

PARTNERSHIP DEED

PARTNERSHIP DEED | MAIN FEATURES OF PARTNERSHIP AGREEMENT (DEED)

What is Partnership Deed? According to the Partnership Act, the Partnership Deed is necessary for the formation of the partnership. This partnership deed may be written, oral or implied, but a written agreement is better than oral or implied agreement. This partnership deed contains all the terms and conditions regarding management and organization of the…

TYPES OF PARTNERSHIP

TYPES OF PARTNERSHIP | LIMITED AND UNLIMITED PARTNERSHIP

What are the types of Partnership?  As we know that according to section 4 of partnership Act 1932, “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”. TYPES OF PARTNERSHIP Basically, there are two types of partnership form of the…

PARTNERSHIP

PARTNERSHIP | DEFINITION & MEANING | FEATURES OF PARTNERSHIP

What is Partnership? Partnership is one of the major forms of business organizations and it has been defined under section 4 of partnership Act 1932 as follows; “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”.  When…

UNPAID SELLER

UNPAID SELLER | DEFINITION & MEANING | RIGHTS OF AN UNPAID SELLER

What is Meant by Unpaid Seller? A seller is a person who sells or agrees to sell goods and deemed to be an unpaid seller within the meaning of this Act. i. When the whole of the price has not been paid or tendered: ii. When a bill of exchange or other negotiable instrument has…

DELIVERY

DELIVERY | HOW IS DELIVERY MADE | RULES WITH REGARD TO DELIVERY

What is Delivery? “Delivery means voluntary transfer of possession from one person to another”. The delivery may be actual or consecutive. Actual delivery means physically handing over the goods to the buyer and the delivery is constructive when goods themselves are not delivered but means of obtaining possession are delivered, e.g., by delivering the key…

Transfer of Property

TRANSFER OF PROPERTY | TRANSFER OF TITLE OF GOODS

What is Transfer Of Property? According to The Sale of Goods Act, the following are the rules regard to transfer of property in goods from the seller to the buyer. TRANSFER OF PROPERTY 1. GOODS MUST BE ASCERTAINED The goods for which contract has been made must be ascertained, Where there is a contract for…

DIFFERENCE BETWEEN CONDITION AND WARRANTY

DIFFERENCE BETWEEN CONDITION AND WARRANTY | CONDITION AS WARRANTY

What is the difference between condition and warranty? A contract of sale contains many stipulations regarding, the nature and quality of goods. These stipulations are not of equal importance. Some of them are the essence of the contract while others are not so indispensable. Whether any stipulation is condition or warranty depends on the construction…

CONTRACT OF SALE

CONTRACT OF SALE | ESSENTIAL ELEMENTS OF CONTRACT OF SALE  

What is Contract of Sale? A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for the price; There may be a contract of sale between one part owner and another. Sec. 2(4). From the above mentioned definition we find that…

Difference Between Sale And Agreement To Sell

DIFFERENCE BETWEEN SALE AND AGREEMENT TO SELL | DEFINITION & MEANING

What is Difference Between Sale and Agreement to sell? Sale and agreement to sell both are the part of a contract of sale  they have been distinguished under section 4(3} Of sale Of goods Act  follows: “Where under the contract of sale, the property in the goods is transferred from the seller to the buyer,…

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