Law Faculty

Law Faculty

Expulsion of a partner

Expulsion of a partner Section 33 provides that “a partner may not be expelled from a firm by any majority of the partners, save in the exercise in good faith of powers conferred by contract between the partners”.Thus, two conditions…

OUTGOING PARTNERS

OUTGOING PARTNERS Section 32-38 – A partner may cease to be a partner in following ways: By retirement By expulsion By insolvency By death 1. Retirement of a PartnerRetirement means voluntary withdrawal. According to the Section 32(1), a partner may…

INCOMING PARTNERS

INCOMING PARTNERS Section 31: Subject to contract between the partners and to the provision of Section 30, no person shall be introduced as a partner into a firm without the consent of all the existing partners. Subject to provisions of…

RIGHTS OF THE PARTNERS

RIGHTS OF THE PARTNERS Various rights and duties contained in Sections 12 to 17 are “subject to contract between partners”: 1. Section 12(a) – Right to take part in conduct of business. 2. Section 12(c) – Right to express opinionAny…

Partnership at will

Partnership at will When the partners have not decided about the duration of partnership such partnership is known as partnership at will. According to Section 7 “where no provision is made by contract between the partners for the duration of…

RIGHTS OF THE PARTNERS

RIGHTS OF THE PARTNERS Various rights and duties contained in Sections 12 to 17 are “subject to contract between partners”: 1. Section 12(a) – Right to take part in conduct of business. 2. Section 12(c) – Right to express opinion…

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