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Reconstruction of Partnership Firm - The Tax Effect

INDIAN PARTNERSHIP ACT, 1932

[9 of 1932]

PRELIMINARY

1. Short title, extent and commencement

2. Definitions

3. Application of provision of Act 9 of 1872

THE NATURE OF PARTNERSHIP

4. Definition of "partnership" partner firm and "firm name"

5. Partnership not created by status

6. Mode of determining existence of partnership

7. Partnership at will 

8. Particular partnership

RELATION OF PARTNERS TO ONE ANOTHER

9. General duties of partners

10. Duty to indemnify for loss caused by fraud

11. Determination of rights and duties of partners by contract between the partners

12. The conduct of the business

13. Mutual rights and liabilities

14. The property of the firm

15. Application of the property of the firm

16. Persons profits earned by partners

17. Rights and duties of partners

RELATION OF PARTNERS TO THIRD PARTIES

18. Partner to be agent of the firm

19. Implied authority of partner as agent of the firm

20. Extension and restriction of partner's implied authority

21. Partner's authority in an emergency

22. Mode of doing act to bind firm

23. Effect of admissions by a partner

24. Effect of notice to acting partner

25. Liability of a partner for acts of the firm

26. Liability of the firm for wrongful acts of a partner

27. Liability of firm for misapplication by partners

28. Holding out

29. Rights of transferee or a partner's interest

30. Minors admitted to the benefits of partnership

INCOMING AND OUTGOING PARTNERS

31. Introduction of a partner 

32. Retirement of a partner

33. Expulsion of a partner

34. Insolvency of a partner

35. Liability of estate of deceased partner

36. Right of outgoing partner to carry on competing business

37. Right of outgoing partner in certain cases to share subsequent profits

38. Revocation of continuing guarantee by change in firm

DISSOLUTION OF A FIRM

39. Dissolution of a firm

40. Dissolution by agreement

41. Compulsory dissolution

42. Dissolution on the happening of certain contingencies

43. Dissolution by notice of partnership at will

44. Dissolution by the court

45. Liability for acts of partners done after dissolution

46. Right of partners to have business wound up after dissolution

47. Continuing authority of partners for purposes of winding up

48. Mode of settlement of accounts between partners

49. Payment of firm debts and of separate debts

50. Personal profits earned after dissolution

51. Return of premium on premature dissolution

52. Rights where partnership contract is rescinded for fraud or misrepresentation

53. Right to restrain from use of firm name or firm property

54. Agreements of restraint of trade

55. Sale of goodwill after dissolution

REGISTRATION OF FIRMS

56. Power of exempt from application of this Chapter

57. Appointment of Registrars

58. Application for registration

59. Registration

60. Recording of alterations in firm name and principal place of business

61. Noting of closing and opening of branches

62. Noting of changes in names and addresses of partners

63. Recording of changes in and dissolution of a firm

64. Rectification of mistakes

65. Amendment of Register by order of court

66. Inspection of Register and filed documents

67. Grant of copies

68. Rules of evidence

69. Effect of non-registration

70. Penalty for furnishing false particulars

71. Power to make rules

SUPPLEMENTALS

72. Mode of giving public notice

73. Repeal

74. Saving

SCHEDULE I

     Maximum Fees

SCHEDULE II

Enactment Repealed - [Repealed by Repealing Act 1938 (1 of 1938

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