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INDIAN Ak1NLkSnI AC1

8LSLn1Lu lC8
CSL A81lClAn1S






Cl8CuLA1Lu ln 1PL ACAuLMlC ln1L8LS1S Cl CSL A81lClAn1S
8?








AFTERSCHOOL
cenLre for soclal enLrepreneurshlp
LL1 uS CPAnCL 1PL WC8Lu
LL1 uS C8LA1L lMAC1 MAklnC SCClAL lnS1l1u1lCnS
www.afLerschoool.Lk
www.afLerschool.Lk
slvakamu veLerlnary hosplLal road
blkaner 33001 ra[asLhan, lndla


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1A8LL CI CCN1LN1S

8LAM8LL

CnA1Lk I - kLLIMINAk

SecLlon 1- SPC81 1l1LL Lx1Ln1 Anu CCMMLnCLMLn1.

SecLlon 2 - uLllnl1lCnS.

SecLlon 3 - ALlCA1lCn Cl 8CvlSlCnS Cl AC1 lx Cl 1872.

CnA1Lk II - 1nL NA1UkL CI Ak1NLkSnI

SecLlon 4 - uLllnl1lCn Cl "A81nL8SPl", "A81nL8", "ll8M" Anu
"ll8M-nAML".

SecLlon 3 - A81nL8SPl nC1 C8LA1Lu 8? S1A1uS.

SecLlon 6 - MCuL Cl uL1L8MlnlnC LxlS1LnCL Cl A81nL8SPl.

SecLlon 7 - A81nL8SPl-A1-WlLL.

SecLlon 8 - A81lCuLA8 A81nL8SPl.

CnA1Lk III - kLLA1ICNS CI Ak1NLkS 1C CNL ANC1nLk

SecLlon 9 - CLnL8AL uu1lLS Cl A81nL8S.
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SecLlon 10 - uu1? 1C lnuLMnll? lC8 LCSS CAuSLu 8? l8Auu.

SecLlon 11 - uL1L8MlnA1lCn Cl 8lCP1S Anu uu1lLS Cl A81nL8S 8?
CCn18AC1 8L1WLLn 1PL A81nL8S

SecLlon 12 - 1PL CCnuuC1 Cl 1PL 8uSlnLSS.

SecLlon 13 - Mu1uAL 8lCP1 Anu LlA8lLl1lLS.

SecLlon 14 - 1PL 8CL81? Cl 1PL ll8M.

SecLlon 13 - ALlCA1lCn Cl 1PL 8CL81? Cl 1PL ll8M.

SecLlon 16 - L8SCnAL 8Cll1S LA8nLu 8? A81nL8S.

SecLlon 17 - 8lCP1S Anu uu1lLS Cl A81nL8S Al1L8 A CPAnCL ln
1PL ll8M.

CnA1Lk IV -kLLA1ICNS CI Ak1NLkS 1C 1nIkD Ak1ILS

SecLlon 18 - A81nL8 1C 8L ACLn1 Cl 1PL ll8M.

SecLlon 19 - lMLlLu Au1PC8l1? Cl A81nL8 AS ACLn1 Cl 1PL ll8M.

SecLlon 20 - Lx1LnSlCn Anu 8LS18lC1lCn Cl A81nL8'S lMLlLu
Au1PC8l1?.

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SecLlon 21 - A81nL8'S Au1PC8l1? ln An LML8CLnC?.

SecLlon 22 - MCuL Cl uClnC AC1 1C 8lnu ll8M.

SecLlon 23 - LllLC1 Cl AuMlSSlCn 8? A A81nL8.

SecLlon 24 - LllLC1 Cl nC1lCL 1C AC1lnC A81nL8.

SecLlon 23 - LlA8lLl1? Cl A A81nL8 lC8 AC1S Cl 1PL ll8M.

SecLlon 26 - LlA8lLl1? Cl 1PL ll8M lC8 W8CnCluL AC1S Cl A
A81nL8.

SecLlon 27 - LlA8lLl1? Cl ll8M lC8 MlSALlCA1lCn 8? A81nL8S.

SecLlon 28 - PCLulnC Cu1.

SecLlon 29 - 8lCP1S Cl 18AnSlL8LL Cl A A81nL8'S ln1L8LS1.

SecLlon 30 - MlnC8S AuMl11Lu 1C 1PL 8LnLll1S Cl A81nL8SPl.

CnA1Lk V - INCCMING AND CU1GCING Ak1NLkS

SecLlon 31 - ln18CuuC1lCn Cl A A81nL8.

SecLlon 32 - 8L1l8LMLn1 Cl A A81nL8.

SecLlon 33 - LxuLSlCn Cl A A81nL8.
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SecLlon 34 - lnSCLvLnC? Cl A A81nL8.

SecLlon 33 - LlA8lLl1? Cl LS1A1L Cl uLCLASLu A81nL8.

SecLlon 36 - 8lCP1S Cl Cu1CClnC A81nL8 1C CA88? Cn
CCML1lnC 8uSlnLSS

SecLlon 37 - 8lCP1 Cl Cu1CClnC A81nL8 ln CL81Aln CASLS 1C
SPA8L Su8SLCuLn1 8Cll1S

SecLlon 38 - 8LvCCA1lCn Cl CCn1lnulnC CuA8An1LL 8? CPAnCL ln
ll8M.

CnA1Lk VI - DISSCLU1ICN CI A IIkM

SecLlon 39 - ulSSCLu1lCn Cl A ll8M.

SecLlon 40 - ulSSCLu1lCn 8? AC8LLMLn1

SecLlon 41 - CCMuLSC8? ulSSCLu1lCn.

SecLlon 42 - ulSSCLu1lCn Cn 1PL PALnlnC Cl CL81Aln
CCn1lnCLnClLS.

SecLlon 43 - ulSSCLu1lCn 8? nC1lCL Cl A81nL8SPl A1 WlLL.

SecLlon 44 - ulSSCLu1lCn 8? 1PL CCu81.
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SecLlon 43 - LlA8lLl1? lC8 AC1S Cl A81nL8S uCnL Al1L8
ulSSCLu1lCn.

SecLlon 46 - 8lCP1 Cl A81nL8S 1C PAvL 8uSlnLSS WCunu u Al1L8
ulSSCLu1lCn.

SecLlon 47 - CCn1lnulnC Au1PC8l1? Cl A81nL8S lC8 u8CSLS Cl
WlnulnC u.

SecLlon 48 - MCuL Cl SL11LLMLn1 Cl ACCCun1S 8L1WLLn
A81nL8S.

SecLlon 49 - A?MLn1 Cl ll8M'S uL81S Anu Cl SLA8A1L uL81S.

SecLlon 30 - L8SCnAL 8Cll1S LA8nLu Al1L8 ulSSCLu1lCn.

SecLlon 31 - 8L1u8n Cl 8LMluM Cn 8LMA1u8L ulSSCLu1lCn.

SecLlon 32 - 8lCP1S WPL8L A81nL8SPl CCn18AC1 lS 8LSClnuLu
lC8 l8Auu C8 MlS8L8LSLn1A1lCn

SecLlon 33 - 8lCP1 1C 8LS18Aln l8CM uSL Cl ll8M-nAML C8 ll8M-
8CL81?.

SecLlon 34 - AC8LLMLn1S Cl 8LS18Aln1 Cl 18AuL.

SecLlon 33 - SALL Cl CCCuWlLL Al1L8 ulSSCLu1lCn.
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CnA1Lk VII - kLGIS1kA1ICN CI IIkMS

SecLlon 36 - CWL8 1C LxLM1 l8CM ALlCA1lCn Cl 1PlS CPA1L8.

SecLlon 37 - ACln1MLn1 Cl 8LClS18A8 Cl ll8MS Anu uLu1? Anu
ASSlS1An1 8LClS18A8S

SecLlon 38 - ALlCA1lCn lC8 8LClS18A1lCn.

SecLlon 39 - 8LClS18A1lCn.

SecLlon 39A-1 - LA1L 8LClS18A1lCn Cn A?MLn1 Cl LnAL1?.

SecLlon 39A - uLLL1lCn Anu Auul1lCn Cl CL81Aln Ln18lLS 8LLA1lnC
1C CL81Aln ll8MS, 8?

SecLlon 398 - uLLL1lCn Cl Ln18lLS 8LLA1lnC 1C CL81Aln ll8MS 8?
8LASCn Cl lC8MA1lCn C

SecLlon 60 - 8LCC8ulnC Cl AL1L8A1lCnS ln ll8M-nAML Anu
8lnClAL LACL Cl 8uSlnLSS

SecLlon 61 - nC1lnC Cl CLCSlnC Anu CLnlnC Cl 88AnCPLS.

SecLlon 62 - nC1lnC Cl CPAnCLS ln nAMLS Anu Auu8LSSLS Cl
A81nL8S.

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SecLlon 63 - 8LCC8ulnC Cl CPAnCLS ln Anu ulSSCLu1lCn Cl A ll8M.

SecLlon 64 - 8LC1lllCA1lCn Cl MlS1AkLS.

SecLlon 63 - AMLnuMLn1 Cl 8LClS1L8 8? C8uL8 Cl CCu81.

SecLlon 66 - lnSLC1lCn Cl 8LClS1L8 Anu llLLu uCCuMLn1S.

SecLlon 67 - C8An1 Cl CClLS.

SecLlon 68 - 8uLLS Cl LvluLnCL.

SecLlon 69 - LllLC1 Cl nCn-8LClS18A1lCn.

SecLlon 69A - LnAL1? lC8 CCn18AvLn1lCn Cl SLC1lCn 60, 61, 62,
C8 63.

SecLlon 70 - LnAL1? lC8 lu8nlSPlnC lALSL A81lCuLA8S.

SecLlon 70A - MAxlMuM lLLS Anu CWL8 1C AMLnu SCPLuuLL l.

SecLlon 71 - CWL8 1C MAkL 8uLLS.

CnA1Lk VIII - SULLMLN1AL

SecLlon 72 - MCuL Cl ClvlnC u8LlC nC1lCL.

SecLlon 73 - 8LLALS
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SecLlon 74 - SAvlnCS.

Schedule l - MAxlMuM lLLS.

Schedule ll - LnAC1MLn1S 8LLALLu - [8? 8LLALlnC AC1, 1938 (1 Cl
1938) SLC1lCn 2 Anu SCP














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kLAM8LL

[lx Cl 1932]

(ln l1S ALlCA1lCn 1C 1PL S1A1L Cl MAPA8ASP18A)

(8ecelved Lhe assenL of Lhe Covernor Ceneral on 8Lh Aprll, 1932)

AMLnuLu 8? MAP. 29 Cl 1984 (1-1-1983)

An AC1 1C uLllnL Anu AMLnu 1PL LAW 8LLA1lnC 1C A81nL8SPl.

Whereas lL ls expedlenL Lo deflne and amend Lhe law relaLlng Lo
parLnershlp, lL ls hereby enacLed as follows:


Sect|on 1

SnCk1 1I1LL Lk1LN1 AND CCMMLNCLMLN1

(1) 1hls AcL may be called Lhe lndlan arLnershlp AcL, 1932.

[1][ (2) lL exLends Lo Lhe whole of lndla [2][ excepL Lhe SLaLe of !ammu
and kashmlr. ]

(3) lL shall come lnLo force on Lhe 1sL day of CcLober 1932, excepL
secLlon 69 whlch shall come lnLo force on Lhe 1sL day of CcLober, 1933.

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[1] Subs by Lhe A. C. 1930 for Lhe former sub-secLlon.

[2] Subs by AcL 3 of 1931, sec 3 and Sch., for excepL arL 8 SLaLes".


Sect|on 2

DLIINI1ICNS

ln Lhe AcL, unless Lhere ls anyLhlng repugnanL ln Lhe sub[ecL or conLexL,

(a) an "act of a f|rm" means any acL or omlsslon by all Lhe parLners, or
by any parLner or agenL of Lhe flrm whlch glves rlse Lo a rlghL
enforceable by or agalnsL Lhe flrm,

(b) "bus|ness" lncludes every Lrade, occupaLlon and professlon,

(c) "prescr|bed" means prescrlbed by rules made under Lhls AcL,
(c-1) "keg|strar" means Lhe 8eglsLrar of llrms appolnLed under sub-
secLlon (1) of secLlon 37 and lncludes Lhe uepuLy 8eglsLrar of llrms and
AsslsLanL 8eglsLrar of llrms appolnLed under sub-secLlon (2) of LhaL
secLlon 4,

Sect|on 3

ALICA1ICN CI kCVISICNS CI AC1 Ik CI 1872

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1he unrepealed provlslons of Lhe lndlan ConLracL AcL, 1872, save ln so
far as Lhey are lnconslsLenL wlLh Lhe express provlslons of Lhls AcL, shall
conLlnue Lo apply Lo flrms.

Sect|on 4

DLIINI1ICN CI "Ak1NLkSnI", "Ak1NLk", "IIkM" AND "IIkM-
NAML"

"artnersh|p" ls Lhe relaLlon beLween persons who have agreed Lo
share Lhe proflLs of a buslness carrled on by all or any of Lhem acLlng for
all.

ersons who have enLered lnLo parLnershlp wlLh one anoLher are called
lndlvldually, "partners" and collecLlvely "a f|rm", and Lhe name under
whlch Lhelr buslness ls carrled on ls called Lhe "f|rm-name".

Sect|on S

Ak1NLkSnI NC1 CkLA1LD 8 S1A1US

1he relaLlon of parLnershlp arlses from conLracL and noL from sLaLus,
and, ln parLlcular, Lhe members of a Plndu undlvlded famlly carrylng on
a famlly buslness as such, or a 8urmese 8uddhlsL husband and wlfe
carrylng on buslness as such are noL parLners ln such buslness.

Sect|on 6

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MCDL CI DL1LkMINING LkIS1LNCL CI Ak1NLkSnI

ln deLermlnlng wheLher a group of persons ls or ls noL a flrm, or
wheLher a person ls or ls noL a parLner ln a flrm, regard shall be had Lo
Lhe real relaLlon beLween Lhe parLles, as shown by all relevanL facLs
Laken LogeLher.

Lxp|anat|on I: 1he sharlng of proflLs or of gross reLurns arlslng from
properLy by persons holdlng a [olnL or common lnLeresL ln LhaL properLy
does noL of lLself make such persons parLners.

Lxp|anat|on II: 1he recelpL by a person of a share of Lhe proflLs of a
buslness, or of a paymenL conLlngenL upon Lhe earnlng of proflLs or
varylng wlLh Lhe proflLs earned by a buslness, does noL lLself make hlm
a parLner wlLh Lhe persons carrylng on Lhe buslness, and, ln parLlcular,
Lhe recelpL of such share or paymenL -

(a) by a lender of money Lo persons engaged or abouL Lo engage ln any
buslness

(b) by a servanL or agenL as remuneraLlon,

(c) by Lhe wldow or chlld of a deceased parLner, as annulLy, or

(d) by a prevlous owner or parL-owner of Lhe buslness, as conslderaLlon
for Lhe sale of Lhe goodwlll or share Lhereof, does noL of lLself make Lhe
recelver a parLner wlLh Lhe persons carrylng on Lhe buslness.

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Sect|on 7

Ak1NLkSnI-A1-WILL

Where no provlslon ls made by conLracL beLween Lhe parLners for Lhe
duraLlon of Lhelr parLnershlp, or for Lhe deLermlnaLlon of Lhelr
parLnershlp, Lhe parLnershlp ls "partnersh|p-at-w|||".


Sect|on 8

Ak1ICULAk Ak1NLkSnI

A person may become a parLner wlLh anoLher person ln parLlcular
advenLures or underLaklngs.

Sect|on 9

GLNLkAL DU1ILS CI Ak1NLkS

arLners are bound Lo carry on Lhe buslness of Lhe flrm Lo greaLesL
common advanLage, Lo be [usL and falLhful Lo each oLher, and Lo render
Lrue accounLs and full lnformaLlon of all Lhlngs affecLlng Lhe flrm Lo any
parLner, hls helr or legal represenLaLlve.

Sect|on 10

DU1 1C INDLMNII ICk LCSS CAUSLD 8 IkAUD
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Lvery parLner shall lndemnlfy Lhe flrm for any loss caused Lo lL by hls
fraud ln Lhe conducL of Lhe buslness of Lhe flrm.







Sect|on 11

DL1LkMINA1ICN CI kIGn1S AND DU1ILS CI Ak1NLkS 8 CCN1kAC1
8L1WLLN 1nL Ak1NLkS

(1) Sub[ecL Lo Lhe provlslons of Lhls AcL, Lhe muLual rlghLs and duLles of
Lhe parLners of a flrm may be deLermlned by conLracL beLween Lhe
parLners, and such conLracL may be express or may be lmplled by a
course of deallng.

Such conLracL may be varled by consenL of all Lhe parLners, and such
consenL may be express or may be lmplled by a course of deallng.

(2) Agree ln resLralnL of Lrade.

noLwlLhsLandlng anyLhlng conLalned ln secLlon 27 of Lhe lndlan
ConLracL AcL, 1872, such conLracLs may provlde LhaL a parLner shall noL
carry on any buslness oLher Lhan LhaL of Lhe flrm whlle he ls a parLner.
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Sect|on 12

1nL CCNDUC1 CI 1nL 8USINLSS

Sub[ecL Lo conLracL beLween Lhe parLners -

(a) every parLner has a rlghL Lo Lake parL ln Lhe conducL of Lhe buslness,

(b) every parLner ls bound Lo aLLend dlllgenLly Lo hls duLles ln Lhe
conducL of Lhe buslness,

(c) any dlfference arlslng as Lo ordlnary maLLers connecLed wlLh Lhe
buslness may be declded by a ma[orlLy of Lhe parLners, and every
parLner shall have Lhe rlghL Lo express hls oplnlon before Lhe maLLer ls
declded, buL no change may be made ln Lhe naLure of Lhe buslness
wlLhouL Lhe consenL of all Lhe parLners,

(d) every parLner has a rlghL Lo have access Lo and Lo lnspecL and copy
any of Lhe books of Lhe flrm, and

(e) ln Lhe evenL of Lhe deaLh of a parLner, hls helrs or legal
represenLaLlves or Lhelr duly auLhorlzed agenLs shall have a rlghL of
access Lo and Lo lnspecL and copy any of Lhe books of Lhe flrm .

Sect|on 13

MU1UAL kIGn1 AND LIA8ILI1ILS
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Sub[ecL Lo conLracL beLween Lhe parLners -

(a) a parLner ls noL enLlLled Lo recelve remuneraLlon for Laklng parL ln
Lhe conducL of Lhe buslness,
(b) Lhe parLners are enLlLled Lo share equally ln Lhe proflLs earned, and
shall conLrlbuLe equally Lo Lhe losses susLalned by Lhe flrm,

(c) where a parLner ls enLlLled Lo lnLeresL on Lhe caplLal subscrlbed by
hlm, such lnLeresL shall be payable only ouL of proflLs,

(d) a parLner maklng, for Lhe purposes of Lhe buslness, any paymenL or
advance beyond Lhe amounL of caplLal he has agreed Lo subscrlbe, ls
enLlLled Lo lnLeresL Lhereon aL Lhe raLe of slx per cenL. per annum,

(e) Lhe flrm shall lndemnlfy a parLner ln respecL of paymenLs made and
llablllLles lncurred by hlm

(l) ln Lhe ordlnary and proper conducL of Lhe buslness, and

(ll) ln dolng such acL, ln an emergency, for Lhe purpose of proLecLlng Lhe
flrm from loss, as would be done by a person of ordlnary prudence, ln
hls own case, under slmllar clrcumsLances, and

(f) a parLner shall lndemnlfy Lhe flrm for any loss caused Lo lL by hls
wlllful neglecL ln Lhe conducL of Lhe buslness of Lhe flrm.

Sect|on 14
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1nL kCLk1 CI 1nL IIkM

Sub[ecL Lo conLracL beLween Lhe parLners, Lhe properLy of Lhe flrm
lncludes all properLy and rlghLs and lnLeresL ln properLy orlglnally
broughL lnLo Lhe sLock of Lhe flrm, or acqulred, by purchase or
oLherwlse, by or for Lhe flrm for Lhe purposes and ln Lhe course of Lhe
buslness of Lhe flrm, and lncludes also Lhe goodwlll of Lhe buslness.

unless Lhe conLrary lnLenLlon appears, properLy and rlghLs and lnLeresL
ln properLy acqulred wlLh money belonglng Lo Lhe flrm are deemed Lo
have been acqulred for Lhe flrm.

Sect|on 1S

ALICA1ICN CI 1nL kCLk1 CI 1nL IIkM

Sub[ecL Lo Lhe conLracL beLween Lhe parLners, Lhe properLy of Lhe flrm
shall be held and used by Lhe parLners excluslvely for Lhe purposes of
Lhe buslness.

Sect|on 16

LkSCNAL kCII1S LAkNLD 8 Ak1NLkS

Sub[ecL Lo Lhe conLracL beLween Lhe parLners, -
(a) lf a parLner derlves any proflLs for hlmself from any LransacLlon of
Lhe flrm, or from Lhe use of Lhe properLy or buslness connecLlon of Lhe
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flrm or Lhe flrm-name, he shall accounL for LhaL proflL and pay lL Lo Lhe
flrm,

(b) lf a parLner carrles on any buslness of Lhe same naLure as and
compeLlng wlLh LhaL of Lhe flrm, he shall accounL for and pay Lo Lhe
flrm all proflLs made by hlm ln LhaL buslness.

Sect|on 17

kIGn1S AND DU1ILS CI Ak1NLkS AI1Lk A CnANGL IN 1nL IIkM

Sub[ecL Lo conLracL beLween Lhe parLners, -

(a) where a change occurs ln Lhe consLlLuLlon of a flrm, Lhe muLual
rlghLs and duLles of Lhe parLners ln Lhe reconsLlLuLed flrm remaln Lhe
same as Lhey were lmmedlaLely before Lhe change, as far as may be,

(b) After the exp|ry of the term of the f|rm

where a flrm consLlLuLed for a flxed Lerm conLlnues Lo carry on buslness
afLer Lhe explry of LhaL Lerm, Lhe muLual rlghLs and duLles of Lhe
parLners remaln Lhe same as Lhey were before Lhe explry, and so far as
Lhey may be conslsLenL wlLh Lhe lncldenLs of parLnershlp-aL-wlll, and

(c) Where add|t|ona| undertak|ngs are carr|ed out

where a flrm consLlLuLed Lo carry ouL one or more advenLures or
underLaklngs carrles ouL oLher advenLures or underLaklngs, Lhe muLual
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rlghLs and duLles of Lhe parLners ln respecL of Lhe oLher advenLures or
underLaklngs are Lhe same as Lhose ln respecL of Lhe orlglnal
advenLures or underLaklngs.

Sect|on 18

Ak1NLk 1C 8L AGLN1 CI 1nL IIkM

Sub[ecL Lo Lhe provlslons of Lhls AcL, a parLner ls Lhe agenL of Lhe flrm
for Lhe purposes of Lhe buslness of Lhe flrm.

Sect|on 19

IMLILD AU1nCkI1 CI Ak1NLk AS AGLN1 CI 1nL IIkM

(1) Sub[ecL Lo Lhe provlslons of secLlon 22, Lhe acL of a parLner, whlch ls
done Lo carry on, ln Lhe usual way, buslness of Lhe klnd carrled on by
Lhe flrm, blnds Lhe flrm. 1he auLhorlLy of a parLner Lo blnd Lhe flrm
conferred by Lhls secLlon ls called hls "|mp||ed author|ty".

(2) ln Lhe absence of any usage or cusLom of Lrade Lo Lhe conLrary, Lhe
lmplled auLhorlLy of a parLner does noL empower hlm Lo -

(a) submlL a dlspuLe relaLlng Lo Lhe buslness of Lhe flrm Lo arblLraLlon,

(b) open a banklng accounL on behalf of Lhe flrm ln hls own name,

(c) compromlse or rellnqulsh any clalm or porLlon of a clalm by Lhe flrm,
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(d) wlLhdraw a sulL or proceedlng flled on behalf of Lhe flrm,

(e) admlL any llablllLy ln a sulL or proceedlng agalnsL Lhe flrm,

(f) acqulre lmmovable properLy on behalf of Lhe flrm,

(g) Lransfer lmmovable properLy belonglng Lo Lhe flrm, or

(h) enLer lnLo parLnershlp on behalf of Lhe flrm.

Sect|on 20

Lk1LNSICN AND kLS1kIC1ICN CI Ak1NLk'S IMLILD AU1nCkI1

1he parLners ln a flrm may, by conLracL beLween Lhe parLners, exLend
or resLrlcL Lhe lmplled auLhorlLy of any parLner.

noLwlLhsLandlng any such resLrlcLlon, any acL done by a parLner on
behalf of Lhe flrm whlch falls wlLhln hls lmplled auLhorlLy blnds Lhe flrm,
unless Lhe person wlLh whom he ls deallng knows of Lhe resLrlcLlon or
does noL know or belleve LhaL parLner Lo be a parLner.

Sect|on 21

Ak1NLk'S AU1nCkI1 IN AN LMLkGLNC

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A parLner has auLhorlLy, ln an emergency, Lo do all such acLs for Lhe
purpose of proLecLlng Lhe flrm from loss as would be done by a person
of ordlnary prudence, ln hls own case, acLlng under slmllar
clrcumsLances, and such acLs blnd Lhe flrm.


Sect|on 22

MCDL CI DCING AC1 1C 8IND IIkM

ln order Lo blnd a flrm, an acL or lnsLrumenL done or execuLed by a
parLner or oLher person on behalf of Lhe flrm shall be done or execuLed
ln Lhe flrm-name, or ln any oLher manner expresslng or lmplylng an
lnLenLlon Lo blnd Lhe flrm.
Sect|on 23

LIILC1 CI ADMISSICN 8 A Ak1NLk

An admlsslon or represenLaLlon made by a parLner concernlng Lhe
affalrs of Lhe flrm ls evldence agalnsL Lhe flrm, lL ls made ln Lhe ordlnary
course of buslness.


Sect|on 24

LIILC1 CI NC1ICL 1C AC1ING Ak1NLk

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noLlce Lo a parLner who hablLually acLs ln Lhe buslness of Lhe flrm of
any maLLer relaLlng Lo Lhe affalrs of Lhe flrm operaLes as noLlce Lo Lhe
flrm, excepL ln Lhe case of a fraud on Lhe flrm commlLLed by or wlLh Lhe
consenL of LhaL parLner.

Sect|on 2S

LIA8ILI1 CI A Ak1NLk ICk AC1S CI 1nL IIkM

Lvery parLner ls llable [olnLly wlLh all Lhe oLher parLners and also
severally, for all acLs of Lhe flrm done whlle he ls a parLner.

Sect|on 26

LIA8ILI1 CI 1nL IIkM ICk WkCNGIUL AC1S CI A Ak1NLk

Where, by Lhe wrongful acL or omlsslon of a parLner acLlng ln Lhe
ordlnary course of Lhe buslness of a flrm or wlLh Lhe auLhorlLy of hls
parLners, loss or ln[ury ls caused Lo any Lhlrd parLy, or any penalLy ls
lncurred, Lhe flrm ls llable Lherefore Lo Lhe same exLenL as Lhe parLner.

Sect|on 27

LIA8ILI1 CI IIkM ICk MISALICA1ICN 8 Ak1NLkS

Where -

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(a) a parLner acLlng wlLhln hls apparenL auLhorlLy recelves money or
properLy from a Lhlrd parLy and mlsapplles lL, or

(b) a flrm ln Lhe course of lLs buslness recelves money or properLy from
a Lhlrd parLy, and Lhe money or properLy ls mlsapplled by any of Lhe
parLners whlle lL ls ln Lhe cusLody of Lhe flrm,
Lhe flrm ls llable Lo make good Lhe loss.



Sect|on 28

nCLDING CU1

(1) Anyone who by words spoken or wrlLLen or by conducL represenL
hlmself, or knowlngly permlLs hlmself Lo be represenLed, Lo be a
parLner ln a flrm, ls llable as a parLner ln LhaL flrm Lo anyone who has
on Lhe falLh of any such represenLaLlon glven credlL Lo Lhe flrm,
wheLher Lhe person represenLlng hlmself or represenLed Lo be a
parLner does or does noL know LhaL Lhe represenLaLlon has reached Lhe
person so glvlng credlL.

(2) Where afLer parLner's deaLh Lhe buslness conLlnued ln Lhe old flrm-
name, Lhe conLlnued use of LhaL name or of Lhe deceased parLner's
name as a parL Lhereof shall noL of lLself make hls legal represenLaLlve
or hls esLaLe llable for any acL of Lhe flrm done afLer hls deaLh.

Sect|on 29
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kIGn1S CI 1kANSILkLL CI A Ak1NLk'S IN1LkLS1

(1) A Lransfer by a parLner of hls lnLeresL ln Lhe flrm, elLher absoluLe or
by morLgage, or, by Lhe creaLlon by hlm of a charge on such lnLeresL,
does noL enLlLle Lhe Lransferee, durlng Lhe conLlnuance of Lhe flrm, Lo
lnLerfere ln Lhe conducL of Lhe buslness or Lo requlre accounLs or Lo
lnspecL Lhe books of Lhe flrm, buL enLlLles Lhe Lransferee only Lo recelve
Lhe share of proflLs of Lhe Lransferrlng parLner, and Lhe Lransferee shall
accepL Lhe accounL of proflLs agreed Lo by Lhe parLners.

(2) lf Lhe flrm ls dlssolved or lf Lhe Lransferrlng parLner ceases Lo be a
parLner, Lhe Lransferee ls enLlLled as agalnsL Lhe remalnlng parLners, Lo
recelve Lhe share of Lhe asseLs of Lhe flrm Lo whlch Lhe Lransferrlng
parLner ls enLlLled and, for Lhe purpose of ascerLalnlng LhaL share, Lo an
accounL as from Lhe daLe of Lhe dlssoluLlon.

Sect|on 30

MINCkS ADMI11LD 1C 1nL 8LNLII1S CI Ak1NLkSnI

(1) A person who ls a mlnor accordlng Lo Lhe law Lo whlch he ls sub[ecL
may noL be a parLner ln a flrm, buL, wlLh Lhe consenL of all Lhe parLners
for Lhe Llme belng, he may be admlLLed Lo Lhe beneflLs of parLnershlp.

(2) Such mlnor has a rlghL Lo such share of Lhe properLy and of Lhe
proflLs of Lhe flrm as may be agreed upon, and he may have access Lo
and lnspecL and copy any of Lhe accounLs of Lhe flrm.
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(3) Such mlnor's share ls llable for Lhe acLs of Lhe flrm buL Lhe mlnor ls
noL personally llable for any such acL.

(4) Such mlnor may noL sue Lhe parLners for an accounL or paymenL of
hls share of Lhe properLy or proflLs of Lhe flrm, save when severlng hls
connecLlon wlLh Lhe flrm, and ln such case Lhe amounL of hls share shall
be deLermlned by a valuaLlon made as far as posslble ln accordance
wlLh Lhe rules conLalned ln secLlon 48:

rovlded LhaL all Lhe parLners acLlng LogeLher or any parLner enLlLled Lo
dlssolve Lhe flrm upon noLlce Lo oLher parLners may elecL ln such sulL Lo
dlssolve Lhe flrm, and Lhereupon Lhe CourL shall proceed wlLh Lhe sulL
as one for dlssoluLlon and for seLLllng accounLs beLween Lhe parLners
and Lhe amounL of Lhe share of Lhe mlnor shall be deLermlned along
wlLh Lhe shares of Lhe parLners.

(3) AL any Llme wlLhln slx monLhs of hls aLLalnlng ma[orlLy, or of hls
obLalnlng knowledge LhaL he had been admlLLed Lo Lhe beneflLs of
parLnershlp, whlchever daLe ls laLer, such person may glve publlc noLlce
LhaL he has elecLed Lo become or LhaL he has elecLed noL Lo become a
parLner ln Lhe flrm, and such noLlce shall deLermlne hls poslLlon as
regards Lhe flrm :

rovlded LhaL, lf he falls Lo glve such noLlce, he shall become a parLner
ln Lhe flrm on Lhe explry of Lhe sald slx monLhs.

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(6) Where any person has been admlLLed as a mlnor Lo Lhe beneflLs of
parLnershlp ln a flrm, Lhe burden of provlng Lhe facL LhaL such person
had no knowledge of such admlsslon unLll a parLlcular daLe afLer Lhe
explry of slx monLhs of hls aLLalnlng ma[orlLy shall lle on Lhe person
asserLlng LhaL facL.

(7) Where such person becomes a parLner -

(a) hls rlghLs and llablllLles as a mlnor conLlnue upLo Lhe daLe on whlch
he becomes a parLner, buL he also becomes personally llable Lo Lhlrd
parLles for all acLs of Lhe flrm done slnce he was admlLLed Lo Lhe
beneflLs of parLnershlp, and

(b) hls share ln Lhe properLy and proflLs of Lhe flrm shall be Lhe share Lo
whlch he was enLlLled as a mlnor.

(8) Where such person elecLs noL be Lo become a parLner, -

(a) hls rlghLs and llablllLles shall conLlnue Lo be Lhose of a mlnor under
Lhe secLlon upLo Lhe daLe on whlch he glves publlc noLlce,

(b) hls share shall noL be llable for any acLs for Lhe flrm done afLer Lhe
daLe of Lhe noLlce, and

(c) he shall be enLlLled Lo sue Lhe parLners for hls share of Lhe properLy
and proflLs ln accordance wlLh sub-secLlon (4).

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(9) noLhlng ln sub-secLlons (7) and (8) shall affecL Lhe provlslons of
secLlon 28.

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Sect|on 31

IN1kCDUC1ICN CI A Ak1NLk

(1) Sub[ecL Lo conLracL beLween Lhe parLners and Lo Lhe provlslons of
secLlon 30, no person shall be lnLroduced as a parLner lnLo a flrm
wlLhouL Lhe consenL of all Lhe exlsLlng parLners.

(2) Sub[ecL Lo Lhe provlslons of secLlon 80, a person who ls lnLroduced
as a parLner lnLo a flrm does noL Lhereby become llable for any acL of
Lhe flrm done before he became a parLner.

Sect|on 32

kL1IkLMLN1 CI A Ak1NLk

(1) A parLner may reLlre -

(a) wlLh Lhe consenL of all Lhe oLLer parLners,

(b) ln accordance wlLh an express agreemenL by Lhe parLners, or

(c) where Lhe parLnershlp ls aL wlll, by glvlng noLlce ln wrlLlng Lo all Lhe
oLher parLners of hls lnLenLlon Lo reLlre.

(2) A reLlrlng parLner may be dlscharged from any llablllLy Lo any Lhlrd
parLy for acLs of Lhe flrm done before hls reLlremenL by an agreemenL
made by hlm wlLh such Lhlrd parLy and Lhe parLners of Lhe
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reconsLlLuLed flrm, and such agreemenL may be lmplled by a course of
deallng beLween such Lhlrd parLy and Lhe reconsLlLuLed flrm afLer he
had knowledge of Lhe reLlremenL.

(3) noLwlLhsLandlng Lhe reLlremenL of a parLner from a flrm, he and Lhe
parLners conLlnue Lo be llable as parLners Lo Lhlrd parLles for any acL
done by any of Lhem whlch would have been an acL of Lhe flrm lf done
before Lhe reLlremenL, unLll publlc noLlce ls glven of Lhe reLlremenL

rovlded LhaL a reLlred parLner ls noL llable Lo any Lhlrd parLy who deals
wlLh Lhe flrm wlLhouL knowlng LhaL he was a parLy.

(4) noLlces under sub-secLlon (3) may be glven by Lhe reLlred parLner or
by any parLner of Lhe reconsLlLuLed flrm.

Sect|on 33

LkULSICN CI A Ak1NLk

(1) A parLner may noL be expelled from a flrm by any ma[orlLy of Lhe
parLners, save ln Lhe exerclse ln good falLh or powers conferred by
conLracL beLween Lhe parLners.

(2) 1he provlslons of sub-secLlons (2), (3) and (4) of secLlon 32 shall
apply Lo an expelled parLner as lf he were a reLlred parLner.

Sect|on 34

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INSCLVLNC CI A Ak1NLk

(1) Where a parLner ln a flrm ls ad[udlcaLed an lnsolvenL, he ceases Lo
be a parLner on Lhe daLe on whlch Lhe order of ad[udlcaLlon ls made,
wheLher or noL Lhe flrm ls Lhereby dlssolved.

(2) Where under a conLracL beLween Lhe parLners Lhe flrm ls noL
dlssolved by Lhe ad[udlcaLlon of a parLner as an lnsolvenL, Lhe esLaLe of
a parLner so ad[udlcaLed ls noL llable for any acL of Lhe flrm and Lhe flrm
ls noL llable for any acL of Lhe lnsolvenL, done afLer Lhe daLe on whlch
Lhe order of ad[udlcaLlon ls made.


Sect|on 3S

LIA8ILI1 CI LS1A1L CI DLCLASLD Ak1NLk

Where under a conLracL beLween Lhe parLners Lhe flrm ls noL dlssolved
by Lhe deaLh of a parLner, Lhe esLaLe of a deceased parLner ls noL llable
for any acL of Lhe flrm done afLer hls deaLh.

Sect|on 36

kIGn1S CI CU1GCING Ak1NLk 1C CAkk CN CCML1ING 8USINLSS

(1) An ouLgolng parLner may carry on a buslness compeLlng wlLh LhaL of
Lhe flrm and he may adverLlse such buslness, buL sub[ecL, Lo conLracL Lo
Lhe conLrary, he may noL
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(a) use Lhe flrm-name,

(b) represenL hlmself as carrylng on Lhe buslness of Lhe flrm, or

(c) sollclL Lhe cusLom of persons who were deallng wlLh Lhe flrm before
he ceased Lo be a parLner.

(2) AgreemenL ln resLralnL of Lrade.

A parLner may make an agreemenL wlLh hls parLners LhaL on ceaslng Lo
be a parLner he wlll noL carry on any buslness slmllar Lo LhaL of Lhe flrm
wlLhln a speclfled perlod or wlLhln speclfled local llmlLs, and,
noLwlLhsLandlng anyLhlng conLalned ln secLlon 27 of Lhe lndlan ConLracL
AcL, 1872, such agreemenL shall be valld lf Lhe resLrlcLlons lmposed are
reasonable.



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Sect|on 37

kIGn1 CI CU1GCING Ak1NLk IN CLk1AIN CASLS 1C SnAkL
SU8SLULN1 kCII1S

Where any member of a flrm has dled or oLherwlse ceased Lo be a
parLner, and Lhe survlvlng or conLlnulng parLners carry on Lhe buslness
of Lhe flrm wlLh Lhe properLy of Lhe flrm wlLhouL any flnal seLLlemenL of
accounLs as beLween Lhem and Lhe ouLgolng parLner or hls esLaLe, Lhen,
ln Lhe absence of a conLracL Lo Lhe conLrary, Lhe ouLgolng parLner or hls
esLaLe ls enLlLled aL Lhe opLlon of hlmself or hls represenLaLlves Lo such
share of Lhe proflLs made slnce he ceased Lo be a parLner as may be
aLLrlbuLable Lo Lhe use of hls share of Lhe properLy of Lhe flrm or Lo
lnLeresL aL Lhe raLe of slx per cenL. per annum on Lhe amounL of hls
share ln Lhe properLy of Lhe flrm :

rovlded LhaL where by conLracL beLween Lhe parLners an opLlon ls
glven Lo survlvlng or conLlnulng parLners Lo purchase Lhe lnLeresL of a
deceased or ouLgolng parLner, and LhaL opLlon ls duly exerclsed, Lhe
esLaLe of Lhe deceased parLner, or Lhe ouLgolng parLner of hls esLaLe, as
Lhe case may be, ls noL enLlLled Lo any furLher or oLher share of proflLs,
buL lf any parLner assumlng Lo acL ln exerclse of Lhe opLlon does noL ln
all maLerlal respecLs comply wlLh Lhe Lerms Lhereof, he ls llable Lo
accounL under Lhe foregolng provlslons of Lhls secLlon.


Sect|on 38

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kLVCCA1ICN CI CCN1INUING GUAkAN1LL 8 CnANGL IN IIkM

A conLlnulng guaranLee glven Lo a flrm, or Lo a Lhlrd parLy ln respecL of
Lhe LransacLlons of a flrm, ls ln Lhe absence of agreemenL Lo Lhe
conLrary, revoked as Lo fuLure LransacLlons from Lhe daLe of any change
ln Lhe consLlLuLlon of Lhe flrm.

Sect|on 39

DISSCLU1ICN CI A IIkM

1he dlssoluLlon of a parLnershlp beLween all Lhe parLners of a flrm ls
called Lhe "d|sso|ut|on of the f|rm".

Sect|on 40

DISSCLU1ICN 8 AGkLLMLN1

A flrm may be dlssolved wlLh Lhe consenL of all Lhe parLners or ln
accordance wlLh a conLracL beLween Lhe parLners.




Sect|on 41

CCMULSCk DISSCLU1ICN

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A flrm ls dlssolved

(a) by Lhe ad[udlcaLlon of all Lhe parLners or of all Lhe parLners buL one
as lnsolvenL, or

(b) by Lhe happenlng of any evenL whlch makes lL unlawful for Lhe
buslness of Lhe flrm Lo be carrled on or for Lhe parLners Lo carry lL on ln
parLnershlp:

rovlded LhaL, where more Lhan one separaLe advenLure or
underLaklng ls carrled on by Lhe flrm, Lhe lllegallLy of one or more shall
noL of lLself cause Lhe dlssoluLlon of Lhe flrm ln respecL of lLs lawful
advenLures and underLaklngs.

Sect|on 42

DISSCLU1ICN CN 1nL nALNING CI CLk1AIN CCN1INGLNCILS

Sub[ecL Lo conLracL beLween Lhe parLners a flrm ls dlssolved

(a) lf consLlLuLed for a flxed Lerm, by Lhe explry of LhaL Lerm,

(b) lf consLlLuLed Lo carry ouL one or more advenLures or underLaklngs,
by Lhe compleLlon Lhereof,

(c) by Lhe deaLh of a parLner, and

(d) by Lhe ad[udlcaLlon of a parLner as an lnsolvenL.
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Sect|on 43

DISSCLU1ICN 8 NC1ICL CI Ak1NLkSnI A1 WILL

(1) Where Lhe parLnershlp ls aL wlll, Lhe flrm may be dlssolved by any
parLner glvlng noLlce ln wrlLlng Lo all Lhe oLher parLners of hls lnLenLlon
Lo dlssolve Lhe flrm.

(2) 1he flrm ls dlssolved as from Lhe daLe menLloned ln Lhe noLlce as Lhe
daLe of dlssoluLlon or, lf no daLe ls so menLloned, as from Lhe daLe of
Lhe communlcaLlon of Lhe noLlce.

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Sect|on 44

DISSCLU1ICN 8 1nL CCUk1

AL Lhe sulL of a parLner, Lhe CourL may dlssolve a flrm on any of Lhe
followlng grounds, namely: -

(a) LhaL a parLner has become of unsound mlnd, ln whlch case Lhe sulL
may be broughL as well by Lhe nexL frlend of Lhe parLner who has
become of unsound mlnd as by any oLher parLner,

(b) LhaL a parLner, oLher Lhan Lhe parLner sulng, has become ln any way
permanenLly lncapable of performlng hls duLles as parLner,

(c) LhaL a parLner, oLher Lhan Lhe parLner sulng, ls gullLy of conducL
whlch ls llkely Lo affecL pre[udlclally Lhe carrylng on of Lhe buslness
regard belng had Lo Lhe naLure of Lhe buslness,

(d) LhaL a parLner, oLher Lhan Lhe parLner sulng, wlllfully or perslsLenLly
commlLs breach of agreemenLs relaLlng Lo Lhe managemenL of Lhe
affalrs of Lhe flrm of Lhe conducL of lLs buslness, or oLherwlse so
conducLs hlmself ln maLLers relaLlng Lo Lhe buslness LhaL lL ls noL
reasonably pracLlcable for Lhe oLher parLners Lo carry on Lhe buslness ln
parLnershlp wlLh hlm,

(e) LhaL a parLner, oLher Lhan Lhe parLner sulng, has ln any way
Lransferred Lhe whole of hls lnLeresL ln Lhe flrm Lo a Lhlrd parLy, or has
allowed hls share Lo be charged under Lhe provlslons of rule 49 of
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Crder xxl of Lhe llrsL Schedule Lo Lhe Code of Clvll rocedure, 1908, or
has allowed lL Lo be sold ln Lhe recovery of arrears of land revenue or of
any dues recoverable as arrears of land revenue due by Lhe parLner,

(f) LhaL Lhe buslness of Lhe flrm cannoL be carrled on save aL a loss, or

(g) on any oLher ground whlch renders lL [usL and equlLable LhaL Lhe
flrm should be dlssolved.

Sect|on 4S

LIA8ILI1 ICk AC1S CI Ak1NLkS DCNL AI1Lk DISSCLU1ICN

(1) noLwlLhsLandlng Lhe dlssoluLlon of a flrm, Lhe parLners conLlnue Lo
be llable as such Lo Lhlrd parLles for any acL done by any of Lhem whlch
would have been an acL of Lhe flrm, lf done before Lhe dlssoluLlon, unLll
publlc noLlce ls glven of Lhe dlssoluLlon :

rovlded LhaL Lhe esLaLe of a parLner who dles, or who ls ad[udlcaLed an
lnsolvenL, or of a parLner who, noL havlng been known Lo Lhe person
deallng wlLh Lhe flrm Lo be a parLner, reLlres from Lhe flrm, ls noL llable
under Lhls secLlon for acLs done afLer Lhe daLe on whlch he ceases Lo be
a parLner.

(2) noLlces under sub-secLlon (1) may be glven by any parLner.


Sect|on 46
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kIGn1 CI Ak1NLkS 1C nAVL 8USINLSS WCUND U AI1Lk
DISSCLU1ICN

Cn Lhe dlssoluLlon of a flrm every parLner or hls represenLaLlve ls
enLlLled, as agalnsL all Lhe oLher parLners or Lhelr represenLaLlves, Lo
have Lhe properLy of Lhe flrm applled ln paymenL of Lhe debLs and
llablllLles of Lhe flrm, and Lo have Lhe surplus dlsLrlbuLed among Lhe
parLners or whlch represenLaLlves accordlng Lo Lhelr rlghLs.

Sect|on 47

CCN1INUING AU1nCkI1 CI Ak1NLkS ICk UkCSLS CI WINDING
U

AfLer Lhe dlssoluLlon of a flrm Lhe auLhorlLy of each parLner Lo blnd Lhe
flrm, and Lhe oLher muLual rlghLs and obllgaLlons of Lhe parLners,
conLlnue noLwlLhsLandlng Lhe dlssoluLlon, so far as may be necessary Lo
wlnd up Lhe affalrs of Lhe flrm and Lo compleLe LransacLlons begun buL
unflnlshed aL Lhe Llme of Lhe dlssoluLlon, buL noL oLherwlse :

rovlded LhaL Lhe flrm ls ln no case bound by Lhe acLs of a parLner who
had been ad[udlcaLed lnsolvenL, buL Lhls provlso does noL affecL Lhe
llablllLy of any person who has afLer Lhe ad[udlcaLlon represenLed
hlmself or knowlngly permlLLed hlmself Lo be represenLed as a parLner
of Lhe lnsolvenL.

Sect|on 48
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MCDL CI SL11LLMLN1 CI ACCCUN1S 8L1WLLN Ak1NLkS

ln seLLllng Lhe accounLs of a flrm afLer dlssoluLlon, Lhe followlng rules
shall, sub[ecL Lo agreemenL by Lhe parLners, be observed :

(a) Losses, lncludlng deflclencles of caplLal, shall be pald flrsL ouL of
proflLs, nexL ouL of caplLal, and, lasLly, lf necessary, by Lhe parLners
lndlvldually ln Lhe proporLlons ln whlch Lhey were enLlLled Lo share
proflLs,

(b) Lhe asseLs of Lhe flrm, lncludlng any sums conLrlbuLed by Lhe
parLners Lo make up deflclencles of caplLal, shall be applled ln Lhe
followlng manner and order :

(l) ln paylng Lhe debLs of Lhe flrm Lo Lhlrd parLles,

(ll) ln paylng Lo each parLner raLeably whaL ls due Lo hlm from Lhe flrm
for advances as dlsLlngulshed from caplLal,

(lll) ln paylng Lo each parLner raLeably whaL ls due Lo hlm on accounL of
caplLal, and

(lv) Lhe resldue, lf any, shall be dlvlded among Lhe parLners ln Lhe
proporLlons ln whlch Lhey were enLlLled Lo share proflLs.
Sect|on 49

AMLN1 CI IIkM'S DL81S AND CI SLAkA1L DL81S
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Where Lhere are [olnL debLs due from Lhe flrm, and also separaLe debLs
due from any parLner, Lhe properLy of Lhe flrm shall be applled ln Lhe
flrsL lnsLance ln paymenL of Lhe debLs of Lhe flrm, and, lf Lhere ls any
surplus, Lhen Lhe share of each parLner shall be applled ln paymenL of
hls separaLe debLs or pald Lo hlm. 1he separaLe properLy of any parLner
shall be applled flrsL ln Lhe paymenL of hls separaLe debLs, and Lhe
surplus (lf any) ln paymenL of Lhe debLs of Lhe flrm.

Sect|on S0

LkSCNAL kCII1S LAkNLD AI1Lk DISSCLU1ICN

Sub[ecL Lo conLracL beLween Lhe parLners, Lhe provlslons of clause (a) of
secLlon 16 shall apply Lo LransacLlons by any survlvlng parLner or by Lhe
represenLaLlves of deceased parLner, underLaken afLer Lhe flrm ls
dlssolved on accounL of Lhe deaLh of a parLner and before lLs affalrs
have been compleLely wound up:

rovlded LhaL where any parLner or hls represenLaLlve has boughL Lhe
good wlll of Lhe flrm, noLhlng ln Lhe secLlon shall affecL hls rlghL Lo use
Lhe flrm-name.

Sect|on S1

kL1UkN CI kLMIUM CN kLMA1UkL DISSCLU1ICN

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Where a parLner has pald a premlum on enLerlng lnLo parLnershlp for a
flxed Lerm, and Lhe flrm ls dlssolved before Lhe explraLlon of LhaL Lerm
oLherwlse Lhan by Lhe deaLh of a parLner, he shall be enLlLled Lo
repaymenL of Lhe premlum or of such parL Lhereof as may be
reasonable, regard belng had Lo Lhe Lerms upon whlch he became a
parLner, and Lo Lhe lengLh of Llme durlng whlch he was a parLner,
unless -

(a) Lhe dlssoluLlon ls malnly due Lo hls own mlsconducL, or

(b) Lhe dlssoluLlon ls ln pursuance of an agreemenL conLalnlng no
provlslon for Lhe reLurn of Lhe premlum or any parL of lL.

Sect|on S2

kIGn1S WnLkL Ak1NLkSnI CCN1kAC1 IS kLSCINDLD ICk IkAUD
Ck MISkLkLSLN1A1ICN

Where a conLracL creaLlng parLnershlp ls resclnded on Lhe ground of
fraud or mlsrepresenLaLlon of any of Lhe parLles LhereLo, Lhe parLy
enLlLled Lo resclnd ls, wlLhouL pre[udlce Lo any oLher rlghL, enLlLle -
(a) Lo a llen on, or rlghL of reLenLlon of, Lhe surplus of Lhe asseLs of Lhe
flrm remalnlng afLer Lhe debLs of Lhe flrm have been pald, for any sum
pald by hlm for Lhe purchase of a share ln Lhe flrm and for any caplLal
conLrlbuLed by hlm,

(b) Lo rank as a credlLor of Lhe flrm ln respecL of any paymenL made by
hlm Lowards Lhe debLs of Lhe flrm, and
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(c) Lo he lndemnlfled by Lhe parLner or parLners gullLy of fraud or
mlsrepresenLaLlon agalnsL all Lhe debLs of Lhe flrm.

Sect|on S3

kIGn1 1C kLS1kAIN IkCM USL CI IIkM-NAML Ck IIkM-kCLk1

AfLer a flrm ls dlssolved, every parLner or hls represenLaLlve may, ln Lhe
absence of a conLracL beLween Lhe parLners Lo Lhe conLrary, resLraln
any oLher parLner or hls represenLaLlve from carrylng on a slmllar
buslness ln Lhe flrm-name or from uslng any of Lhe properLy of Lhe flrm
for hls own beneflL, unLll Lhe affalrs of Lhe flrm have been compleLely
wound up :

rovlded LhaL where any parLner or hls represenLaLlve has broughL Lhe
goodwlll of Lhe flrm, noLhlng ln Lhls secLlon shall affecL hls rlghL Lo use
Lhe flrm-name.

Sect|on S4

AGkLLMLN1S IN kLS1kAIN1 CI 1kADL

arLners may, upon or ln anLlclpaLlon of Lhe dlssoluLlon of Lhe flrm,
make an agreemenL LhaL some or all of Lhem wlll noL carry on a
buslness slmllar Lo LhaL of Lhe flrm wlLhln a speclfled perlod or wlLhln
speclfled local llmlLs and noLwlLhsLandlng anyLhlng conLalned ln secLlon
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27, of Lhe lndlan ConLracL AcL, 1872, such agreemenL shall be valld lf
Lhe resLrlcLlons lmposed are reasonable.

Sect|on SS

SALL CI GCCDWILL AI1Lk DISSCLU1ICN

(1) ln seLLllng Lhe accounLs of a flrm afLer dlssoluLlon, Lhe goodwlll shall,
sub[ecL Lo conLracL beLween Lhe parLners, be lncluded ln Lhe asseLs, and
lL may be sold elLher separaLely or along wlLh oLher properLy of Lhe
flrm.

(2) 8lghLs of buyer and seller of goodwlll.

Where Lhe goodwlll of a flrm ls sold afLer dlssoluLlon, a parLner may
carry on a buslness compeLlng wlLh LhaL of Lhe buyer and he may
adverLlse such buslness, buL, sub[ecL Lo agreemenL beLween hlm and
Lhe buyer, he may noL

(a) use Lhe flrm-name,
(b) represenL hlmself as carrylng on Lhe buslness of Lhe flrm, or

(c) sollclL Lhe cusLom of persons who were deallng wlLh Lhe flrm before
lLs dlssoluLlon.

(3) AgreemenLs ln resLralnL of Lrade.

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Any parLner may upon Lhe sale of Lhe goodwlll of a flrm, make an
agreemenL wlLh Lhe buyer LhaL such parLner wlll noL carry on any
buslness slmllar Lo LhaL of Lhe flrm wlLhln a speclfled perlod or wlLhln
speclfled local llmlLs, and, noLwlLhsLandlng anyLhlng conLalned ln
secLlon 27 of Lhe lndlan ConLracL AcL, 1872 such agreemenL shall be
valld lf Lhe resLrlcLlons are reasonable.

Sect|on S6

CWLk 1C LkLM1 IkCM ALICA1ICN CI 1nIS CnA1Lk

1he [1]SLaLe CovernmenL of any SLaLe may, by noLlflcaLlon ln Lhe
Cfflclal CazeLLe, dlrecL LhaL Lhe provlslons of Lhls ChapLer shall noL
apply Lo [2] LhaL SLaLe or Lo any parL Lhereof speclfled ln Lhe
noLlflcaLlon.


[1] Subs by A.C. 1937, for Governor Genera| |n Counc||".

[2] Subs by A.C. 1937, for any rov|nce".

Sect|on S7

ACIN1MLN1 CI kLGIS1kAk CI IIkMS AND DLU1 AND
ASSIS1AN1 kLGIS1kAkS CI IIkMS

(1) 1he SLaLe CovernmenL may, by noLlflcaLlon ln Lhe Cfflclal CazeLLe,
appolnL a 8eglsLrar of llrms who shall exerclse, perform and dlscharge
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Lhe powers, funcLlons and duLles of Lhe 8eglsLer under Lhls AcL
LhroughouL Lhe SLaLe of MaharashLra.

(2) 1he SLaLe CovernmenL may llkewlse appolnL one or more uepuLy
8eglsLrars of llrms and AsslsLanL 8eglsLrars of llrms who shall exerclse,
perform and dlscharge all or such of Lhe powers, funcLlons and duLles
of Lhe 8eglsLrar and ln such areas as Lhe SLaLe CovernmenL may, by
noLlflcaLlon ln Lhe Cfflclal CazeLLe, speclfy.

(3) 1he offlcers appolnLed under sub-secLlon (1) and sub-secLlon (2)
shall be deemed Lo be publlc servanLs wlLhln Lhe meanlng of secLlon 21
of Lhe lndlan enal Code.

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Sect|on S8

ALICA1ICN ICk kLGIS1kA1ICN

(1) Sub[ecL Lo Lhe provlslons of sub-secLlon of sub-secLlon (1A), Lhe
reglsLraLlon of a flrm effecLed by sendlng by posL or dellverlng Lo Lhe
8eglsLrar of Lhe area ln whlch any place of buslness of Lhe flrm ls
slLuaLed or proposed Lo be slLuaLed, a sLaLemenL ln Lhe prescrlbed form
and accompanled by Lhe prescrlbed fee and a Lrue copy of Lhe deed of
parLnershlp sLaLlng:

(a) Lhe flrm-name,

(aa) Lhe naLure of buslness of Lhe flrm,

(b) Lhe place or prlnclpal place of buslness of Lhe flrm,

(c) Lhe names of any oLher places where Lhe flrm carrles on buslness,

(d) Lhe daLe when each parLner [olned Lhe flrm,

(e) Lhe names ln full and permanenL addresses of Lhe parLners, and

(f) Lhe duraLlon of Lhe flrm.

1he sLaLemenL shall be slgned by all Lhe parLners, or by Lhelr agenLs
speclally auLhorlzed ln Lhls behalf.

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(1A) 1he sLaLemenL under sub-secLlon (1) shall be senL or dellvered Lo
Lhe 8eglsLrar wlLhln a perlod of one year from Lhe daLe of consLlLuLlon
of Lhe flrm:

rovlded LhaL ln Lhe case of any flrm carrylng on buslness on or before
Lhe daLe of commencemenL of Lhe lndlan arLnershlp (MaharashLra
AmendmenL) AcL, 1984, such sLaLemenL shall be senL or dellvered Lo
Lhe 8eglsLrar wlLhln a perlod of one year flrm such daLe.

(2) Lach person slgnlng Lhe sLaLemenL shall also verlfy lL ln Lhe manner
prescrlbed.

(3) A flrm shall noL have any of Lhe names or emblems speclfled ln Lhe
Schedule Lo Lhe Lmblems and names (revenLlon of lmproper use) AcL,
1930, or any colorable lmlLaLlon Lhereof, unless permlLLed so Lo do
under LhaL AcL, or any name whlch ls llkely Lo be assoclaLed by Lhe
publlc wlLh Lhe name of any oLher flrm on accounL of slmllarlLy, or any
name whlch, ln Lhe oplnlon of Lhe 8eglsLrar, for reasons Lo be recorded
ln wrlLlng, ls undeslrable:

rovlded LhaL noLhlng ln Lhls sub-secLlon shall apply Lo any flrm
reglsLered under any such name before Lhe daLe of Lhe commencemenL
of Lhe lndlan arLnershlp (MaharashLra AmendmenL) AcL, 1984.

(4) Any person aggrleved by an order of Lhe 8eglsLrar under sub-secLlon
(3), may, wlLhln 30 days from Lhe daLe of communlcaLlon of such order,
appeal Lo Lhe offlcer noL below Lhe rank of uepuLy SecreLary Lo
CovernmenL auLhorlsed by Lhe SLaLe CovernmenL ln Lhls behalf, ln such
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manner, and on paymenL of such fee, as may be prescrlbed. Cn recelpL
of any such appeal, Lhe auLhorlsed offlcer shall, afLer glvlng an
opporLunlLy of belng heard Lo Lhe appellanL, declde Lhe appeal, and hls
declslon shall be flnal.

Sect|on S9

kLGIS1kA1ICN

(1) When Lhe 8eglsLrar ls saLlsfled LhaL Lhe provlslons of secLlon 38 have
been duly complled wlLh, he shall record an enLry of Lhe sLaLemenL ln a
reglsLer called Lhe 8eglsLer of llrms, and shall flle Lhe sLaLemenL[1]. Cn
Lhe daLe such enLry ls recorded and such sLaLemenL ls flled, Lhe flrm
shall be deemed Lo be reglsLered.

(2) 1he flrm, whlch ls reglsLered, shall use Lhe brackeLs and word
(8eglsLered) lmmedlaLely afLer lLs name.


[1] ln lLs appllcaLlon Lo Lhe sLaLe of Madras, sec 39A has been lnserLed
by Lhe Madras Added 1errlLorles (AdapLaLlon of Laws) Crder, 1961.


Sect|on S9A

DLLL1ICN AND ADDI1ICN CI CLk1AIN LN1kILS kLLA1ING 1C CLk1AIN
IIkMS, 8 kLASCN CI kLCkGANISA1ICN CI S1A1LS

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(1) noLwlLhsLandlng anyLhlng conLalned ln Lhls ChapLer, a 8eglsLrar of
llrms appolnLed for any area by Lhe CovernmenL of 8ombay may, by
order ln wrlLlng, amend Lhe 8eglsLer of llrms malnLalned by hlm by
deleLlng Lherefrom Lhe enLrles relaLlng Lo any flrm, whose place of
buslness has, by reason of Lhe reorganlsaLlon of SLaLes under Lhe SLaLes
8eorganlsaLlon AcL, 1936, ceased Lo be slLuaLed ln Lhe SLaLe of 8ombay.
1he 8eglsLrar may llkewlse and wlLhouL any charge or fee Lherefore
amend Lhe 8eglsLer by addlng LhereLo Lhe enLrles relaLlng Lo any flrm
lncluded ln Lhe 8eglsLer of anoLher SLaLe buL whose place of buslness
has, by reason of such reorganlsaLlon, become parL of Lhe area wlLhln
hls [urlsdlcLlon ln Lhe SLaLe of 8ombay:

rovlded LhaL Lhe 8eglsLrar shall, before passlng any order under Lhls
sub-secLlon, make such lnqulry as he deems necessary and glve noLlce
Lo Lhe flrm and Lhe 8eglsLrar of Lhe SLaLe concerned.

(2) AfLer such amendmenL, Lhe 8eglsLrar shall cease Lo perform Lhe
funcLlons of a 8eglsLrar ln respecL of any flrm Lhe enLrles relaLlng Lo
whlch have been deleLed as aforesald and shall perform all Lhe
funcLlons of a 8eglsLrar ln respecL of any flrm Lhe enLrles relaLlng Lo
whlch are added as aforesald.
(3) Any person aggrleved by an order under sub-secLlon (1) may appeal
Lo such auLhorlLy, and wlLhln such Llme, as may be speclfled ln Lhls
behalf by Lhe CovernmenL of 8ombay noLlflcaLlon ln Lhe Cfflclal
CazeLLe, and such auLhorlLy shall pass such order on Lhe appeal as lL
Lhlnks flL.

Sect|on S9A-1
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LA1L kLGIS1kA1ICN CN AMLN1 CI LNAL1

lf Lhe sLaLemenL ln respecL of any flrm ls noL senL or dellvered Lo Lhe
8eglsLrar wlLhln Lhe Llme speclfled ln sub-secLlon (1A) of secLlon 38,
Lhen Lhe flrm may be reglsLered on paymenL, Lo Lhe 8eglsLrar, of a
penalLy of one hundred rupees per year of delay or a parL Lhereof.

Sect|on S98

DLLL1ICN CI LN1kILS kLLA1ING 1C CLk1AIN IIkMS 8 kLASCN CI
ICkMA1ICN CI GUIAkA1 S1A1L

(1) noLwlLhsLandlng anyLhlng conLalned ln Lhls ChapLer, a 8eglsLrar of
llrms appolnLed for any area by Lhe CovernmenL of MaharashLra may,
by order ln wrlLlng, amend Lhe 8eglsLer of llrms malnLalned by hlm by
deleLlng Lherefrom Lhe enLrles relaLlng Lo any flrm, whose place of
buslness has, by reason of Lhe formaLlon of Lhe SLaLe of Cu[araL by Lhe
8ombay 8eorganlsaLlon AcL, 1960, ceased Lo be slLuaLed ln Lhe SLaLe of
MaharashLra :

rovlded LhaL Lhe 8eglsLrar shall, before passlng any order under Lhls
sub-secLlon, make such lnqulry as he deems necessary and glve noLlce
Lo Lhe flrm and Lhe 8eglsLrar of Lhe SLaLe of Cu[araL.

(2) AfLer such amendmenL, Lhe 8eglsLrar shall cease Lo perform Lhe
funcLlons of a 8eglsLrar ln respecL of any flrm Lhe enLrles relaLlng Lo
whlch have been deleLed as aforesald.
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(3) Any person aggrleved by an order under sub-secLlon (1) may appeal
Lo such auLhorlLy and wlLhln such Llme, as may be speclfled ln Lhls
behalf by Lhe CovernmenL of MaharashLra, by noLlflcaLlon ln Lhe Cfflclal
CazeLLe and such auLhorlLy shall pass such order on Lhe appeal as lL
Lhlnks flL.

(4) An order of a 8eglsLrar under sub-secLlon (1), or where an appeal
has been preferred agalnsL lL under sub-secLlon (3), Lhe order of Lhe
appellaLe auLhorlLy shall be flnal.

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Sect|on 60

kLCCkDING CI AL1LkA1ICNS IN IIkM-NAML, NA1UkL CI 8USINLSS
AND kINCIAL LACL CI 8USINLSS

1) When an alLeraLlon ls made ln Lhe flrm name or ln Lhe naLure of
buslness of a flrm or ln Lhe locaLlon of Lhe prlnclpal place of buslness of
a reglsLered flrm, a sLaLemenL shall be senL Lo Lhe 8eglsLrar, wlLhln a
perlod of 90 days from Lhe daLe of maklng such alLeraLlon,
accompanled by Lhe prescrlbed fee, speclfylng Lhe alLeraLlon and slgned
and verlfled ln Lhe manner requlred under secLlon 38.

(2) When Lhe 8eglsLrar ls saLlsfled LhaL Lhe provlslons of sub-secLlon (1)
have been duly complled wlLh, he shall amend Lhe enLry relaLlng Lo Lhe
flrm ln Lhe 8eglsLer of llrms ln accordance wlLh Lhe sLaLemenL, and
shall flle lL along-wlLh Lhe sLaLemenL relaLlng Lo Lhe flrm flled under
secLlon 39.

Sect|on 61

NC1ING CI CLCSING AND CLNING CI 8kANCnLS

When a reglsLered flrm dlsconLlnues buslness aL any place or beglns Lo
carry on buslness aL any place, such place noL belng lLs prlnclpal place
of buslness, any parLner or agenL of Lhe flrm shall send lnLlmaLlon
Lhereof Lo Lhe 8eglsLrar, wlLhln a perlod of 90 days from Lhe daLe of
such dlsconLlnuance or, as Lhe case may be, from Lhe daLe on whlch Lhe
flrm beglns Lo carry on buslness aL such place. 1he 8eglsLrar shall Lhen
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make a noLe of such lnLlmaLlon ln Lhe enLry relaLlng Lo Lhe flrm ln Lhe
8eglsLer of llrms, and shall flle Lhe lnLlmaLlon along-wlLh Lhe sLaLemenL
relaLlng Lo Lhe flrm flled under secLlon 39.


Sect|on 62

NC1ING CI CnANGLS IN NAMLS AND ADDkLSSLS CI Ak1NLkS

When any parLner ln a reglsLered flrm alLers hls name or permanenL
address, an lnLlmaLlon of Lhe alLeraLlon' shall be senL, wlLhln a perlod of
90 days from Lhe daLe of maklng such alLeraLlon, by any parLner or
agenL of Lhe flrm Lo Lhe 8eglsLrar, who shall deal wlLh lL ln Lhe manner
provlded ln secLlon 61.

Sect|on 63

kLCCkDING CI CnANGLS IN AND DISSCLU1ICN CI A IIkM

(1) When a change occurs ln Lhe consLlLuLlon of a reglsLered flrm, every
lncomlng, conLlnulng or ouLgolng parLner, and when a reglsLered flrm ls
dlssolved, every person who was a parLner lmmedlaLely before Lhe
dlssoluLlon, or Lhe agenL of every such parLner or person speclally
auLhorlzed ln Lhls behalf shall, wlLhln a perlod of 90 days from Lhe daLe
of such change or dlssoluLlon, glven noLlce Lo Lhe 8eglsLrar of such
change or dlssoluLlon, speclfylng Lhe daLe Lhereof, and Lhe 8eglsLrar
shall a record of Lhe noLlce ln Lhe enLry relaLlng Lo Lhe flrm ln Lhe
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8eglsLrar of llrms and shall flle Lhe noLlce along wlLh sLaLemenL relaLlng
Lo Lhe flrm flled under secLlon 39.

(1A) Where a change occurs ln Lhe consLlLuLlon of a reglsLered flrm, all
persons, who afLer such change are parLners of Lhe flrm, shall [olnLly
send an lnLlmaLlon of such change duly slgned by Lhem, Lo Lhe
8eglsLrar, wlLhln a perlod of 90 days from Lhe daLe of occurrence of
such change and Lhe 8eglsLrar shall deal wlLh lL ln Lhe manner provlded
by secLlon 61.

(2) kecord|ng of w|thdrawa| of a m|nor.

When a mlnor who has been admlLLed Lo Lhe beneflLs of parLnershlp ln
a flrm aLLalns ma[orlLy and elecLs Lo become or noL Lo become a
parLner, and Lhe flrm ls Lhen a reglsLered flrm, he, or hls agenL speclally
auLhorlzed ln Lhls behalf, shall wlLhln a perlod of 90 days from Lhe daLe
of hls elecLlon, glve noLlce Lo Lhe 8eglsLrar LhaL he has or has noL
become a parLner, and Lhe 8eglsLrar shall deal wlLh Lhe noLlce ln Lhe
manner provlded ln sub-secLlon (1).


Sect|on 64

kLC1IIICA1ICN CI MIS1AkLS

(1) 1he 8eglsLrar shall have power aL all Llme Lo recLlfy any mlsLake ln
order Lo brlng Lhe enLry ln Lhe 8eglsLer of llrms relaLlng Lo any flrm lnLo
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conformlLy wlLh lnLo documenLs relaLlng Lo LhaL flrm flled under Lhls
ChapLer.

(2) Cn appllcaLlon made by Lhe all parLles who have slgned any
documenL relaLlng Lo a flrm flled under Lhls ChapLer, Lhe 8eglsLrar may
recLlfy any mlsLake ln such documenL or ln Lhe record of noLe Lhereof
made ln Lhe 8eglsLer of llrms.


Sect|on 6S

AMLNDMLN1 CI kLGIS1Lk 8 CkDLk CI CCUk1

A CourL decldlng any maLLer relaLlng Lo a reglsLered flrm may dlrecL
LhaL Lhe 8eglsLrar shall make any amendmenL ln Lhe enLry ln Lhe
8eglsLer of llrms relaLlng Lo such flrm whlch ls consequenLlal upon lLs
declslon, and Lhe 8eglsLrar shall amend Lhe enLry accordlngly.

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Sect|on 66

INSLC1ICN CI kLGIS1Lk AND IILLD DCCUMLN1S

(1) 1he 8eglsLrar of llrms shall be open Lo lnspecLlon by any person on
paymenL of such fee as may be prescrlbed.

(2) All sLaLemenLs, noLlces and lnLlmaLlons flled under Lhls ChapLer shall
be open Lo lnspecLlon, sub[ecL Lo such condlLlons and on paymenL of
such fee as may be prescrlbed.


Sect|on 67

GkAN1 CI CCILS

1he 8eglsLrar shall on appllcaLlon, furnlsh Lo any person, on paymenL of
such fee as may be prescrlbed, a copy, cerLlfled under hls hand, of any
enLry or porLlon Lhereof ln Lhe 8eglsLer of llrms.



Sect|on 68

kULLS CI LVIDLNCL

(1) Any sLaLemenL, lnLlmaLlon or noLlce recorded or noLed ln 8eglsLer of
llrms shall, as agalnsL any person by whom or on whose behalf such
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sLaLemenL, lnLlmaLlon or noLlce was slgned, be concluslve proof of any
facL Lhereln sLaLed.

(2) A cerLlfled copy of an enLry relaLlng Lo a flrm ln Lhe 8eglsLer of llrms
may be produced ln proof of Lhe facL of Lhe reglsLraLlon of such flrm,
and of Lhe conLenLs of any sLaLemenL, lnLlmaLlon or noLlce recorded or
noLed Lhereln.

Sect|on 69

LIILC1 CI NCN-kLGIS1kA1ICN

(1) no sulL Lo enforce a rlghL arlslng from a conLracL or conferred by Lhls
AcL shall be lnsLlLuLed ln any CourL by or on a behalf of any persons
sulng as a parLner ln a flrm agalnsL Lhe flrm or any person alleged Lo be
or Lo have been a parLner ln Lhe flrm unless Lhe flrm ls reglsLered and
Lhe person sulng ls or has been shown ln Lhe 8eglsLer of llrms as a
parLner ln Lhe flrm :

rovlded LhaL Lhe requlremenL of reglsLraLlon of flrm under Lhls sub-
secLlon shall noL apply Lo Lhe sulLs or proceedlngs lnsLlLuLed by Lhe
helrs or legal represenLaLlves of Lhe deceased parLner of a flrm for
accounLs of Lhe flrm or Lo reallse Lhe properLy of Lhe flrm.
(2) no sulL Lo enforce a rlghL arlslng from a conLracL shall be lnsLlLuLed
ln any courL by or on behalf of a flrm agalnsL any Lhlrd parLy unless Lhe
flrm ls reglsLered and Lhe persons sulng are or have been shown ln Lhe
8eglsLer of llrms as parLners ln Lhe flrm.

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(2A) no sulL Lo enforce any rlghL for Lhe dlssoluLlon of a flrm or for
accounLs of a dlssolved flrm or any rlghL or power Lo reallse Lhe
properLy of a dlssolved flrm shall be lnsLlLuLed ln any CourL by or on
behalf of any person sulng as a parLner ln a flrm agalnsL Lhe flrm or any
person alleged Lo be or have been a parLner ln Lhe flrm, unless Lhe flrm
ls reglsLered and Lhe person sulng ls or has been shown ln Lhe 8eglsLer
of llrms as a parLner ln Lhe flrm:

rovlded LhaL Lhe requlremenL of reglsLraLlon of flrm under Lhls sub-
secLlon shall noL apply Lo Lhe sulLs or proceedlngs lnsLlLuLed by Lhe
helrs or legal represenLaLlves of Lhe deceased parLner of a flrm for
accounLs of a dlssolved flrm or Lo reallse Lhe properLy of a dlssolved
flrm. 33 ]

(3) 1he provlslons of sub-secLlons (1), (2) and (2A) shall apply also Lo a
clalm of seL-off or oLher proceedlngs Lo enforce a rlghL arlslng from a
conLracL buL shall noL affecL

(a) Lhe flrms consLlLuLed for a duraLlon upLo slx monLhs or wlLh a caplLal
upLo Lwo Lhousand rupees, or ,

(b) Lhe powers of an offlclal asslgned, recelver or CourL under Lhe
resldency 1owns lnsolvency AcL, 1909, or Lhe rovlnclal lnsolvency
AcL, 1920, Lo reallse Lhe properLy of an lnsolvenL parLner.

(4) 1hls secLlon shall noL apply

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(a) Lo flrms or parLners ln flrm whlch have no place of buslness ln [1]
Lhe LerrlLorles Lo whlch Lhls AcL exLends, or whose places of buslness ln
[2]Lhe sald LerrlLorles are slLuaLed ln areas Lo whlch, by noLlflcaLlon
under [3]secLlon 36 Lhls ChapLer does noL apply, or

(b) Lo any sulL or clalm of seL-off noL exceedlng one hundred rupees ln
value whlch, ln Lhe presldency Lowns, ls noL of a klnd speclfled ln
secLlon 19 of Lhe resldency Small Cause CourLs AcL, 1882, or ouLslde
Lhe resldency Lowns, ls noL of a klnd speclfled ln Lhe Second Schedule
Lo Lhe rovlnclal Small Cause CourLs AcL, 1887, or Lo any proceedlng ln
execuLlon or oLher proceedlng lncldenLal Lo or arlslng from any such
sulL or clalm.


[1] Subs by AcL 3 of 1931, sec 3 and Sch., for art A States and art C
States".

[2] Subs by AcL 3 of 1931, sec 3 and Sch., for such States".

[3] Subs by AcL 24 of 1934, sec 2 and Sch l, for secLlon 33.

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Sect|on 69A

LNAL1 ICk CCN1kAVLN1ICN CI SLC1ICN 60, 61, 62, Ck 63

lf any sLaLemenL, lnLlmaLlon or noLlce under secLlons 60, 61, 62 or 63 ln
respecL of any reglsLered flrm ls noL senL or glven Lo Lhe 8eglsLrar,
wlLhln Lhe perlod speclfled ln LhaL secLlon, Lhe 8eglsLrar may, afLer
glvlng noLlce Lo Lhe parLners of Lhe flrm and afLer glvlng Lhem a
reasonable opporLunlLy of belng heard, refuse Lo make Lhe sulLable
amendmenLs ln Lhe records relaLlng Lo Lhe flrm, unLll Lhe parLners of
Lhe flrm pay such penalLy, noL exceedlng Len rupees per day, as Lhe
8eglsLrar may deLermlne ln respecL of Lhe perlod beLween Lhe daLe of
explry of Lhe perlod speclfled ln secLlons 60, 61, 62 or as Lhe case may
be, 63 and Lhe daLe of maklng Lhe amendmenLs ln Lhe enLrles relaLlng
Lo Lhe flrm.

Sect|on 70

LNAL1 ICk IUkNISnING IALSL Ak1ICULAkS

Any person who slgns any sLaLemenL, amendlng sLaLemenL, noLlce or
lnLlmaLlon under Lhls ChapLer conLalnlng any parLlculars whlch he
knows Lo be false or does noL belleve Lo be Lrue, or conLalnlng
parLlculars whlch he knows Lo be lncompleLe or does noL belleve Lo be
compleLe, shall, on convlcLlon, be punlshed wlLh lmprlsonmenL for a
Lerm whlch may exLend Lo one year, or wlLh flne, or wlLh boLh:

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rovlded LhaL ln Lhe absence of speclal and adequaLe reasons Lo Lhe
conLrary Lo be menLloned ln Lhe [udgemenL of Lhe CourL, Lhe flne shall
noL be less Lhan one Lhousand rupees.

Sect|on 71

CWLk 1C MAkL kULLS

(1) Sub[ecL Lo Lhe provlslons of secLlon 70A, Lhe [1]SLaLe CovernmenL
[2]may, by noLlflcaLlon ln Lhe Cfflclal CazeLLe, make rules prescrlblng
Lhe fees whlch shall accompany documenLs senL Lo Lhe 8eglsLrar or
whlch shall be pald ln respecL of any lnLlmaLlon, noLlce or appllcaLlon
glven Lo Lhe 8eglsLrar or whlch shall be payable for Lhe lnspecLlon of
documenLs ln Lhe cusLody of Lhe 8eglsLrar or for coples from Lhe
8eglsLer of llrms or whlch shall be pald for supply of any prescrlbed
forms.

(2) 1he SLaLe CovernmenL may [3] also make rules

(a) prescrlblng Lhe form of sLaLemenL submlLLed under sub-secLlon (1)
of secLlon 38 and of Lhe verlflcaLlon Lhereof,

(aa) prescrlblng Lhe manner of flllng an appeal under sub-secLlon (4) of
secLlon 38,

(b) requlrlng sLaLemenLs, lnLlmaLlons and noLlces under secLlons 60, 61,
62 and 63 Lo be ln prescrlbed form, and prescrlbed Lhe form Lhereof,
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(c) prescrlblng Lhe form of Lhe 8eglsLer of llrms, and Lhe mode ln whlch
enLrles relaLlng Lo flrms are Lo be made Lhereln, and Lhe mode ln whlch
such enLrles are Lo be amended or noLes made Lhereln,

(d) regulaLlng Lhe procedure of Lhe 8eglsLrar when dlspuLe arlses,

(e) regulaLlng Lhe flllng of documenLs recelved by Lhe 8eglsLrar,

(f) prescrlblng condlLlons for Lhe lnspecLlon of orlglnal documenLs,

(g) regulaLlng Lhe granL of coples,

(h) regulaLlng Lhe ellmlnaLlon of reglsLers and documenLs,

(l) provldlng for Lhe malnLenance and form of an lndex Lo Lhe 8eglsLer
of llrms

([) generally, Lo carry ouL Lhe purposes of Lhls ChapLer.

(3) All rules made under Lhls secLlon shall be sub[ecL Lo Lhe condlLlon of
prevlous publlcaLlon.

[4](4) Lvery rule made under Lhls secLlon shall be lald, as soon as may
be afLer lL ls made, before each Pouse of Lhe SLaLe LeglslaLure, whlle lL
ls ln sesslon, for a LoLal perlod of LhlrLy days, whlch may be comprlsed
ln one sesslon or ln Lwo successlve sesslons, and lf, before Lhe explry of
Lhe sesslon ln whlch lL ls so lald or Lhe sesslon lmmedlaLely followlng,
boLh Pouses agree ln maklng any modlflcaLlon ln Lhe rule or boLh
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Pouses agree LhaL Lhe rule should noL be made, and noLlfy such
declslon ln Lhe Cfflclal CazeLLe, Lhe rule shall, from Lhe daLe of
publlcaLlon of such declslon, have effecL only ln such modlfled form or
be of no effecL, as Lhe case may be, so, however, LhaL any such
modlflcaLlon or annulmenL shall be wlLhouL pre[udlce Lo Lhe valldlLy of
anyLhlng prevlously done or omlLLed Lo be done ln pursuance of LhaL
rule.


[1] Subs by A.C. 1937, for Governor Genera| |n Counc||".

[2] Subs by AcL 20 of 1983, sec 2 and Sch. (w.e.f. 13-3-1984).

[3] lns by A.C. 1937.

[4] lns by AcL 20 of 1983, sec 2 and Sch. (w.e.f. 13-3-1984).
Sect|on 72

MCDL CI GIVING U8LIC NC1ICL

A publlc noLlce under Lhls AcL ls glven

(a) Where lL relaLes Lo Lhe reLlremenL or expulslon of a parLner from a
reglsLered flrm, or Lo Lhe dlssoluLlon of a reglsLered flrm, or Lo Lhe
elecLlon Lo become or noL Lo become a parLner ln a reglsLered flrm by a
person aLLalnlng ma[orlLy who was admlLLed as a mlnor Lo Lhe beneflLs
of parLnershlp, by noLlce Lo Lhe 8eglsLrar of llrms under secLlon 63, and
by publlcaLlon ln Lhe Cfflclal CazeLLe and ln aL leasL one vernacular
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newspaper clrculaLlng ln Lhe dlsLrlcL where Lhe flrm Lo whlch lL relaLes,
has lLs place or prlnclpal place of buslness, and

(b) ln any oLher case, publlcaLlon ln Lhe Cfflclal CazeLLe, and ln aL leasL
one vernacular newspaper clrculaLlng ln Lhe dlsLrlcL where Lhe flrm Lo
whlch lL relaLes has lLs place or prlnclpal place of buslness.


Sect|on 73

kLLALS

[8epealed by Lhe 8epeallng AcL, 1938, (1 of 1938), s. 2 and Sch.].

Sect|on 74

SAVINGS

noLhlng ln Lhls AcL or any repeal affecLed Lhereby shall affecL or be
deemed Lo affecL -

(a) any rlghL, LlLle, lnLeresL, obllgaLlon or llablllLy already acqulred,
accrued or lncurred before Lhe commencemenL of Lhls AcL, or

(b) any legal proceedlng or remedy ln respecL of any such rlghL, LlLle,
lnLeresL, obllgaLlon or llablllLy, or anyLhlng done or suffered before Lhe
commencemenL of Lhls AcL, or

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(c) anyLhlng done or suffered before Lhe commencemenL of Lhls AcL, or

(d) any enacLmenL relaLlng Lo parLnershlp noL expressly repealed by Lhls
AcL, or

(e) any rule of lnsolvency relaLlng Lo parLnershlp, or

(f) any rule of law noL lnconslsLenL wlLh Lhls AcL.

CPLuuLL l - MAxlMuM lLLS

(See secLlons 70A and 71)
----------------------------------------------------------------------------------------------
uocumenL or acL ln respecL of whlch Lhe fee ls payable, Maxlmum fee
----------------------------------------------------------------------------------------------
(1) SLaLemenL under secLlon 38(1) llfLy rupees.

(2) Memorandum of appeal under secLlon (4) 1wenLy-flve rupees.

(3) SLaLemenL under secLlon 60 llfLeen rupees.

(4) lnLlmaLlon under secLlon 61 llfLeen rupees.

(3) lnLlmaLlon under secLlon 62 llfLeen rupees.

(6) noLlce under secLlon 63(1) llfLeen rupees.

(7) lnLlmaLlon under secLlon 63(1A) llfLeen rupees.
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(8) noLlce under secLlon 63(2) llfLeen rupees.

(9) AppllcaLlon under secLlon 64 llfLeen rupees.

(10) lnspecLlon of Lhe 8eglsLer of llrms under Seven rupees sub-secLlon
(1) of secLlon 66, for lnspecLlon and flfLy palse of one volume of Lhe
8eglsLer of llrms

(11) lnspecLlon of documenLs relaLlng Lo a flrm Seven rupees under sub-
secLlon l(2)u of secLlon 66, and flfLy palse for Lhe lnspecLlon of all
documenLs relaLlng Lo one flrm

(12) Coples from Lhe 8eglsLer of llrms under 1wo rupees secLlon 67, for
each hundred words or
parL Lhereof.

(13) rlce of lorms prescrlbed under Lhe rules Cne rupee per lorm.

Schedu|e II - LNAC1MLN1S kLLALLD -

8? 8LLALlnC AC1, 1938 (1 Cl 1938) SLC1lCn 2 Anu SCPLuuLL.


?es, LL ls formed & regulaLed by LlmlLed LlablllLy arLnershlp AcL, 2008 whlch
recelved resldenL's assenL on 7Lh !anuary 2009.
Ministry of Corporate Affairs (MCA) is administrating ministry - MlnlsLry of
CorporaLe Affalrs, CovernmenL of lndla ls Lhe admlnlsLraLlng mlnlsLry. 8eglsLrar of
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Companles (8oC) of respecLlve SLaLe ls Lhe admlnlsLraLlve auLhorlLy where all
documenLs are Lo be flled.
Provisions of Companies Act can be made applicable - CenLral CovernmenL can
make appllcable any provlslon of Companles AcL Lo LL wlLh sulLable
modlflcaLlons by lssulng a noLlflcaLlon [SecLlon 67 of LL AcL, 2008]
Powever, provlslons of lndlan arLnershlp AcL wlll noL apply Lo LL [SecLlon 4 of
LL AcL, 2008].
Individual or body corporate can be partner, that too with a limited liability
protection now - Any lndlvldual (who ls of sound mlnd and ls solvenL) and any
body corporaLe can be parLner of LL. 1here should be mlnlmum Lwo parLners.
ersonal llablllLy lf number falls below Lwo. no upper llmlL on number of parLners
[SecLlon 3 and 6 LL AcL, 2008].
LL musL have Lwo 'deslgnaLed parLners' who musL be lndlvlduals. lf a body
corporaLe ls parLner of LL, lL can nomlnaLe a person as 'deslgnaLed parLner'. Pe
has Lo glve consenL Lo acL as deslgnaLed parLner. Pe has Lo obLaln uln
[ueslgnaLed arLner ldenLlflcaLlon number] from CenLral CovernmenL [SecLlon 7
of LL AcL, 2008]. 1he deslgnaLed parLner ls llable for all compllances as requlred
under Lhe AcL and ls llable Lo penalLy for conLravenLlon of Lhose provlslons
[SecLlon 8 of LL AcL, 2008].

d|fference between trad|t|ona| partnersh|p and LL
1rad|t|ona| artnersh|p L|m|ted L|ab|||ty artnersh|p
D|st|nct|ons
unllmlLed personal llablllLy of
each parLner for dues of Lhe
parLnershlp flrm. ersonal
properLy of each parLner also
llable.
no personal llablllLy of
parLner, excepL ln case of
fraud.
WrlLLen agreemenL noL
essenLlal.
lncorporaLlon documenL
essenLlal.
arLnershlp can be reglsLered
under arLnershlp AcL.
LL ls lncorporaLed under LL
AcL. lncorporaLlon ls
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8eglsLraLlon ls noL
mandaLory.
mandaLory.
noL a legal enLlLy separaLe
from lLs parLners
lL ls a legal enLlLy separaLe
from lLs parLners, havlng
perpeLual successlon
roperLy cannoL be held ln
name of parLnershlp flrm.
roperLy can be held ln name
of LL.
arLnershlp deed/agreemenL
ls execuLed. Lven verbal
agreemenL ls valld.
'lncorporaLlon uocumenL' ls
requlred Lo be execuLed. ln
addlLlon, LL AgreemenL ls
requlred ln almosL all cases,
Lhough such LL agreemenL ls
noL mandaLory.
uocumenLs are requlred Lo be
flled wlLh 8eglsLrar of llrms
(of respecLlve SLaLe)
8eglsLrar of Companles (8CC)
ls Lhe admlnlsLraLlng
auLhorlLy.
ueaLh of parLner dlssolves a
flrm, ln absence of agreemenL
ueaLh of parLner does noL
dlssolve LL.
Mlnlmum Lwo and maxlmum
LwenLy parLners
Mlnlmum Lwo parLners. no
llmlL on maxlmum number of
parLners
Lach parLner can Lake parL ln
buslness of flrm.
Lach parLner can Lake parL ln
buslness of flrm, buL LL
AgreemenL can provlde Lo
Lhe conLrary.
All parLners are llable for
sLaLuLory compllances under
arLnershlp AcL
Cnly deslgnaLed parLners are
llable for sLaLuLory
compllances as are requlred
under LL AcL (noL
necessarlly ln respecL of
oLher AcLs).
arLner cannoL enLer lnLo arLner of LL can enLer lnLo
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buslness wlLh flrm, Lhough he
can glve loan Lo flrm.
buslness wlLh LL. Pe can
also glve loans Lo LL.
Lvery parLner of flrm ls agenL
of flrm and also of oLher
parLners. Pe can blnd
parLnershlp flrm as well as
oLher parLners by hls acLs.
Lvery parLner of LL ls agenL
of LL buL noL of oLher
parLners. 1hus, he can blnd
LL by hls acLs buL noL oLher
parLners. Powever, LL
agreemenL can resLrlcL
powers of lndlvldual parLner.
llllng of accounLs, sLaLemenL
of solvency and annual reLurn
noL requlred.
llllng of accounLs, sLaLemenL
of solvency and annual reLurn
noL requlred.
arLnershlp can be 'aL wlll' l.e.
any parLner can reslgn or
dlssolve flrm
lndlvldual parLner can reslgn
buL cannoL dlssolve Lhe LL.
ueaLh of parLner dlssolves
parLnershlp unless Lhere ls
conLracL Lo conLrary
ueaLh of parLner does noL
dlssolve LL.
ubllc noLlce ls requlred for
reLlremenL of a parLner.
llllng of reLurn of reLlremenL
of parLner wlLh 8CC ls
requlred, buL no provlslon for
publlc noLlce of reLlremenL of
parLner.
arLnershlp flrm can be
dlssolved.
LL can be would up.
no speclflc provlslon Lo enLer
lnLo compromlse,
arrangemenL, amalgamaLlon,
reconsLrucLlon eLc. 1hls can
be done only under clvll laws.
LL can enLer lnLo
compromlse, arrangemenL,
amalgamaLlon,
reconsLrucLlon eLc.
Mlnor can be admlLLed Lo
beneflL of parLnershlp.
1here ls no speclflc provlslon
Lo admlL mlnor Lo beneflL of
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parLnershlp. lL ls doubLful lf
Lhls can be done.
S|m||ar|t|es
arLner ls noL employee of
flrm
arLner ls noL employee of
LL.
LlablllLy of a person for
'holdlng ouL', l.e. represenLlng
hlmself as parLner, Lhough he
ls noL
LlablllLy of a person for
'holdlng ouL' l.e. represenLlng
hlmself as parLner, Lhough he
ls noL [clause 29 of LL 8lll,
2008]
arLner of flrm enLlLled Lo
remuneraLlon only lf
parLnershlp agreemenL so
provldes
arLner of LL enLlLled Lo
remuneraLlon only lf LL
agreemenL so provldes
new parLner can be
lnLroduced only wlLh consenL
of all exlsLlng parLners
new parLner can be
lnLroduced only wlLh consenL
of all exlsLlng parLners, unless
LL AgreemenL provldes
oLherwlse.
lnsolvenL person cannoL
conLlnue as parLner of flrm.
lnsolvenL person cannoL
conLlnue as parLner of LL.
8lghLs of parLnershlp can be
asslgned.
8lghLs of parLnershlp can be
asslgned.
arLner llable Lo flrm for any
personal proflLs made by hlm
by use of properLy, name or
buslness connecLlon of flrm.
arLner llable Lo LL for any
personal proflLs made by hlm
by use of properLy, name or
buslness connecLlon of LL
arLner cannoL underLake
compeLlng buslness wlLhouL
consenL of oLher parLners
arLner cannoL underLake
compeLlng buslness wlLhouL
consenL of LL. CLherwlse,
llable Lo accounL for and pay
proflLs Lo LL
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arLner llable Lo flrm lf he
commlLs fraud.
arLner llable Lo LL lf he
commlLs fraud.

Compar|son between company and LL
Company under Compan|es
Act
L|m|ted L|ab|||ty artnersh|p
D|st|nct|ons
Memorandum ls Lo be flled
wlLh 8CC
lncorporaLlon uocumenL ls
requlred Lo be flled.
Memorandum should conLaln
SLaLe ln whlch lncorporaLed.
lncorporaLlon uocumenL ls
noL requlred Lo conLaln SLaLe
ln whlch lncorporaLed. 1hus,
reglsLered offlce can be
changed Lo any place ln lndla
[usL by lnformlng 8CC sub[ecL
Lo prescrlbed condlLlons.
name Lo conLaln 'LlmlLed' or
'rlvaLe LlmlLed' as sufflx
name Lo conLaln 'LlmlLed
LlablllLy arLnershlp' or 'LL'
as sufflx
ArLlcles are Lo be flled aL Lhe
Llme of lncorporaLlon. rlvaLe
company musL have ArLlcles.
ln case of publlc company,
provlslons of 1able A apply lf
Lhere are no ArLlcles.
LL AgreemenL ls requlred Lo
be flled laLer. ln absence of
LL AgreemenL, muLual rlghLs
and duLles wlll be as speclfled
ln flrsL schedule Lo LL AcL.
1hus, pracLlcally, each LL
musL have LL AgreemenL,
Lhough noL mandaLory.
Managlng ulrecLor and
WholeLlme ulrecLor Lo look
afLer day Lo day
admlnlsLraLlon..
ueslgnaLed arLner Lo look
afLer sLaLuLory compllances.
CLherwlse, all parLners can
look lnLo affalrs of Lhe LL.
Powever, LL can delegaLe
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powers Lo some parLners
who may be deslgnaLed as
'Managlng arLner', or
'LxecuLlve arLner' or any
oLher name.
lndlvldual dlrecLor or member
does noL have auLhorlLy ln
conducL of buslness of
company.
Lvery parLner has auLhorlLy
Lo conducL buslness of LL,
unless Lhe LL AgreemenL
provldes Lo conLrary.
8esLrlcLlons on remuneraLlon
Lo dlrecLor as per Companles
AcL
no resLrlcLlon on
remuneraLlon Lo parLner.
8emuneraLlon should be
provlded ln LL agreemenL.
noLlce of change of dlrecLor ls
Lo be glven by company.
A parLner who has reslgned
from LL can hlmself flle
noLlce of hls reslgnaLlon Lo
8CC.
Share, share cerLlflcaLe,
reglsLer of members, Lransfer
and Lransmlsslon of shares
eLc. requlred.
no requlremenL of share and
share cerLlflcaLe. Pence, no
quesLlon of lLs lssue,
alloLmenL, Lransfer,
recLlflcaLlon of reglsLer eLc.
8oard meeLlngs, general
meeLlngs are requlred.
no provlslon for regular
meeLlng of 8oard and
members. arLners can
declde when and how Lo
meeL, delegaLlon of powers
eLc. rovlslon ls made LhaL
LL should malnLaln mlnuLe
book
Charges are requlred Lo be
reglsLered
no provlslon for reglsLraLlon
of charges.
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AFTERSCHOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP
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Join PGPSE along with CS after class 12

Contact Dr. T.K. Jain (91-9414430763) regarding starting AFTERSCHOOL centers in your college / institution /
organization or for conducting workshops on social entrepreneurship. Promote social entrepreneurship, join PGPSE
and become a social entrepreneur. Email us: [email protected]

LlaboraLe records and
reglsLers are requlred Lo be
malnLalned
no records and reglsLers have
been prescrlbed.
8esLrlcLlons on 8oard
regardlng some speclfled
conLracLs, conLracLs ln whlch
dlrecLors lnLeresLed,
lnvesLmenLs, loans and
guaranLees Lo oLher
companles
arLners are free Lo enLer
lnLo any conLracL.
ulsclosures requlred of
conLracLs where dlrecLors are
lnLeresLed
no requlremenL of
dlsclosures requlred of
conLracLs where parLners are
lnLeresLed, unless speclfled ln
LL AgreemenL.
LlaboraLe provlslon relaLlng
Lo redressal ln case of
oppresslon and
mlsmanagemenL
no provlslon relaLlng Lo
redressal ln case of
oppresslon and
mlsmanagemenL
Speclflc provlslons relaLlng Lo
nldhls, n8lC
no speclflc provlslons relaLlng
Lo nldhls, n8lC
S|m||ar|t|es
LlmlLed llablllLy and perpeLual
successlon
LlmlLed llablllLy and perpeLual
successlon
MusL have common seal Common seal ls opLlonal
rovlslon of approval of
name, change of name are
slmllar.
rovlslon of approval of
name, change of name are
slmllar.
8CC ls Lhe admlnlsLraLlve
auLhorlLy
8CC ls Lhe admlnlsLraLlve
auLhorlLy
rovlslons of name, lLs
approval and change are
rovlslons of name, lLs
approval and change are
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AFTERSCHOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Let us Change the World www.afterschoool.tk
Join PGPSE along with CS after class 12

Contact Dr. T.K. Jain (91-9414430763) regarding starting AFTERSCHOOL centers in your college / institution /
organization or for conducting workshops on social entrepreneurship. Promote social entrepreneurship, join PGPSE
and become a social entrepreneur. Email us: [email protected]

slmllar. slmllar.
no personal llablllLy of
lndlvldual dlrecLor or member
[excepL of dlrecLor of prlvaLe
company ln some cases llke
lncome Lax and sales Lax
dues].
no personal llablllLy of
parLner, excepL ln case of
fraud.
CompllcaLed procedure for
change of reglsLered offlce,
parLlcularly when change ls Lo
oLher SLaLe
Slmple procedure Lo change
reglsLered offlce of LL
anywhere ln lndla [usL by
lnformlng 8CC and followlng
prescrlbed condlLlons.
8eglsLrar of Companles (8CC)
ls Lhe admlnlsLraLlng
auLhorlLy.
8eglsLrar of Companles (8CC)
ls Lhe admlnlsLraLlng
auLhorlLy.
Memorandum and ArLlcles,
deLalls of dlrecLors, accounLs,
annual reLurn, speclal
resoluLlons eLc. flled by LL
wlLh 8CC wlll be avallable for
publlc lnspecLlon
lncorporaLlon documenL,
deLalls of parLners, accounLs,
sLaLemenL of solvency and
annual reLurn flled by LL
wlLh 8CC wlll be avallable for
publlc lnspecLlon [clause 36
of LL 8lll, 2008]
owers Lo CenLral
CovernmenL Lo lnspecL
records of company and Lo
order lnvesLlgaLlon
owers Lo CenLral
CovernmenL Lo lnspecL
records of company and Lo
order lnvesLlgaLlon
rovlslons of compromlse,
arrangemenL or
reconsLrucLlon of companles
are slmllar
rovlslons of compromlse,
arrangemenL or
reconsLrucLlon of LL [clauses
60 Lo 62 of LL 8lll, 2008]
Company can be would up
volunLarlly or by order of
LL can be would up
volunLarlly or by order of
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AFTERSCHOOL CENTRE FOR SOCIAL ENTREPRENEURSHIP
Let us Change the World www.afterschoool.tk
Join PGPSE along with CS after class 12

Contact Dr. T.K. Jain (91-9414430763) regarding starting AFTERSCHOOL centers in your college / institution /
organization or for conducting workshops on social entrepreneurship. Promote social entrepreneurship, join PGPSE
and become a social entrepreneur. Email us: [email protected]

CourL CourL
8CC can sLrlke off name of
defuncL company.
8CC can sLrlke off name of
defuncL LL

lrom : ur. 1.k. !aln
Al1L8SCPCCL cenLre for soclal enLrepreneurshlp



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