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00:00Friends, we are partnership. We have page number 255.
00:08255 says test of partnership.
00:12In test of partnership, we should have 5 things.
00:16If all 5 tests are completed, then partnership will be formed.
00:19Otherwise, first test, there should be 2 or more persons.
00:232 or more people can form partnership.
00:27Then there should be agreement between them.
00:29If it is in writing, then it is called partnership deed.
00:34Third, there should be business.
00:36There should be agreement between 2 persons.
00:38If there is no running business, then there will be no partnership.
00:41Third one is sharing of profit.
00:43What brother?
00:44Sharing of profit.
00:45Share of profit.
00:46Run this one.
00:47Yes.
00:48Run mine.
00:49Sharing of profit should be there.
00:58And what is the last point?
00:59Mutual agency.
01:00Mutual agency means that every partner should be responsible for each other's principle and agenda.
01:06Every partner should be responsible for the action of all other partners.
01:10These 5 conditions should be fulfilled for partnership.
01:15Right?
01:16So, we have studied the association of 2 or more persons.
01:202.1.1
01:22In banking business, there can be more than 10 partners.
01:25In any other partnership, there can be 20 partners.
01:28But if it is a firm of professional persons, like Bablu Sir or KPMG, then there can be more than 20 partners per week.
01:35We have studied this.
01:36You have studied this, right?
01:37Yes, sir.
01:38Come here.
01:39Here it is written 2.1.2.
01:41Can this partnership deed be studied?
01:43Yes, sir.
01:44Example number 4 and 5 have been studied.
01:46Here it is written, carrying on business.
01:48It is said that to make a partnership, there should be a business.
01:53If there is no business, then it is not called a partnership.
01:56Business means any lawful trading, occupation, profession.
02:01So, if you agree to run a business and the business starts, then it is called a partnership.
02:08But if you agree that you will run a business in the future, then it is not a business.
02:14Then it is not called a partnership.
02:16If you are entered into a contract that you will start a partnership in some future date, in any future date,
02:24then this contract will not be called a partnership because there is no business at this time.
02:30For partnership, it is necessary to have a business.
02:33Keep these things in mind.
02:34Read 2.1.3 and example 6.
03:032.1.4 Sharing of Profits
03:282.1.4 Sharing of Profits
03:33We have just read that sharing of profits is very important.
03:38And partners can have any profit sharing ratio, 60, 40, 30, 70.
03:44But if they do not decide the profit sharing ratio, then according to the partnership act,
03:50then their share will be equal.
03:532 is 50, 53, 33.33, 4 is 25%.
03:57Then everyone will have equal share.
03:59Is it right?
04:00The next point is that sharing of profit is the primary evidence for partnership.
04:07But it is not necessary to have sharing of profit anywhere.
04:10It is a partnership.
04:11Because it is necessary to have a business there.
04:13It is also necessary to have an association of two or more persons there.
04:16It is also necessary to have a mutual agency there.
04:18Sharing of profit is just not the one thing which determines whether the partnership is there or not.
04:24There are other things which determine the partnership status.
04:27But there is no partnership without sharing of profit.
04:30Then it is also written in this that partners may agree to share profits only.
04:36For example, if you do a four partner business.
04:39For any one project, you tell the person to become your partner.
04:42He says, okay, I will give money and work.
04:45But if there is a profit, I will cry.
04:47If there is a loss, I will not be a shareholder.
04:49So any partner can do this.
04:51That I will not become a shareholder of loss.
04:54If a person wants to become a partner.
04:57A partner in profits only.
04:59There is a saying in the law.
05:01That a partner can become a partner in profits only.
05:04But for a third party.
05:06Whether you are a shareholder of loss or not.
05:09For a third party, you are answerable.
05:12No doubt you are a partner in profits only.
05:14But for a third party, all partners are liable.
05:19Collectively liable and severely liable.
05:22So a third party can do something to any partner.
05:25No doubt it is a partner in profits only.
05:28Is that right?
05:29But there can be an agreement among themselves.
05:31That I will only be a shareholder of profit.
05:34I will not be a shareholder of loss.
05:36But for a third party.
05:38You can recover from any partner.
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12:21Next is transfer of interest.
12:23A partnership cannot transfer its interest
12:25without getting consent from other partners.
12:27A partnership cannot transfer its interest
12:29without getting consent from other partners.
12:31A partnership has four partners.
12:33If a partner wants to sell his interest
12:35to a lender,
12:37he can give it without consent.
12:39Otherwise, he can leave the partnership.
12:41But he cannot give his share to anyone
12:43unless the other partner agrees.
12:45But if you see the property,
12:47if four brothers get the property from the father
12:49and sell it to a brother,
12:51three brothers sell it to the father
12:53and they can get paid from the father.
12:55So, in a partnership,
12:57the transfer of interest is not allowed.
12:59However, it requires a partnership
13:01until the other partner agrees.
13:03So, what is the difference
13:05between a partnership and a co-ownership?
13:07Read the example 4.1.4.
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14:47Partnership is not a conclusive evidence of partnership.