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00:00Let's start again.
00:05Ladies, you go there.
00:08You tell me, that man, the agent, can he do this work?
00:19Is there an emergency?
00:21No, he has already exceeded.
00:23He has already exceeded?
00:25Yes.
00:30Is this his original authority?
00:32No.
00:36But, apparently, can he do this work?
00:38One man is working in a market.
00:42One man is working in a market.
00:44He is also buying cows.
00:46And why is he buying that gentleman?
00:48What was he buying earlier?
00:50He is also buying goats.
00:52And he is telling that he is buying on behalf of that man.
00:54And along with that, he is also buying sheep.
00:56So, is there an apparent authority or not?
01:00I can see an apparent authority.
01:02You appointed him to buy animals.
01:04Obviously, he had authority.
01:06But, there was an apparent authority.
01:08You appointed him to buy animals.
01:10So, he can buy animals.
01:14So, in this situation, tell me.
01:18What will you do?
01:20You tell me, is there an optimal level for his work?
01:22Yes.
01:24Principle.
01:26What level?
01:28Principle.
01:34When a person acts in an apparent authority,
01:36then it feels like
01:38the agent is working under the principle.
01:42And if someone misread your authority,
01:44the third person,
01:46and assume that it is in your authority,
01:48and it really is in your authority,
01:50even if it is not in the express authority,
01:52then the principle is liable for that.
01:56If the next party knows
01:58that it is not in its authority,
02:00then the principle is not liable.
02:02Otherwise, I told you yesterday,
02:04I told you that you only have to manage your business.
02:06But, if it is in an apparent authority,
02:08that you can hire people,
02:10you can give money,
02:12you can take money,
02:14then the principle is not liable for that.
02:16Now, it is liable for the third person,
02:18but it is not liable for the agent
02:20to exceed the authority.
02:22So, what can you do?
02:24Damage is claimed.
02:30Any objections?
02:32What is the second part of this?
02:46What page was it?
02:48What page was it?
03:04In the second part, it says,
03:06what would be your conclusion
03:08if Akmal
03:10sells the sheet immediately?
03:14This means that he has ratified
03:16the work of the agent.
03:18What did he do?
03:20He ratified the work
03:22with your permission
03:24and you turned it on later.
03:26For example,
03:28if someone brings money from you,
03:30for example,
03:3210,000 rupees,
03:34in your name or in your name.
03:36The person who has taken the money,
03:38he blocks the money every day.
03:40He says, I have taken the money,
03:42I will control it.
03:44He has taken the money,
03:46but I will give the money.
03:48Now, your younger brother has done
03:50the work without your permission,
03:52but you have turned it on.
03:54If a person works
03:56without authority,
03:58and you treat him as a partner
04:00or as a principal,
04:02for example, a partner can also
04:04do something that is not in his authority.
04:06A director can also do it,
04:08but whether it is a company,
04:10a partner or a principal,
04:12he can ratify the work
04:14done by you.
04:16How do the ratification people do it?
04:18They turn it on.
04:24If he is turning it on
04:26and has sent it immediately
04:28and he has not objected,
04:30then he will be responsible
04:32for the consequences.
04:34What was the name of the other one?
04:36The one who was the agent in the middle.
04:38Correct?
04:40Any other questions?
05:04We do not have a partnership.
05:10What is a partnership?
05:20What happens in a partnership?
05:22When two
05:24or more than two people
05:26do a business
05:30for sharing of profits.
05:32What?
05:34Sharing of profits.
05:36What is this called?
05:38A partnership.
05:40For a partnership,
05:42it is necessary that
05:44there are more than two people
05:46and there is a business.
05:48If there is no business,
05:50there is no partnership.
05:52It is necessary to have a business.
05:54Without a business,
05:56there is no partnership.
06:00For example,
06:02two brothers and two friends
06:04jointly own this property.
06:08Right?
06:10And the rent on this property
06:12is also 50-50.
06:14So, you are the owner.
06:16You are sharing the rent
06:18as well as the profit.
06:20But this is a business.
06:22There is no buying and selling
06:24of goods or services.
06:26There is no business.
06:28There is no business.
06:30What is a business?
06:32What is a business?
06:34If there is no business,
06:36you are called a joint owner.
06:38But you are not
06:40a partner.
06:42It is necessary
06:44to have a business.
06:46And it is necessary
06:48to have a sharing of profits.
06:50I appointed you as my agent.
06:52And you said that
06:54if you sell the land,
06:56I will give you 5% commission.
06:58What will I give?
07:00I will give 5% commission.
07:02Or I will give 5% profit.
07:04Now, what happened?
07:06There are more than 2 or 2 people.
07:08There is a business as well.
07:10Is there a sharing of profit?
07:12You are giving a fixed remuneration.
07:14Even if there is no sharing of profit,
07:16there will be no partnership.
07:18Therefore,
07:20there should be more than 2 or 2 people.
07:22And there should be some
07:24business training,
07:26occupation,
07:28hospitalization,
07:30services.
07:32If all four of you
07:34have formed a partnership business
07:36in Dostar,
07:38and did not mention in the contract
07:40about the sharing of profits,
07:42then there will be a law.
07:44The law says that if nothing is mentioned,
07:46then the sharing of profits will be equal.
07:48If there are two, then 50-50.
07:50If there are four, then 25-25.
07:52But you can decide
07:54that you are giving money,
07:56I am also giving money,
07:58but I am giving time,
08:00but in partnership,
08:02the next person,
08:04all partners are liable for each other's actions.
08:06When you keep someone as an agent,
08:08and give him a fixed remuneration,
08:10then he is your agent.
08:12He is not the principal.
08:14All partners are the principal of each other.
08:16Because all partners
08:18are liable for each other's actions.
08:22Right?
08:24What can be more than 2 people?
08:26They can start a business.
08:30But what can be the maximum number of partners?
08:3220.
08:34If there are more than 20 partners,
08:36then you will have to start a company.
08:40What can 2 or 2.5 people do?
08:42They can start a partnership.
08:44What can be the maximum number of partners
08:46in a common business?
08:4830.
08:50If there are more than 20 partners,
08:52then you cannot start a partnership.
08:54Then you will have to start a company.
08:56And then those partners will convert
08:58to a business.
09:00But in banking business,
09:02you should have as many partners as possible.
09:04In banking business,
09:06there are 10 partners.
09:08But in a professional firm,
09:10there can be more than 20 partners.
09:12In a common business,
09:1420.
09:16In a banking business,
09:1810.
09:20In a professional firm,
09:22more than 20.
09:24And minimum 2.
09:262.1.1
09:28Example 2 and 3.
09:56Example 2 and 3.
10:26Example 2 and 3.
10:56Example 2 and 3.
11:26Next.
11:28Many a times,
11:32a father's business
11:34is in the hands of his children.
11:36Earlier, a father used to run a business alone.
11:38Now, a father has retired.
11:40And he is running a business with his three brothers.
11:44Tell me.
11:46Will you have a partnership or not?
11:48Earlier, a father was alone.
11:50Now, he has more than two brothers.
11:52He has three brothers.
11:54Will you have a partnership or not?
11:56No.
11:58A partnership is not made like this.
12:00A partnership is made through an agreement.
12:02For a partnership,
12:04an agreement is necessary.
12:06And what is an agreement?
12:08It can be expressed.
12:10It can also be written.
12:12It can also be token.
12:14An agreement doesn't have to be written.
12:16But an agreement is necessary.
12:18Come, let's do business.
12:20Come, let's do a profit-sharing ratio.
12:22A father used to run a business.
12:24Now, he has three brothers.
12:26This is not a partnership.
12:28Because they have not entered into any partnership.
12:30A joint family business.
12:32Earlier, there were two brothers.
12:34Now, they have three children.
12:36Now, they have six children.
12:38Now, they have 48 children.
12:40Now, they have 7-8 children.
12:42This is also not a partnership.
12:44A joint family business doesn't need a partnership.
12:46A partnership should go properly.
12:48An agreement should be made.
12:50There are six people in the business.
12:52You have bought four people.
12:54So, you have to make an agreement.
12:56Where we are investing so much money.
12:58And our profit-sharing ratio is this.
13:00If you have spoken,
13:02then also it will work.
13:04If you have said that you are our partner,
13:06then also it will work.
13:08You can also be employed.
13:10In fact, you are saying that
13:12you are our brother.
13:14It will be virtual.
13:16But it is better if you do it in writing.
13:18If you have written the agreement,
13:20then it is called a partnership deal.
13:22What do you call it?
13:24It is called a partnership deal.
13:26If you have written the agreement,
13:28then it is called a partnership deal.
13:30What is written in this partnership deal?
13:32What is the name of the firm?
13:34Where do you do business?
13:36Right, friends?
13:38Where is the principal place?
13:40In Islamabad.
13:42Where else do you work?
13:44In Islamabad.
13:46Where else do you work?
13:48In Multan, Lahore, Karachi.
13:52When did you join as a partner?
13:54There were three partners.
13:56In 2021 and 2022, I joined as a partner.
13:58What is the number of partners?
14:00What is the name of the partners?
14:02What is their full address?
14:04Have you made any special duration?
14:10Have you made any special duration?
14:12Usually, we call the film makers.
14:14We call the movie makers.
14:16We call the film makers.
14:20On one hand, we call a new partner.
14:22On the other hand,
14:24we call a hero.
14:26The director gathers.
14:28The writer gathers.
14:30The producer starts from home.
14:32They gather for a special project.
14:34When the movie is completed,
14:36they disperse.
14:38Right?
14:40Some partnerships
14:42are formed
14:44for a special project.
14:46Some partnerships
14:48are ongoing.
14:50Until they disperse,
14:52the partnership continues.
14:54If a partnership is formed
14:56for a special purpose,
14:58it is called a particular partnership.
15:02What do you say?
15:04If a partnership is formed
15:06for a special purpose,
15:08it is called a particular partnership.
15:10If a partnership is formed
15:12for a special purpose,
15:14it is called a partnership at will.
15:16Whenever a partner wants to disperse,
15:18it is possible.
15:20If a particular partnership
15:22is formed for a special purpose,
15:24it is called a partnership at will.
15:26Page number 263.
15:30Page number 263.
15:323.1.2.
15:34Particular partnership.
15:46Page number 263.
15:483.1.2.
15:50Particular partnership.
16:04Page number 263.
16:063.1.2.
16:08Particular partnership.
16:34Please prepare the contract.
16:36If it is written in the contract,
16:38you will have to sign it.
16:52Is it a particular partnership?
16:54Okay.
16:56Let's go back to page number 263.
16:58We had discussed the members.
17:00Let's move on to the agreement.
17:02We have covered the concept of business.
17:04If a partnership is formed
17:06for a particular purpose,
17:08it is called a partnership at will.
17:10The purpose of partnership is
17:12business, adventure,
17:14movie, etc.
17:16Write it down.
17:18Rights and duties of partners.
17:20What will he do?
17:22Will he bring money?
17:24Will he play the role of a director?
17:26Will he hire?
17:28Will he do business?
17:30Amount of capital that each partner
17:32should put into the business.
17:34Who will bring how much money?
17:36Who will bring what skill?
17:38This is the role.
17:42This is written in the partnership deed.
17:44If you do not tell the respective
17:46rights and duties of the partners
17:48in the partnership deed.
17:50For example,
17:52you have a right.
17:54As I said earlier,
17:56you have 60-40 partners.
17:58If you do not write,
18:00it will be 50-50.
18:02Then the partnership rule will be applied.
18:08If you have made an agreement,
18:10even if you have spoken,
18:12it is as if you have written.
18:14Your business and matters
18:16will be applicable.
18:20Keep these things in mind.
18:222.1.2
18:24Example 4-5
18:282.1.2
18:302.1.2
18:322.1.2
18:342.1.2
18:362.1.2
18:382.1.2
18:402.1.2
18:422.1.2
18:442.1.2
18:462.1.2
18:482.1.2
18:502.1.2
18:522.1.2
18:542.1.2
18:562.1.2
18:582.1.2
19:002.1.2
19:022.1.2
19:042.1.2
19:062.1.2
19:082.1.2
19:102.1.2
19:122.1.2
19:142.1.2
19:162.1.2
19:182.1.2
19:202.1.2
19:222.1.2
19:242.1.2
19:262.1.2
19:282.1.2
19:302.1.2
19:322.1.2
19:342.1.2
19:362.1.2
19:382.1.2
19:402.1.2
19:422.1.2
19:442.1.2
19:462.1.2
19:482.1.2
19:502.1.2
19:522.1.2
19:542.1.2
19:562.1.2
19:582.1.2
20:002.1.2
20:022.1.2
20:042.1.2
20:062.1.2
20:082.1.2
20:102.1.2
20:122.1.2
20:142.1.2
20:162.1.2
20:182.1.2
20:202.1.2
20:222.1.2
20:242.1.2
20:262.1.2
20:282.1.2
20:302.1.2
20:322.1.2
20:342.1.2
20:362.1.2
20:382.1.2
20:402.1.2
20:422.1.2
20:442.1.2
20:462.1.2
20:482.1.2
20:502.1.2
20:522.1.2
20:542.1.2
20:562.1.2
20:582.1.2
21:002.1.2
21:022.1.2
21:042.1.2
21:062.1.2
21:082.1.2
21:102.1.2
21:122.1.2
21:142.1.2
21:162.1.2
21:182.1.2
21:202.1.2
21:222.1.2
21:242.1.2
21:262.1.2
21:282.1.2
21:302.1.2
21:322.1.2
21:342.1.2
21:362.1.2
21:382.1.2
21:402.1.2
21:422.1.2