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8/3/2019 215111056Osama zaid
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Business
law
assignment
PARTNERSHIP
by: Osama Zaid
(215111056)
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My topic was Partnership and formation of Partnership. I tried finding stuff regarding my
topic on google and Wikipedia, but the material was not satisfactory, so I prepared my
presentation from book itself ( mercantile law).
Partneship is a very important topic, so I prepared well for it. I worked hard to prepare my
slide and my helping notes.
My topic covered the general introduction of partnership, such as its definition
Partnership is a relation between persons who have agreed to share the profits of a business
carried on by all or any of them acting for all (Sec. 4, para 1)
Evolution of partnership act , its enforcement etc. I also covered law of partnership , an
extension of law of agency. Which explains about, how a partnership is an extension of
agency act, but first I elaborated , what agency exactly means. I gave an example of A, B ,C
& D as 4 individuals entering into business, with the help of that example I made my points
clear.
Than I discussed about who is eligible to enter into a partnership, and few examples to
support my points also. Most of the material I found in book itself, but I got a few examples
from Wikipedia.
And one of the good point about my presentation is that, I finished within the given time
limit, cause my time management was quite good and I allocated time according to the
importance of the topic. For ex- I prepared about 4-5 slides juss for introdunction on
partnership, cause without understanding the concept of partnership no one will understand
the other related stuff to that.
My group consisted of 5 members, Shajeen, Ajeet, Mandrita, Sahil and Myself. We devided
topics among ourselves, and I decided to start the presentation with the introduction part and
then Shajeen followed with his topic, i.e. formation of partnership. So I had to make my
points clear , so that others can also present effectively, because without the prior
understanding of basic concepts of partnership, audience cant understand the complex issues
in partnership. So this made my task even more important, and I am glad that I gave my best.
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SWOT analysis of My Presentation:
Strengths:
1. I finished within time, so my presentation was short and to the point.2. Body language: My body language was good for most of the time. Even though I was being
put through various tough questions I remained unfazed and I tried to answer their queries.
3. Voice clarity: I was speaking clearly and at moderate speed so that audience can understandmy words easily.
4. Slide content: My slides were simple, not much of hi-fi data , so it was easy for generalpublic to comprehend.
Weakness:
1. As I didnt found any relevant data from internet, so I had to prepare it from book itself,which somewhat restricted me to add some intresting and knowlegable facts and examples.
2. As I was new to this topic, so I knew that the questions from the audience will be very toughfor me.
Opportunities:
1. It was a very good opportunity for me to gain knowledge about the topic, not only I learnd butI tried give everyone a idea about my topic.
2. Next time I will come more prepared from the question answer point of view, this time Ididnt expected such questions from the audience, so anwering them was a bit tough for me.
Threats:
1. Time Consuming: Due to excessive requirement of subject knowledge the time required toprepare may be high.
2. Indirect Questions: The indirect questions may be asked during the presentation which mayforce me to deviate from my core concept.
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My topic : Partnership
Introduction :
Partnership is a relation between persons who have agreed to share the profits of a business
carried on by all or any of them acting for all (Sec. 4, para 1)
Persons who have entered into a partnership with one another are called individually
partners and collectively a firm (Sec. 4, para 2 )
Essential characteristics of partnership:
1. Association of two or more persons. - There should be atleast two competentpersons to form a partnership.
2. Agreement The partnership relation is one of contractual nature. It arisesfrom contract and not from status. (Sec. 5, para 1 )
3. Business A partnership can be formed only for the purpose of carrying onsome business. Business include every trade , occupation and profession [Sec.
2(b)]
4. Sharing of profitsThe objective of partnership is to make profit.5. Mutual agency The business of partnership may be carried on by all the
partners or any of them acting for all.
Law of partnership
an extension of the law of agency :
The partnership business may be carried on by all the partners or any of them aciong for all.
Thus , the relationship of principal and agent is established among partners and this
relationship is established among partners and this relationship is governed by the law of
agency.
Who may be partners?? :
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1. Alien enemy a alien enemy cannot enter into a contract of partnership with anIndian subject. An alien friend can do so.
2. Minor a minor cannot become a partner in a firm but with the consent of all theother partners , he may be admitted to the benefits of partnership.
3.
Person of unsound mindA person of unsound mind is not competent to enter into acontract of partnership.
4. CorporationA corporation, i.e. a registered company , can enter into a contract ofpartnership as a single individual but not as a group of individuals comprising it.