The Relationship Of Partnership Arises From Agreement And Not From Status

`An outgoing partner may be without any liability vis-à-vis third parties for acts of registry carried out before his retirement by an agreement concluded with that third party and partners of the reconstituted enterprise, and such an agreement may be implied by transactions between that third party and the reconstituted enterprise after having knowledge of the retirement.` and against the family card and may take action against all the common family patrimony between the hands of the youngest members of it. Reference has been made to section 5 of the Indian Partnership Act of 1932. Section 5 provides that the partnership relationship derives from the contract and not from the statute, and in particular the members of an undivided Hindu family who run a family business as such. by haramohan v. sudarson, reported in the air 1821 cal 538, maintained on the .. allahabad high court in: air1946all259 , ram kumar v. kishori lal. The Madras High Court in the case reported in L`Air 1959 mad 283, narayanan chettiar v. umayal achi, ruled that after the death of one of the two partners, the legal representatives who join the survivors in the store formed a new partnership. similar to the Calcutta High Court in the case. The facts of this case, namely that the partnership was not broken after the death of a partner.15. Paragraph 308a of the Hindu law of Mayne .. (viii) Partner with another person on behalf of the company.

(C) Obligation to provide genuine accounts: Section 9 also provides that each partner is required to maintain and create genuine and complete accounts on all partnership funds. It must also make these accounts available to other partners, each partner having the right, in accordance with section 12 (d) of the law, to have access to, consult and copy the company`s books. Pursuant to section 4 of the Indian Partnership Act , the relationship of the partnership derives from the contract and not from the statute; and, in particular, members of an unrelated Hindu family, who run a family business as such, or a Burmese Buddhist husband and wife who do business as such are not partners in such an enterprise. ».