22 August Legal Aspects Of Business & Business Law

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
LEGAL ASPECTS OF
BUSINESS
AFTERSCHO☺OL –
DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
LEGAL ASPECTS OF
BUSINESS
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
www.afterschoool.tk

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICI
When should a partner give a
public notice?
 On retirement
 On explusion
 On dissolution of the firm

Jiten gave his spare 1 Crore Rs. To
me to be advanced as loan for micro
finance. He will be given 20% share
in profit plus 10% interest on his
capital . Are we partners as per the
Indian partnership Act?
 No ( read Mollow March & Co. V/s Court
of Wards, 1872).

Mayank has a large shipping
business. He appoints me as
shipping incharge with 20% share in
net profit. Are we partners now?
 No. (see Abdul Latif V/s Gopeswar
1933).

A,B,C are partners. C dies, Now C’s
widow becomes partner in the share
of the business. She promises not to
withdraw the money and will
continue to get 30% profits. Is she a
partner?
 No (see CIT v/s Kesharmal). She is
getting profit in lieu of interest, but
actually she is not partner.

A was an Advocate. He asked B to
join him. He assured B that he will
give all his clients to B. B also got
share in profit of A’s profession. A
wanted to sell his profession to B.
Are they partners?
 No. ( see Rawlison V/s Clarke 1846).

Every contract requires
considdration, thus does the
partnership contract require
consideration?
 No. ( see sec. 185 of Indian Contract
Act).

Ajay and Dhaval are joint owners of a
property. They give this property on
rent to Prateek, and share rent
equally. Are they partners?
 No. ( they are only joint owners).

Every contract requires lawful
object, thus does the partnership
contract require lawful object?
 Yes.

does the partnership contract
require partnership deed?
 No (you should have it, it is advisable).

Should the partnership deed by
signed by all the partners?
 Yes

What will happen, if the deed is
not stamped ?
 It will not be considered as deed. It
has to be duly stamped as per Indian
Stamp Act.

Ajay gets married to a business
woman, who is a partner in a big
firm. Later the firm gets insolvent,
will Ajay and his personal property
be used in making payment?
 No.
 (however, personal property of his wife
will be used in making payment of
outstanding amount).

Goutam is 17 and Ajay is 20.
Can they become partners?
 No.
 (because Goutam is still minor).

Sapna and Jayati set up a firm titled
Royal Travels. Is there any problem?
 Yes = the word ROYAL cannot be used
in partnership firm.

Can a partner of an unregistered
firm file a suit against the firm?
 No.

Can a partner of an unregistered firm
file a suit against other partners?
 No.

Can a partner of an unregistered firm
file a suit for dissolution of the firm?
 Yes

Can an unregistered firm sue for its
statutory rights under any law?
 Yes

Can an unregistered firm sue
third party ?
 No.

Can third party sue against
unregistered firm?
 Yes

Can a partner of unregistered firm
enforce arbitration before arbitrator?
 Yes.

AB is a unregistered partnership
firm. They buy goods of Rs. 10000
from XYZ. They also sell goods of
Rs. 10000 to XYZ on credit. XYZ
demands their payment. ABC insist
tha their 10000 due should be
adjusted against it. Are they right?
 Their’s is an unregistered firm, they are
bound to pay Rs. 10000. They cannot
claim for their money of 10000 through
legal process.

ABC are partners in unregistered
firm . A is wrongfully expelled from
the firm. Can A claim damages for
this and become a partner again.
 No. However, he can apply for
dissolution of the firm and also for
accounts.

Can a minor demand accounts of a
partnership firm, in which the minor
is profit sharing partner?
 Yes.

Can a minor sue other partners in a
firm (minor is also a partner)?
 Yes

Goutam is a partner in a firm – only
to share profit (as he is minor). When
he becomes 18, he gives a public
notice that he has become a full
fledged partner. Other partners
refuse to take him as partner. Can
Goutam become partner?
 Yes.

Can a partner do a business
competing with his firm’s business?
 No.

Can a partner have the right to get
information about accounts of the
firm?
 Yes.

Can a partner stop entry of
another partner?
 Yes.

Can a partner do something
beyond his rights / authority?
 Yes – only in case of emergency – to
protect the firm and prudently.

Can a retiring partner start a
competing business?
 Yes (but he cannot use the same name,
he cannot show himself as a partner and
cannot seek the customers of the old
firm).

ABOUT AFTERSCHOOOL
Afterschoool conducts three year integrated PGPSE (after
class 12th
along with IAS / CA / CS) and 18 month PGPSE
(Post Graduate Programme in Social Entrepreneurship)
along with preparation for CS / CFP / CFA /CMA / FRM. This
course is also available online also. It also conducts
workshops on social entrepreneurship in schools and
colleges all over India – start social entrepreneurship club in
your institution today with the help from afterschoool and help
us in developing society.

Why such a programme?
 To promote people to take up entrepreneurship
and help develop the society
 To enable people to take up franchising and
other such options to start a business / social
development project
 To enable people to take up social
development as their mission
 To enable people to promote spirituality and
positive thinking in the world

Who are our supporters?
 Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
 You can also support us – not
necessarily by money – but by being
promotor of our concept and our ideas.

About AFTERSCHOOOL PGPSE – the best
programme for developing great entrepreneurs
 Most flexible, adaptive but rigorous programme
 Available in distance learning mode
 Case study focused- latest cases
 Industry oriented practical curriculum
 Designed to make you entrepreneurs – not just
an employee
 Option to take up part time job – so earn while
you learn
 The only absolutely free course on internet

Workshops from
AFTERSCHOOOL
 IIF, Delhi
 CIPS, Jaipur
 ICSI Hyderabad Branch
 Gyan Vihar, Jaipur
 Apex Institute of Management, Jaipur
 Aravali Institute of Management, Jodhpur
 Xavier Institute of Management,
Bhubaneshwar
 Pacific Institute, Udaipur
 Engineering College, Hyderabad

Flexible Specialisations:
 Spiritualising business and society
 Rural development and transformation
 HRD and Education, Social Development
 NGO and voluntary work
 Investment analysis,microfinance and inclusion
 Retail sector, BPO, KPO
 Accounting & Information system (with CA / CS /CMA)
 Hospital management and Health care
 Hospitality sector and culture and heritage
 Other sectors of high growth, high technology and social
relevance

Salient features:
 The only programme of its kind (in the whole world)
 No publicity and low profile course
 For those who want to achieve success in life – not just a
degree
 Indepth knowledge and expertise
 Professional approac: World class approach
 Strong intellectual and business capabilities
 Flexible – you may stay for a month and continue the rest of
the education by distance mode. / you may attend weekend
classes
 Scholarships for those from poor economic background
 Latest and constantly changing curriculum – keeping pace
with the time
 Placement for those who are interested
 Admissions open throughout the year
 Latest and most advanced technologies, books and study
material

Components
 Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
 Meditation, spiritualisation, and self development
 Essential softwares for business
 Business plan, Research projects
 Participation in conferences / seminars
 Workshops on leadership, team building etc.
 Written submissions of research projects/articles / papers
 Interview of entrepreneurs, writing biographies of entrepreneurs
 Editing of journals / newsletters
 Consultancy / research projects
 Assignments, communication skill workshops
 Participation in conferences and seminars
 Group discussions, mock interviews, self development diaryng
 Mind Power Training & writing workshop (by Dr. T.K.Jain)

Pedagogy
 Case analysis,
 Articles from Harvard Business Review
 Quiz, seminars, workshops, games,
 Visits to entrepreneurs and industrial visits
 Presentations, Latest audio-visuals
 Group discussions and group projects
 Periodic self assessment
 Mentoring and counselling
 Study exchange programme (with institutions out of India)
 Rural development / Social welfare projects

Branches
 AFTERSCHOOOL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these
branches – and for promoting social
entrepreneurs.

Case Studies
 We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us
to be in touch with entrepreneurs, so that
we may develop entrepreneurs.

Basic values at afterschoool
 Share to learn more
 Interact to develop yourself
 Fear is your worst enemy
 Make mistakes to learn
 Study & discuss in a group
 Criticism is the healthy route to mutual support
and help
 Ask fundamental questions : why, when, how
& where?
 Embrace change – and compete with yourself
only

www.afterschoool.tk
social entrepreneurship for better
society

22 August Legal Aspects Of Business & Business Law

Empfohlen

Empfohlen

Weitere ähnliche Inhalte

Andere mochten auch

Andere mochten auch (8)

Ähnlich wie 22 August Legal Aspects Of Business & Business Law

Ähnlich wie 22 August Legal Aspects Of Business & Business Law (20)

Mehr von Dr. Trilok Kumar Jain

Mehr von Dr. Trilok Kumar Jain (20)

22 August Legal Aspects Of Business & Business Law