The Indian partnership at, 1932 defines the meaning of a partner in section 4, stating “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all” In simpler terms, when two or more persons come together and collectively decide…
The probable ways are: LOANS– These are the short- term loans that a company acquires in order to raise capital and it is acquired via keeping the assets of the company as security but the creditors do not become the co-owners of the company. Hindrances- That they tend to increase the debt of the company…
Corporate Veil is a concept that isolates shareholders’ personalities from the companies. It shields stockholders from being held accountable for the company’s conduct. The firm and its stockholders are separated by a fictional veil, and the company only operates through its human agents. Many times, the corporation is seen committing improper/illegal behaviours behind the company’s…
The dissolution of the partnership firm is said to be dissolving when relationships between partners are terminated. In the event of dissolution, the firm ceases to exist. The dissolution process includes the disposal of the asset and the debts are paid. The firm ceases all its activities and no partner has a relationship with other…
Non-Governmental Organizations (NGOs) are advocacy-focused institutions and groups that are non-profit, public-interest oriented and engaged on a local, national, or worldwide level. There are over 12 million non-governmental organisations (NGOs) around the globe. Some of these groups are tiny, self-contained, and local. They can operate on a national or local level to promote social or…
Introduction Partnership is a form of business organization wherein two or more persons join together in order to carry out business. A partnership can be considered as an improvement of “sole proprietorship” wherein a single person carries out his business with his individual resources, skills and efforts. The major disadvantage of being a sole proprietor…
The constructive notice is a legal entity that will have that information or should be known, as a reasonable person is unaware of any legal action taken or will be taken, even if they have no real or actual information about it. This doctrine is often interpreted in relation to published legal notices. It can…
The doctrine of Indoor management differs from the original doctrine of constructive notice. It is important to know that the doctrine of constructive notice doesn’t allow any of the outsiders to be aware of the company’s internal affairs. Therefore, if the Memorandum of Association authorizes any act, an outsider may assume that all the detailed…
Every Company shall at the First Annual General Meeting appoint an Individual or firm as an Auditor who shall hold office from the conclusion of this meeting until the conclusion of sixth Annual general Meeting. Provided that Company shall place the matter relating to such appointment for ratification by members at every Annual General Meeting.…
The doctrine of Ultra Vires is a fundamental law of Company Law. It states that the company’s assets, as defined in its Memorandum of Association, may be removed from the extent permitted by law only. Therefore, if a company commits an act, or enters into an agreement beyond the control of the directors and /…
