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Indian Partnership Act Section 12 the Conduct of the Business - Judgments | LegalCrystal
Sleepin Partner is the term explained in mant Corporate Laws There is no word "sleeping" in the Indian Partnership Act, People loosely refer it. Depending on the reason behind which a particular partnership is made, partners may be of different types. To understand this better, consider the following:. Active partners: The partners who actively participate in the day-to-day operations of the business are known as active partners. They contribute capital and are also entitled to share the profits of the business.
Agreement is the essential part of partnership business. It secure the right of both party. The essential elements of partnership business agreement are enumerated as follows:.
The motive for the creation of partnership should be acquiring and sharing profits. All of them or any of them acting for all, i. D By previous owner or part owner of business as consideration for sale of goodwill or share thereof. It is therefore necessary that no partner should gain any personal advantage at the cost of other.