THE PARTNERSHIP ACT PART 3 | Rights and Liabilities of Partners | Sections 12 and 13 | Lawve it!

Partnership Act Part 1:    • THE PARTNERSHIP ACT Part 1\WHAT IS PARTNER...  

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THE PARTNERSHIP ACT PART 3 | Rights and Liabilities of Partners | Sections 12 and 13 | Lawve it! #partnership #partnershipact #rightsandliabilitiesofpartners #partnershipfirm #partnershipbusiness #howtoopenapartnershipfirm #partnershipfirmmaking #law #section12ofpartnershipact1932 #section13ofpartnershipact1932

Hey Guys, welcome back to the 3rd instalment of the partnership act series. In this video I have discussed about the conduct of the business of a firm and the mutual rights and liabilities of the partners of the firm.

Below are the timestamps of the various topics discussed in this video:
00:00 INTRODUCTION
00:32 SECTION 12
00:50 SECTION 12(a)
Every Partner has right to take part in the business
01:09 SECTION 12(b)
Partners are bound to attend to the duties of the firm diligently
01:32 SECTION 12(d) AND SECTION 12(e)
Partner's and their legal heir's right to access the books of the firm.
01:51 SECTION 12(c)
How to take any decision of the firm
03:19 SUBJECT TO CONTRACT BETWEEN THE PARTNERS
04:22 SECTION 13
04:56 SECTION 13(a)
Partners are not entitled to any remuneration
05:12 SECTION 13(b)
Share in the profits and losses of the firm.
06:07 SECTION 13(c)
Interest that can be claimed on the Capital.
07:35 SECTION 13(d)
Interest on money brought above and beyond the capital
08:39 SECTION 13(e)
When a partner will have to be indemnified by the firm.
09:51 SECTION 13(f)
When the firm will have to be indemnified by a partner.
10:42 JOTTING DOWN
11:41 CONCLUSION

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