29 August Business Law

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

BUSINESS LAW

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


BUSINESS LAW

Dr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner

M: 9414430763

[email protected]

www.afterschool.tk

www.afterschoool.tk



A RAJA gave a large money to a firm and in return got controlling interest. He was to receive 20% profit and 12% interest till payment of loan. Was he a partner?

No (it doesn’t fulfill the basic conditions of partnership)

(mollow March v/s Court of Wards 1872)


A and B are partners. A died. His widow agreed to let the money in the business and continued to receive same share of profit as A. Is she a partner in the business?

No (CIT v/s Kesharmal 1968)


A and B jointly purchased a Restraunt and then leased it out. They shared investments and the income equally. Are they partners?

They are co-owners and not partners. (Govind Nair V/s Maga 1933)


A and B are brothers (having individual businesses). Their father died and now the entire business is their. Are they partners?

No They are co-owners and have not yet

become partners.


A and B are joint owners of a house. They rent out a house. They divide the rents equally. Are they partners?

No.


There are two firms. Ankit and Sons and Rishabh & friends. Both firms have 12 members each as partners. The two firms join hand as partners and start a new business. Are these firms partners?

No = firms are not individuals, so how can they form partnership?

Besides, the total number is 12+12 = 24, which is not permissible – so there cant be partnership of all the partners.


Jayati infringes the trademark of an unregistered firm Nidhi and associates. Can the firm file a suit and recover money from Jayati?

As per Sec. 69 an unregistered firm cannot sue for any matter arising out of contract. But in this case there is no contract. It is mere infringement of law. Thus even unregistered firm can make a suit. So answer is Yes.


A,B,C are in an unregistered firm. A is wrongfully expelled. Can he file a suit for dissolution of the firm?

Yes (a partner can go to the court for dissolution of the firm, when it is not properly run, here in this case the partner cannot enforce his contract, but can go for dissolution of firm and also see his accounts, these are his rights).


Sapna, Nidhi and Jayati are in an unregistered firm. Jayati is wrongfully expelled. Can she sue for damages on such expulsion?

No (how can the contract of unregistered partnership be enforced?)


Lata and Anju were partners. Lata hasquit the partnership. Khushboo gives money to their firm thinking that Lata is a partner. While recovering money, can she force Lata to make the payment? Lata had not given any public notice that she had quit partnership?

Yes (in such circumstances, it is necessary for a partner to give public notice).


Lata and Anju were partners. Lata hasquit the partnership. Khushboo gives money to their firm (she is not aware whether Lata is partner or not). While recovering money, can she force Lata to make the payment? Lata had not given any public notice that she had quit partnership?

No. (as Khushboo did not believe that Lata is a partner while dealing with the firm).


Lata and Anju were partners. Lata hasquit the partnership. Khushboo gives money to their firm. While working Lata was a sleeping partner. While recovering money, can Khushboo force Lata to make the payment? Lata had not given any public notice that she had quit partnership?

No – a sleeping partner is not required to give public notice when he / she quits


Lata and Anju are partners. Lata is partner only in profits. Khushboo gives money to their firm . The firm goes into huge losses. While recovering money, can Khushboo force Lata to make the payment? Yes. Khushboo can recover the money.

Lata can later recover money from Anju, but she is responsible to external parties.


X,Y, Z are parners. X gets a lease of the building where their business is carried out and gets profit from this (personal profit). Can Y and Z demand a share in this profit?

Yes


Dhawal and Prateek are partners. Dhawal buys a building for the firm. Is the firm liable to pay?

No. It is beyond the implied authority of a

partner to buy an immovable property with involving other partners in the process.


Dhawal and Prateek are partners. Dhawal accepts a bill of exchange for the firm. Is the firm liable to pay?

Yes = because it is within the implied authority of a partner.


Dhawal and Prateek are partners. Dhawal pledeged goods of the firm and took loan of Rs. 5 Lakh for firm. Is the firm liable to pay?

Yes - it is a part of normal business and within the implied authority of the partners.


Dhawal and Prateek are partners. Dhawal settles a dispute with Goti and accepts to pay Rs. 10 Lakh. Is firm bound to pay?

No (it is beyond the implied authority of the 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

29 August Business Law

Business

dissolution of firm

firms partners

lata hasquit

unregistered firm nidhi

khushboo force lata

large money

sleeping partner

yesa partner