Business Law - Part II
Description: General Element of Partnership-I: mutual agreement, shared profits and losses, co-ownership, business purpose, and fiduciary duty.
Description: General Element of Partnership-II: partnership agreement, equal rights, joint liability, combined resources, mutual trust, and shared decision-making.
Description: General Element of Partnership-III: voluntary association, partnership duration, management roles, capital contribution, dispute resolution, and exit strategy.
Description: Relations of Partners-I: mutual trust, fiduciary duty, equal rights, shared responsibilities, collective decision-making, and transparent communication.
Description: Relations of Partners-II: joint liability, profit sharing, conflict resolution, accountability, mutual respect, and collaborative efforts.
Description: Relations of partners define their roles, responsibilities, and profit-sharing in a business or collaborative arrangement.
Description: Relations of partners outline their duties, contributions, and profit-sharing in a partnership or collaborative venture.
Description: Relations of partners describe their roles, responsibilities, and financial agreements in a business partnership or joint venture.
Description: Registration of a firm involves officially recording the business with authorities, establishing its legal status and identity.
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Description: Dissolution of a firm is the process of legally ending its operations and distributing assets among partners.
Description: The Limited Liability Partnership Act, 2008 governs LLPs in India, providing a blend of partnership and corporate structures.
Description: It offers flexibility in management, limits liability for partners, and mandates registration, compliance, and adherence to prescribed legal formalities.
Description: LLPs must maintain financial records, file annual reports, and adhere to tax obligations while enjoying operational and liability benefits.
Description: Company: A legal entity engaging in commercial activities, with specific features like ownership and liability.
Description: Corporate Veil Theory: Separates company’s legal identity from its owners, limiting personal liability.Classes of Companies: Public, private, nonprofit, and limited liability companies, each with specific regulations.
Description: Associate Company: Firm with significant influence from another company, but not control.Section 8 Company: Non-profit organization promoting charitable activities under specific regulatory provisions.
Description: Mode of Registration: Process of officially recording a business or entity with authorities.
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