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Q.

True test of partnership

Tags: money, sports, true test
Asked by anwar khan, 25 Feb '11 12:18 pm
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Answers (4)

1.

The true test for determining the existence of partnership is Agency and Authority. In determining the existence of partnership it is essential to trace the real intention of the parties to the agreement and circumstances of the case, whether the relation of principal and agent exists between the parties? It is the reaction of agency which distinguishes a partnership from co-ownerships. It was held that in cases where losses as well as profits are shared, the presumption about the existence of partnership still becomes stronger, though not conclusive . Agency is an essential element of partnership sharing of profits and contribution to losses is not sufficient It we was held the receipt by a person of a share in the profits of a businesses is prima facie evidence that he is a partner, but this is not a conclusive test. The question whether a person is a partner or not therefore depends in nearly all cases upon whether or not he has the authority to act for other partners and whether or ...more
Answered by LIPSIKA, 25 Feb '11 01:03 pm

 
  
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2.

A partnership is a contract of two or more competent persons to place their money ,efforts, labour,and skills,or some or all of them ,in lawful business or commerce to divide the profits and bear the losses in certain proportions.( UNDER Indian Law )
Answered by AMRUTHA, 25 Feb '11 12:19 pm

 
  
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3.

Ask urself
Answered by varen bali, 25 Feb '11 12:21 pm

 
  
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4.

Partnership is always based on TRust !!!...do not doubt.....!!...better understand each other or be Part !!: o
Answered by Raj, 25 Feb '11 12:20 pm

 
  
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