Explain with the aid of examples: four liabilities of incoming and outgoing partners, and five grounds upon which the registrar can lawfully refuse to register a partnership.
What will be an ideal response?
Answer: The liabilities of incoming and outgoing of the partnership:
The partnership is taken when one pays the present value of the share and this must be followed the guidelines of sharing partnership.
If the partners fail to maintain all the obligations of the partnership, then they can go out with legal ways maintaining the law.
Any partner can sell his share on the certain conditions as mentioned in the law.
when the existing partners intend to limit their liabilities, then the new partners are included.
- For the following reasons the registrar can reject the registration of a company:
If the partnership is not legal then the registrar can reject the registration. There other's objection is also considered.
The registrar can reject the partnership if the purpose of the partnership is not clear.
The partnership should maintain proper agreement based on law. If there is any legal problem then the registration is rejected.
If there is any misinterpretation between partnership and ownership then the registrar can reject it.
The proper estimation of partnership value should be done by the competent authority. If there is any malpractice then the registrar can reject the registration.
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a. true b. false
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Fill in the blank(s) with the appropriate word(s).
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