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HM RANA UMAR FAROOQ The best teacher of CMA USA
  • 7/19/2024
Transcript
00:00partnership?
00:01Yes.
00:02Partnership.
00:03Partnership.
00:04Partnership.
00:05Partnership.
00:06Partnership.
00:07Partnership.
00:08Partnership.
00:09Partnership.
00:10Partnership.
00:11Partnership.
00:12Partnership.
00:13Partnership.
00:14Partnership.
00:15Partnership.
00:16Partnership.
00:17Partnership.
00:18Partnership.
00:19Partnership.
00:20Partnership.
00:21Partnership.
00:22Partnership.
00:23Partnership.
00:24Partnership.
00:25Partnership.
00:26Partnership.
00:27Partnership.
00:28Partnership.
00:29Partnership.
00:30Partnership.
00:31Partnership.
00:32I had told you that partnership at will means that you have not decided anything about the duration of the partnership.
00:50You have not decided anything about the duration of the partnership.
00:54Any partner can leave at any time.
00:58But before leaving, it is necessary to give notice to all the partners.
01:03Now this can be the objective.
01:05That in partnership at will, any partner can leave the partnership by giving notice to majority of partners.
01:14Majority of partners will not be unsatisfied.
01:18All the partners.
01:21Majority of partners.
01:23True or false?
01:24False.
01:25If you give an option in the objective,
01:27that he can leave by giving notice to majority of partners,
01:32then to whom should he give notice?
01:34All partners.
01:35All partners should be given notice.
01:38And on the day he gives notice,
01:42on the day he gives notice,
01:46what will be the result of the partnership?
01:48It will be dissolved.
02:02There are two things.
02:03The day I give notice,
02:05the day you receive the notice,
02:08the partnership will be dissolved.
02:10But if I am giving notice on 1st January,
02:13and I say that I will not be with you on 31st January,
02:16then what date will it be dissolved?
02:18Then it will not be dissolved by date of notice,
02:21but the date written on the notice,
02:23that I will not be with you on this date,
02:25on that date my partnership will be dissolved.
02:29If freedom to dissolve the firm at will
02:32is curtailed by agreement like,
02:34if the agreement provides that the partnership can be dissolved
02:38by mutual consent of other partners,
02:40only then will it not constitute a partnership at will.
02:59So, it is not a partnership at will.
03:00What is a partnership at will?
03:02In which whenever you want,
03:04whatever you want,
03:05you can be separate from it.
03:28Thank you.
03:58Particular partnership.
04:18There was a discussion in the classroom
04:20about particular partnership,
04:22that for a particular project,
04:24a particular movie,
04:26you can form a partnership for a particular purpose.
04:29If you form a partnership for that,
04:31then what happens?
04:32Particular partnership.
04:33And when that project is completed,
04:35then the partnership ends.
04:37But if you still want to continue,
04:40what should you do?
04:41The law specifically says that
04:43if the partnership is particular,
04:46but you want to continue it later,
04:48then it becomes a partnership at will.
04:50This means that after that,
04:52if any partner continues after that project,
04:55then it becomes a particular partnership.
04:58But if you continue after that,
05:00then it becomes a partnership at will.
05:03And any partner can be separated from it.
05:083.1.2.
05:10Sir, I have a link in the slide.
05:41Done?
05:44The next part is ostensible partner.
05:47In the paper, ostensible is written,
05:50but it is actually a partner.
05:52It is a partner who actually manages the business.
05:55It is an ostensible partner
05:58who is actively engaged in the business.
06:01And we had read that
06:03the partner is the agent of all the partners,
06:06even the principal.
06:08When he takes action,
06:09all the other partners will be liable for his action.
06:12All the partners.
06:14For the third party.
06:16All the partners.
06:18For the third party,
06:20they will be liable for his action.
06:23This is called an actual partner.
06:25Let's read 3.2.1 example with grace.
06:38Done?
06:59Actual partner or ostensible partner,
07:02whenever he resigns,
07:04whenever he is separated from the partnership,
07:06then his public notice is necessary.
07:08Because he is doing business with the world.
07:11If he is leaving,
07:12then give a public notice
07:14that now our partnership is like this.
07:16If you do not give a public notice,
07:18then you will still be liable for his actions.
07:20If the next party does not know
07:22that he is separated from the partnership
07:24and you have made a deal with that partner,
07:26then the third party
07:27can sue the other partners too.
07:29If they say he left,
07:31you will say he gave a public notice.
07:33So giving a public notice,
07:35in whose case?
07:37Active partner.
07:39Sleeping partner or dormant partner.
07:41Like other partners,
07:43he also gives capital.
07:46He also gives profit share,
07:48but does not give a name.
07:50He says, do not tell people that you are a partner.
07:52Do not tell people.
07:54So a partner whose
07:56status as a partner
07:58has not been told to people
08:00and has been hidden from people.
08:02He also contributes.
08:04He also gives capital.
08:06He also takes profit share.
08:08What do you call such a partner?
08:10Sleeping partner.
08:11Dormant partner.
08:12Who has been hidden from people.
08:16So if he wants to retire,
08:18then he needs to give a public notice.
08:20Because people do not know that he is a partner.
08:22Yes, one thing.
08:24As I had suggested in the last video,
08:28if a partner
08:30contracts with a third party,
08:32then every partner becomes viable.
08:34Who?
08:35The person who does not sleep.
08:37For a third party, all become viable.
08:39For a third party, all become viable.
08:41Keep these things in mind.
08:43Read 3.2.2 example 24.
09:02Read 3.2.2 example 24.
09:22Nominal partner.
09:24He only gives name.
09:26He does not give anything.
09:28For example,
09:30You have a very popular chartered account.
09:32Shabbir Saidi.
09:34You make a chartered account firm.
09:36And you tell Shabbir Saidi
09:38that your name is written in the partners.
09:40He says, I do not have time.
09:42You say, our firm will gain some respect.
09:44You are also a partner.
09:46He says, take a good name.
09:48Such a person does not take profit.
09:50Such a person does not contribute capital.
09:52He only gives name.
09:54What is it called?
09:56Nominal partner.
09:58For a third party, all become viable.
10:00For a third party, all become viable.
10:02The same thing is stated here.
10:04The third party does not care
10:06whether the name is given or not.
10:08If there is a partner, then
10:10he can claim it.
10:12And then the partner can get reimbursement from the other partner.
10:14Keep these things in mind.
10:16Read 3.2.3 example 25.
10:28Read 3.2.3 example 25.
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15:38Calling out partnerships will be covered in detail, so I will give you the concept of a partnership offer.
15:46You might have seen a video of a person who is Teaching Teaching a video talking about partnership.
15:49If I make a mistake, he tells that it was all out of my mouth, because he was dealing with two partners.
16:02These are two partners. He is going and this friend is also going with him.
16:08I asked him, where are you going?
16:10I asked him, how is the business going on?
16:12He said, very good.
16:13I said, is he also your partner?
16:14He said, yes, he is my partner.
16:17I said, okay.
16:19Later that person came to me.
16:22He said, sir, give me 10 lakhs.
16:24I need it for partnership business.
16:25I said, is he your partner?
16:26He said, no.
16:27I said, he is new.
16:28He said, he will take money and leave the country.
16:31He said, I have nothing to do with it.
16:34I said, brother, you said that he is your partner.
16:37If you allow someone to believe your words with your words or expression,
16:45then what is called estoppel.
16:47Estoppel means you cannot deny your words.
16:51You are estopped.
16:53You are stopped.
16:55You are stopped.
16:56You are stopped.
16:57If you have said something once, then you are not allowed.
17:02What is allowed?
17:04That you cannot deny your words.
17:09You are not allowed to deny your previous words or actions.
17:14If you say in your words that he is my partner and he takes the money, then you are liable.
17:21I said, why do you live with him?
17:22He said, I am his partner.
17:25You take the loan from him.
17:27Now, you both are not meeting.
17:29You are not even single.
17:32I said, come here.
17:34He said, yes, sir.
17:35I said, he took the money, give me 10 lakhs.
17:37He said, what has it to do with me?
17:38The day before yesterday, you were saying that I am his partner.
17:40So, you cannot deny your previous words or expressions.
17:43Under the law, you will be held out as a partner.
17:48You cannot deny your previous words.
17:52You are stopped.
17:53If a person denies, then he is called stopped.
17:55What was the name of the game we used to play in our childhood?
17:57King's drop.
17:58King's drop.
17:59King's drop.
18:00We used to call it only stop.
18:02That was different.
18:03If you are playing stop-stop on your birthday,
18:07A poor child is leaving school.
18:09He has picked up his bag.
18:10It is hot.
18:11So, whoever he is playing with, he sees a stop.
18:14The poor child is standing.
18:15What was the name of the game we used to play?
18:16Ice water.
18:17Ice water.
18:18Ice water.
18:19Ice water.
18:20Statue.
18:21Statue.
18:22Yes, statue.
18:23We used to call it statue.
18:24So, if a person says that he is his partner in the past.
18:28And later on, he starts denying.
18:31What will he do?
18:32He will start denying.
18:34He will say, I was joking.
18:36I am a statue.
18:37You cannot deny your words.
18:40So, what will he be called?
18:41Partnership by?
18:42Stop.
18:43Friends, the chapter is over.
18:45This is all about reading.
18:46You can ask the professor.
18:47Close the next class.
18:48We will discuss the class tomorrow.
18:53Why are you making a dirty face?
18:54The class will start after a week.

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