Partnership by Oral Agreement

In this forum we will give laws, details, discussion, rulings, Act and much more about the liabilities, duties of the partners in the partnership business, formation and dissolution of the partnership.

Partnership by Oral Agreement

Unread postby Admin » Wed Aug 15, 2012 7:55 am

Creatoin of Partnership by oral agreement

the partnership Act does ot prescribe any special mode for the creation of a partnership firm which can validly come into being even upo an oral agreement between the parties. A benami partnership is not per se illegal nor does a partner cease to be a partner if he or she is a benemidar.

The exercise of business is essential so that where there is no intention to carry on business and to share profit thereof, there can be no partnership. it is not however, neessary taht the partners should themselves enjoy the profits of the business. persons who carry on a business in all other respects but with the object of benefiting some charitable purpose would still be partners.
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