Patnership and other associates

Partnership and other associations

Partnership and hindu undivided family:

A business in hindu undivided family law is aheartable asset. If an ancestral business sescends on the members of a joint hindu family, or if they start a common business out of joint funds at any time after the death of such a business is a called family business. The points of distinction between the two are as followes:

1.mode of creation.

2.intrest in business.

3.admision of new members.

4.authority of members.

5.liability of members.

6.right of members to demand accounts.

7.registration.

Partnership and co-ownership:

Co-ownership means joint ownership of some properly which does not necessarily result in partnership. In partnership the patners are necessarily co-owners of property of the firm.the following are the ponts of difference between the two:

1.mode of creation.

2.business.

3.nature of intrest.

4.transfer of intrest.

5.lien for expenses.

Clubs:

A club or a society, such as cricket club or a debating society or a residents welfare socity is not a partnership. It is formed to earn profit and its members are not agents of one another and as such are not liable to acts.