PGPSE Program Overview and Partnership Act
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KNOWLEDGE CREATORSPGPSE Program Overview and Partnership Act
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KNOWLEDGE CREATORSCommon questions
Powered by AIThe dissolution of a partnership firm can occur without court intervention in several ways: by agreement among partners (Section 40), compulsory dissolution in case of insolvency (Section 41), upon the happening of certain contingencies (Section 42), or by notice if the partnership is at will (Section 43).
A partnership is defined as a contract between 2 to 20 partners (10 in certain cases) to run a business together with the intent to share profits and losses. It involves unlimited liability, requires voluntary agreement, and both partners should be competent to contract, although a minor can also be a partner but only in profits and cannot take decisions .
Minors admitted to a partnership have the right to a share of the property and profits of the firm as agreed. They can access, inspect, and copy any accounts of the firm. However, their share in the firm is liable for the firm's actions, but they are not personally liable for any acts of the firm .
AFTERSCHO☺OL offers a free, comprehensive online program in social and spiritual entrepreneurship. It includes components such as case studies, article writing, study material, and business plan presentations. The program assures 100% placement/entrepreneurship and allows students to pursue professional courses alongside PGPSE. It also conducts workshops globally to support social entrepreneurship .
Unlimited liability means that every partner is jointly and severally liable for all acts done by the firm during their partnership. This implies that personal assets can be used to satisfy the firm's debts or liabilities, emphasizing the personal risk involved in partnerships .
Partners act as agents of the firm, which means they can bind the firm through their actions within the scope of the business. This agency role allows them to make decisions and enter into contracts on behalf of the firm, impacting all partners .
BEFORE supports individuals by offering a program that includes writing and analyzing case studies, preparing and presenting business plans, engaging with study material such as ebooks and audio-visual resources, and writing articles, all aimed at equipping participants with practical business and management skills.
In an unregistered firm, a partner cannot sue the firm or any other partner. If a third party files a suit against a partner, they cannot claim set-off or institute other proceedings to enforce a right arising from a contract. Civil suits cannot be filed, only criminal suits can be pursued. Additionally, a suit to enforce a right arising from a contract cannot be instituted by or on behalf of an unregistered firm against a third party .
Implied authority refers to the power of a partner to bind the firm through actions that fall within the normal scope of firm's business. This authority is inferred by nature of the partnership unless indicated otherwise by terms within the partnership agreement .
AFTERSCHO☺OL's PGPSE program is distinguished by being labeled as the world's most comprehensive program in social entrepreneurship. It is flexible, continuously adapted to meet emerging needs, open worldwide as a free online course. The program evidences success with a 100% placement and entrepreneurship rate for its graduates, with ongoing support from idea generation to project readiness .