3. Geeta had started tiffin services during the lockdown due to COVID-19 pandemic within her building premises by ensuring compliance of all regulations. Geeta used to deliver the tiffin only to the occupants in her society. However, post the unlocking of the lockdown she wanted to expand her business to other parts of city and therefore she needed an investor who would invest in the venture and a logistics partner who would ensure the delivery of tiffin. She finally found Mr. Bajaj as the investor and Mr. Kumar as the logistics partner. Now Geeta, Mr. Bajaj and Mr. Kumar wanted to incorporate this venture and register as a partnership firm and therefore have come to you for advise on the following queries:
a. What: (i) law should the Partnership Firm be registered? Please give your reasons for the answer?; and (ii) type of partner shall Geeta, Mr. Bajaj and Mr. Kumar each be classified as? (5 Marks)
b. For incorporating the partnership firm that you have suggested in the above answer (a) what: (i) is the primary agreement that is needed; and (ii) are the contents of such agreement? (5 Marks)
Answers
Answer:
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Answer:
The answer is Partnership deed
Explanation:
.(i).The Partnership firm can be registered below the law 58(3),phase four of the indian partnership act, 1932.it's also wanted to name the partnership firm which doesn't coincide with another existing company.
Partnership deed also need to be filled emphasizing the obligations of all of the companions and to keep away from in destiny discrepencies many of the partners.The company may be registered under the nearby registrar by using filling the shape 1 along with the registration charges and the unique partnership deed.
(ii).Geeta will be referred to as as the energetic /handling companion as she will be chargeable for dealing with the daily operations of the business.
Mr.Bajaj might be known as because the dormant or dozing partner who could be not coping with the daily operations but he will invest within the business and feature get right of entry to to the income business makes.
Mr.Kumar will be called because the restricted partner who will not be answerable for any losses within the enterprise ,but he is accountable for the special obligations assigned to him.
b.(i).The primary settlement is wanted among all of the partners inside the firm agreeing to all the roles and responsibilities of all the partners .In this example, they could use widespread partnership which can be formed without problems with low working expenses.(ii).The settlement have to include the info bringing up the call of the company, info of the partners, roles and duties of all the partners worried, sharing of earnings and losses.
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