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Problem Statement In 2012 Netflix was challenged to change its strategy, because it registered severe drop in its total revenues, market share and rates, risking continuous depreciation and increased subscription cancellations.

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- It is easy to set up - It offers diversified decision making process - Profits fo the firm are taxed only once as onwer’s income

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Questions for the Wal-Mart Case

This section highlights all those successful strategies which Wal-Mart could pursue in future as these strategic decisions have proved to be fruitful for the company which are discussed as follows:

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Improving the management of complex business partnerships

Partnerships never go out of style. Companies regularly seek partners with complementary capabilities to gain access to new markets and channels, share intellectual property or infrastructure, or reduce risk. The more complex the business environment becomes—for instance, as new technologies emerge or as innovation cycles get faster—the more such relationships make sense. And the better companies get at managing individual relationships, the more likely it is that they will become “partners of choice” and able to build entire portfolios of practical and value-creating partnerships.

Of course, the perennial problems associated with managing business partnerships don’t go away either—particularly as companies increasingly strike relationships with partners in different sectors and geographies. The last time we polled executives on their perceived risks for strategic partnerships, 1 Observations collected in McKinsey’s 2015 survey of more than 1,250 executives. Sixty-eight percent said they expect their organizations to increase the number of joint ventures or large partnerships they participate in over the next five years. A separate, follow-up survey in 2018 showed that 73 percent of participants expect their companies to increase the number of large partnerships they engage in. the main ones were: partners’ disagreements on the central objectives for the relationship, poor communication practices among partners, poor governance processes, and, when market or other circumstances change, partners’ inability to identify and quickly make the changes needed for the relationship to succeed (exhibit).

In our work helping executive teams set up and navigate complex partnerships, we have witnessed firsthand how these problems crop up, and we have observed the different ways companies deal with them . The reality is: successful partnerships don’t just happen. Strong partners set a clear foundation for business relationships and nurture them. They emphasize accountability within and across partner companies, and they use metrics to gauge success. And they are willing to change things up if needed. Focusing on these priorities can help partnerships thrive and create more value than they would otherwise.

Establish a clear foundation

It seems obvious that partner companies would strive to find common ground from the start—particularly in the case of large joint ventures in which each side has a big financial stake, or in partnerships in which there are extreme differences in cultures, communications, and expectations.

Yet, in a rush to complete the deal, discussions about common goals often get overlooked. This is especially true in strategic alliances within an industry, where everyone assumes that because they are operating in the same sector they are already on the same page. By skipping this step, companies increase the stress and tension placed on the partnership and reduce the odds of its success. For instance, the day-to-day operators end up receiving confusing guidance or conflicting priorities from partner organizations.

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How can the partners combat it? The individuals expected to lead day-to-day operations of the partnership, whether business-unit executives or alliance managers, should be part of negotiations at the outset. This happens less often than you think because business-development teams and lawyers are typically charged with hammering out the terms of the deal—the objectives, scope, and governance structure—while the operations piece often gets sorted out after the fact.

Transparency during negotiations is the only way to ensure that everyone understands the partners’ goals (whether their primary focus is on improving operations or launching a new strategy) and that everyone is using the same measures of success. Even more important, transparency encourages trust and collaboration among partners, which is especially important when you consider the number of executives across the organizations who will likely rotate in and out of leadership roles during the life of the relationship.

Inevitably, points of tension will emerge. For instance, companies often disagree on financial flows or decision rights. But we have seen partners articulate such differences during the negotiation period, find agreement on priorities, and reset timelines and milestones. They defused much of the tension up front, so when new wrinkles—such as market shifts and changes in partners’ strategies—did emerge, the companies were more easily able to avoid costly setbacks and delays in the business activities they were pursuing together.

Nurture the relationship

Even business relationships that start off solidly can erode, given individual biases and common communication and collaboration issues. There are several measures partners can take to avoid these traps.

Connect socially

If executives in the partner organizations actively look for opportunities to understand one another, good collaboration and communication at the operations level are likely to follow. Given time and geographic constraints, it can be hard for them to do so, but as one energy-sector executive who has negotiated and managed dozens of partnerships noted, “It’s important to spend as much time as you can on their turf.” He says about 30 to 40 percent of partnership meetings are about business; the rest of the time is spent building friendships and trust.

Keep everyone in the loop

Skipping the step of keeping everyone informed can create unnecessary confusion and rework for partner organizations. That is what happened in the case of an industrial joint venture: the first partner in the joint venture included a key business-unit leader in all venture-related discussions. The second partner apprised a key business-unit leader about major developments, but this individual did not actually join the discussions until late in the joint-venture negotiation. At that point, as he learned more about the agreement, he flagged several issues, including inconsistencies in the partners’ access to vendors and related data. He immediately recognized these issues because they directly affected operations in his division. Because he hadn’t been included in early discussions, however, the partners wasted time designing an operating model for the joint venture that would likely not work for one of them. They had to go back to the drawing board.

Recognize each other’s capabilities, cultures, and motivations

Partners come together to take advantage of complementary geographies, corresponding sales and marketing strengths, or compatibilities in other functional areas. But it is important to understand which partner is best at what . This process must start before the deal is completed—but cannot stop at signing. In the case of one consumer-goods joint venture, for instance, the two partner organizations felt confident in their plan to combine the manufacturing strength of one company with the sales and marketing strengths of the other. During their discussions on how to handle financial reporting, however, it became clear that the partner with sales and marketing strengths had a spike in forecasting, budgeting, and reporting expertise. The product team for the first partner had originally expected to manage these finance tasks, but both partner teams ultimately agreed that the second partner should take them on. In this way, they were able to enhance the joint venture’s ongoing operations and ensure its viability.

Equally important is understanding each partner’s motivation behind the deal. This is a common point of focus during early negotiations; it should continue to be discussed as part of day-to-day operations—particularly if there are secondary motivators, such as access to suppliers or transfer of capabilities, that are important to each partner. Within one energy-sector partnership, for instance, the nonoperating partner was keen to understand how its local workforce would receive training over the course of the partnership. This company wanted to enhance the skills of the local workforce to create more opportunities for long-term employment in the region. The operating partner incorporated training and skill-evaluation metrics in the venture’s quarterly updates, thus improving the companies’ communication on the topic and explicitly acknowledging the importance of this point to its partner.

Invest in tools, processes, and personnel

Bringing different business cultures together can be challenging, given partners’ varying communication styles and expectations. The good news is that there are a range of tools—among them, financial models, key performance indicators, playbooks, and portfolio reviews—companies can use to help bridge any gaps. And not all these interventions are technology dependent. Some companies simply standardize the format of partnership meetings and agendas so that teams know what to expect. Others follow stringent reporting requirements.

Another good move is to convene an alliance-management team. This group tracks and reviews the partnership’s progress against defined metrics and helps to spot potential areas of concern—ideally with enough time to change course. Such teams take different forms. One pharmaceutical company with dozens of commercial and research partnerships has a nine-member alliance-management team charged mostly with monitoring and flagging potential issues for business-unit leaders, so it consists of primarily junior members and one senior leader who interacts directly with partners. An energy company with four large-scale joint ventures has taken a different approach: its alliance-management team comprises four people, but each is an experienced business leader who can serve as a resource for the respective joint-venture-leadership teams.

Sometimes partnerships need a structural shake-up—and not just as an act of last resort.

How companies structure these teams depends on concrete factors—the number and complexity of the partnerships, for instance—as well as intangibles like executive support for alliances and joint ventures and the experiences and capabilities of the individuals who would make up the alliance-management team.

Emphasize accountability and metrics

Good governance is the linchpin for successful partnerships; as such, it is critical that senior executives from the partner organizations remain involved in oversight of the partnership. At the very least, each partner should assign a senior line executive from the company to be “deal sponsor”—someone who can keep operations leaders and alliance managers focused on priorities, advocate for resources when needed, and generally create an environment in which everyone can act with more confidence and coordination.

Additionally, the partners must define “success” for their operations teams: What metrics will they use to determine whether they have hit their goals, and how will they track them? Some companies have built responsibility matrices; others have used detailed process maps or project stage gates to clarify expectations, timelines, and critical performance measures. When partnerships are initially formed, it is usually the business-development teams that are responsible for building the case for the deal and identifying the value that may be created for both sides. As the partnership evolves, the operations teams must take over this task, but they will need ongoing guidance from senior leaders in the partner organizations.

Build a dynamic partnership

Sometimes partnerships need a structural shake-up—and not just as an act of last resort. For instance, it might be less critical to revisit the structure of a partnership in which both sides are focused on joint commercialization of complementary products than it would be for a partnership focused on the joint development of a set of new technologies. But there are some basic rules of thumb for considering changes in partnership structure.

Partner organizations must acknowledge that the scope of the relationship is likely to shift over time. This will be the case whether the partners are in a single- or multiasset venture, expect that services will be shared, anticipate expansion, or have any geographic, regulatory, or structural complexities. Accepting the inevitable will encourage partners to plan more carefully at the outset. For example, during negotiations, the partners in a pharmaceutical partnership determined that they had different views on future demand for drugs in development. This wasn’t a deal breaker, however. Instead, the partners designated a formula by which financial flows would be evaluated at specific intervals to address any changes in expected performance. This allowed the partners to adjust the partnership based on changes in market demand or the emergence of new products. All changes could be incorporated fairly into the financial splits of the partnership.

Avoiding blind spots in your next joint venture

Partners should also consider the potential for restructuring during the negotiation process—ideally framing the potential endgame for the relationship. What market shifts might occur, how might that affect both sides’ interests and incentives, and what mechanisms would allow for orderly restructuring? When one oil and gas joint venture began struggling, the joint-venture leader realized he was being pulled in opposing directions by the two partner companies because of the companies’ conflicting incentives. “It made the alliance completely unstable,” he told us. He brought the partners back to the negotiation table to determine how to reconcile these conflicting incentives, restructure their agreement, and continue the relationship, thus avoiding deep resentment and frustration on both sides of the deal.

Such dialogues about the partnership’s future, while potentially stressful, should be conducted regularly—at least annually.

The implementation of these four principles requires some forethought and care. Every relationship comes with its own idiosyncrasies, after all, depending on industry, geography, previous experience, and strategy. Managing relationships outside of developed markets, for instance, can present additional challenges involving local cultures, integration norms, and regulatory complexities. Even in these emerging-market deals, however, the principles can serve as effective prerequisites for initiating discussions about how to change long-standing practices and mind-sets.

An emphasis on clarity, proactive management, accountability, and agility can not only extend the life span of a partnership or joint venture but also help companies build the capability to establish more of them—and, in the process, create outsize value and productivity in their organizations.

Ruth De Backer is a partner in McKinsey’s New York office, where Eileen Kelly Rinaudo is a senior expert.

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3 of the Must-Know Partnership Law Cases of 2021

In this alert, we summarise three of the most notable and interesting Partnership and LLP law cases heard by the UK courts in 2021, with some practical commentary on how these cases might affect LLPs and partnerships, and their members and partners.

1. Dixon Coles and Gill (a firm) v Right Reverend, Nicholas Baines, Bishop of Leeds and another [2021] EWCA Civ 1097

Summary of case

The Court of Appeal held that innocent partners in a firm of solicitors are not always liable to former clients of the firm for losses caused by the acts of a fraudulent partner.

One of three individuals carrying on a solicitor’s partnership, Partner C, had been misappropriating funds from the firm’s client account for many years. Partners A and B were entirely innocent and unaware of the misappropriation. Approximately three years after discovery of the fraudulent conduct, proceedings were issued against all three partners by a former client of the firm, on the basis that they were trustees of the funds that the client had paid into the client account of the firm and which Partner C had misappropriated. Specifically, the former client relied upon sections 10 (liability of the firm for wrongs) , 11 (misapplication of money or property received for or in custody of the firm) and 12 (liability for wrongs joint and several) of the Partnership Act 1890.

Partners A and B sought to defend claims in relation to certain losses on the basis that claims had been commenced after expiry of the relevant limitation period. The key issue related to whether the innocent partners could rely on sections 21 (1) and (3) of the Limitation Act 1980 (“LA”), which provide as follows:

(1) No period of limitation prescribed by this Act shall apply to an action by a beneficiary under a trust, being an action –

(a) in respect of any fraud or fraudulent breach of trust to which the trustee was a party or privy; or

(b) to recover from the trustee trust property or the proceeds of trust property in the possession of the trustee, or previously received by him and converted to his use.

(3) Subject to the proceedings provisions of this section, an action by a beneficiary to recover trust property or in respect of any breach of trust, not being an action for which a period of limitation is prescribed by any other provision of this Act, shall not be brought after the expiration of six years from the date on which the right of action accrued.

The partners argued that they were not “party or privy” to Partner C’s misconduct. The Court of Appeal agreed that the innocent partners were not “party or privy to” the misconduct, and that they could therefore rely on section 21 of the LA as a defence to claims against them in respect of monies appropriated by Partner C more than six years before the commencement of litigation.

Practical takeaways

The Court of Appeal’s decision will offer some reassurance to innocent partners facing claims from former clients because of a fellow partner’s misconduct, to which they are not party or privy. It should also serve as a useful reminder to those advising on claims to be brought against individual partners of a partnership that a delay in issuing proceedings may enable innocent partners to avoid liability to a certain extent by relying on relevant provisions of the LA.

2. Re Bell Pottinger LLP, Secretary of State for Business, Energy and Industrial Strategy v Geoghegan and others [2021] EWHC 672 (Ch)

The High Court held that members of an LLP, who were not members of the LLP’s management committee, could potentially be liable to face disqualification proceedings under the Company Directors Disqualification Act 1986 (“CDDA”).

The Secretary of State for Business, Energy and Industrial Strategy (“Secretary of State”) sought disqualification orders against three members of former PR Agency, Bell Pottinger LLP (“Bell Pottinger”), which went into liquidation in September 2019, on the ground that they were not fit to be concerned with the management of a company or an LLP. Only one of the members had been a member of Bell Pottinger’s management committee. The other two members tried to argue that the CDDA did not apply to them as they were not members of the management committee and were not involved in its management.

It was held that Parliament intended to “ cast a wide net ” and, therefore, that potential liability to face disqualification proceedings was not limited to members on the management board or at a level equivalent to a director in a company. The Court also confirmed that the conduct relied upon for disqualification could be anything done in their capacity as an LLP member.

Some may view this as a harsh decision, given the potential exposure to disqualification faced by members of an LLP who do not sit on the management committee of an LLP and are not otherwise concerned or authorised to deal with the management of the LLP. However, it serves as a reminder that those who take up positions as members of an LLP and who benefit from limited personal liability for loss and damage caused to third parties by the LLP, should reasonably be expected to be held to high standards of behaviour.

3. Tribe v Elborne Mitchell LLP [2021] EWHC 1863 (Ch)

The High Court held that, when deciding how to allocate profits to members of an LLP under the terms of an LLP Deed, management need to act rationally.

The partner concerned claimed that he was not awarded a fair profit share in his last two years at the firm after more than 25 years of service. The court agreed that the principles developed in Braganza v BP Shipping Ltd Braganza v BP Shipping Ltd [2015] UKSC 17, concerning the exercise of discretionary powers, applied to the senior partner’s decision to make recommendations as to allocations among the partners. This meant that, in making his recommendations, the senior partner had been duty-bound not to “ take into account irrelevant matters or ignore relevant ones ”. His recommendations could not be “ outside the range of reasonable proposals that might be made in the circumstances ”. Indeed, in this case, the court found that the profit allocation had been within the range of proposals that it was reasonable for the senior partner to make.

The High Court’s decision confirms that members of an LLP, particularly those exercising management powers, will be held to a particular standard when allocating profits and cannot act capriciously or irrationally in the decision-making process. However, it also shows that following a reasonable and explicable process should make it difficult to challenge any ultimate decision as to profit allocation. Those exercising discretionary powers in making recommendations and/or decisions regarding the allocation of profit (or indeed other discretionary decision making regarding LLP members such as, for example, equity partner promotions or partner suspension or exits), would be well advised to consider the basis of previous decisions and clearly document the basis of their current decision and rationale, setting out a non-exhaustive list of the range of relevant matters to be taken into account and irrelevant factors to be ignored in the exercise of their discretionary powers.

If you have any questions arising from this alert, or require specific legal advice in relation to similar issues, please contact Zulon Begum or Clare Murray (Partners), who specialise in partnership issues for partnerships, LLPs, partners and LLP members. Please click   here to see the overview of our market-leading Contentious and Non-Contentious Partnership Practice.

CM Murray LLP   is Ranked Band 1 and Tier 1 for Partnership Law by  Chambers and Partners UK  and  Legal 500 UK , and is recognised as “one of the legal world’s strongest offerings in this area.”

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Higher Education in the Arab World pp 271–281 Cite as

Effective Partnerships with Multinational Organizations—A Case Study from Sohar University

• Hamdan Al Fazari 4  
• First Online: 30 September 2022

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No one company has everything it takes to run a business successfully. It is always beneficial for companies to have effective partnerships and collaborations with multinational companies, if only to bring together the multiple skills and resources required to improve their business outcomes. Partnerships are important and, accordingly, Sohar University (SU) has realized that working in alliance, or in partnership, is the only way to build stronger and more equitable communities working for a common purpose. This was reflected in the SU Strategic Plan 2018/2023, as it includes a standalone strategic goal entitled “Connect and Collaborate”. This is designed to build strategic alliances with national, regional, and international communities to support innovation in educational, social, cultural, and economic development. However, there is no doubt that the COVID-19 pandemic has considerably disturbed or, at the very least, slowed down most economic activities all over the world and that it has impacted every aspect of everyday life. It has also affected partnerships activities that higher education institutions are usually engaged in. A study conducted by the National Centre for Universities and Business (NCUB) has found that business-university collaboration has decreased by one third between 2018/19 and 2019/20, as the impact of COVID-19 started to be felt in university and business collaborations fell by a third in early days of the pandemic, 2021, [ 1 ]). Also, in the same year 2021, the same study showed that there was a decline in the number of interactions with small and medium enterprise (SME) and large businesses by 39% and 2%, respectively in university and business collaborations as well [ 1 ]). On the other hand, the COVID-19 pandemic has opened new areas of collaboration in the fields related to the development and production of vaccines, drugs, clinical testing kits, medication techniques and equipment, and other related areas of medical research and technology. Hence, COVID-19 has triggered some novel collaboration in research. Hundreds of SMEs and academic start-up companies have been established worldwide and have succeeded in delivering many innovative products to help cope with the health emergency resulting from the pandemic (Naujokaitytė in Science|Business, 2021, [ 2 ]).

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NCBU (2021) University and business collaborations fell by a third in early days of the pandemic, NCUB’s new analysis shows. https://www.ncub.co.uk/insight/university-and-business-collaborations-fell-by-a-third-in-early-days-of-the-pandemic-ncubs-new-analysis-shows/

Naujokaitytė G (2021) COVID-19 triggered unprecedented collaboration in research. Science|Business. https://sciencebusiness.net/covid-19/news/covid-19-triggered-unprecedented-collaboration-research

Cranfield University (2020) New research projects to explore use of drones for medical delivery purposes. Press release number PR-SATM-20-140. https://www.cranfield.ac.uk/press/news-2020/new-research-projects-to-explore-use-of-drones-for-medical-delivery-purposes

Cranfield School of Management (2021) Collaboration and innovation: the cross-industry research and development bolstering the Covid-19 recovery. https://www.cranfield.ac.uk/som/thought-leadership-list/cross-industry-research-to-bolster-the-covid-19-recovery

OECD (2021) OECD Science, technology and innovation outlook 2021: times of crisis and opportunity. https://doi.org/10.1787/75f79015-en

UNDESA (2021) World social report. www.un.org/development/desa/dspd/world-social-report/2021-2.html

Marinoni G, van’t Land H, Jensen T (2020) The impact of COVID-19 on higher education around the world. IAU Global Survey Report. iau_covid19_and_he_survey_report_final_may_2020.pdf (iau-aiu.net)

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Sohar University. https://www.su.edu.om/index.php/en/

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Al Fazari, H. (2022). Effective Partnerships with Multinational Organizations—A Case Study from Sohar University. In: Badran, A., Baydoun, E., Mesmar, J. (eds) Higher Education in the Arab World. Springer, Cham. https://doi.org/10.1007/978-3-031-07539-1_14

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Cochrane Training

Case studies in partnerships.

Here you will find a series of case studies of partnerships in action within a range of Cochrane Groups. These talk about the background to the partnership, its development, the benefit to both sides and tips for Groups. 

If you have examples of partnership work that you would like to share, please contact Cochrane KT Department .

Cancer Review Group Network identifies potential stakeholders across the network in a mapping exercise

Cochrane Airways and a UK based charity, Asthma UK

Cochrane oral health and their global alliance of partners, cochrane rehabilitation and various national societies of rehabilitation medicine, cochrane rehabilitation and the international society of physical and rehabilitation medicine, cochrane child health and trekk (translating emergency knowledge for kids).

Partner(s): TREKK, a Canadian organisation committed to improving emergency care for children and families across Canada.  Partnership activities: identification of high quality evidence and development of KT tools for healthcare practitioners and parents, made available through the TREKK website.  Type of partnership agreement: formal Date: 2018 Read more 

Further examples

Here you can find links to a range of further examples of partnerships taking place across Cochrane.

Partnership for priority setting

• Neuro-Oncology Group Priority Setting Partnership
• Developing a research agenda for ENT, Hearing and Balance Care

Partnership for review dissemination

• BMJ partners with Cochrane Clinical Answers to boost knowledge at the point of care 
• Cochrane UK partnership with Mediwikis
• Cochrane Airways working with Sense about Science

Partnership for guideline development

• Cochrane Eyes and Vision partnering with American Academy of Ophthalmology
• South African Guidelines Excellence project
• Cochrane Incontinence: working with guideline developers

Partnership for consumer engagement

• Consumers United for Evidence-Based Healthcare (CUE)
• PartecipaSalute : Involving patients, citizens and their association in research 
• Consumer/patient engagement Cochrane Child Health

Partnership Marketing: The Ultimate Guide for 2024

Partnership marketing is a broad term for several collaborative marketing techniques, including affiliate marketing, influencer marketing, loyalty marketing, cross-promotion, joint product developments, and more!

All these techniques are incredibly effective if you have the right partners, and choose the right type of partnership marketing, for your objectives.

But which partnership marketing strategy is the right one for your brand? And how do you find the right partners to collaborate with?

How do you implement your partnership marketing strategy and manage all your partners?

It can be challenging to answer these questions, especially when there are so many different types of partnership marketing, and so many different techniques to use.

Today, we’re covering everything you need to know about partnership marketing and how to make it work for you!

In this guide, we go over what partnership marketing is, the different types of partnership marketing, the benefits, and how to find and choose the best partners.

We also review some of the best partnership marketing software and look at some real-life partnership marketing examples.  

To demonstrate just how successful partner marketing can be, we have a case study provided by the award-winning experts at Acceleration Partners ,  a leading, global, partnership marketing agency!

Let’s get right into it!

Skip to What You Need

What is Partnership Marketing?

Partnership marketing (sometimes called partner marketing) is collaboration between parties that benefits both entities and helps them achieve their business and marketing objectives. These objectives range from increased brand awareness, recognition and credibility, to lead generation, sales and business growth. 

There are many types of partnership marketing (more on those below) and partnerships can be between two brands or between an individual and a brand, or even two individuals.

Some of the most well known marketing partnerships include affiliate partners who promote a brand on their own platforms in exchange for a commission on the sales or actions they generate, and influencers who promote a brand on their channel in exchange for payment or a sample product that they can unbox, test and review – creating valuable content for their channel. 

The main goal or objective of partnership marketing is for two entities to join forces in a strategic marketing collaboration that benefits them both and helps them reach their respective objectives. 

DEFINITION: WHAT IS PARTNERSHIP MARKETING?

Partnership marketing (sometimes called partner marketing) can be defined as a strategic marketing collaboration between parties that benefits both entities and helps them achieve their business and marketing objectives. These objectives range from increased brand awareness, recognition and credibility to content creation, lead generation, sales and business growth. 

Partnership Marketing vs Business Partnerships – What is the Difference?

Business partnerships are usually formal, legal agreements between parties. For example, when two law firms merge or one company partners with another to provide a combined service or product. These types of partnerships involve a lot of red tape, think contracts, taxes, registrations, levels of liability etc. and are usually permanent or long-term agreements. 

Partnership marketing, on the other hand, can be much less formal and may not involve any kind of legal agreements, tax complications or even an exchange of money. While we call it partnership marketing, and there are formalized types of partnership marketing, it is often a much looser agreement, or collaboration between parties.

The aim is to achieve marketing objectives that can be difficult to quantify, for example, a collaboration may lead to improved brand awareness, credibility and trust, but these benefits may not have any immediate impact on revenue.

This is why many marketing partnerships are measured in terms of actions taken or impressions, rather than a sales commission that relies on an immediate impact on sales. 

In some cases, like when two influencers collaborate to jointly create new content, there is no exchange of money, no agreement and the collaboration may be a spontaneous, once-off event with no paperwork or agreement at all. 

What Are the Main Types of Partnership Marketing?

There is a range of different types of partnership marketing approaches to choose from. According to Acceleration Partners , it is vital to choose the right type of partnership (and the right partners) to be successful.

Let’s take a quick look at some of the most popular strategies:

• Affiliate Marketing: a mutually-beneficial strategy that involves collaboration with a publisher, such as a blogger or an influencer, who will advertise and promote your product or service to their respective audience.
• Influencer Marketing: when an influencer or industry expert markets the brand’s product/service to their followers in exchange for a fee or free products/perks or upgrades. Influencers also benefit from creating content for the brand, as it forms part of their channel’s content and adds value for their followers.
• Loyalty Marketing: when a brand offers incentives to its customers to buy more frequently or spend more with a formalized program to earn points and receive benefits like discounts or a free product after x purchases.
• Distribution Partnership Marketing: when a certain brand will bundle up another brand’s products or services with their own products or services, as a package deal, and the brands then benefit from reaching each other’s distribution networks.
• Referral Marketing: referral programs are similar to affiliate and loyalty marketing, where a brand partners with people who will refer people to the brand in exchange for an incentive, reward, or commission.
• Cross-Promotion Marketing: when partners promote each other to their particular audiences through a joint marketing campaign that promotes the other’s product/service.
• Sponsorships: when a brand publicly sponsors the second party in exchange for visibility and views. Sponsors can sponsor events, public figures like athletes or musicians, or content creators, their channels, or individual pieces of content like a specific YouTube video by a popular creator.
• Product Placements: when a clearly branded product is used in a TV show or movie and the scene places emphasis on the product or brand, ensuring that viewers see it being used by a beloved character in the show.
• Co-branding: when two brands come together to create a co-branded product or upgrade, like the Apple Watch Nike Edition.
• Content Marketing: when a brand has their product placed in content like blogs, videos, and social media posts to promote their products in a natural and relevant way.
• Licensing: when a brand allows another brand to make and market a product under its branding. For example, Netflix and Ben & Jerry’s “Netflix and Chill’d” ice-cream edition.

How to Choose the Right Partnership Marketing Partners

When you decide to give partnership marketing a go, take your time and find the right strategic partners – it will make all the difference to your experience, and the success of your partnership marketing!

According to Acceleration Partners, choosing the best strategic partners for your partnerships is essential. Look for partners that are complementary to your brand in terms of both their products/service s and their values . Aim to create relationships that will last, with partners that share your business and ethical values, as well as being a good fit for your products and your audience. 

Your partners will reflect on you, and you will reflect on them, so do your homework and choose them wisely!

Not everyone will make a great partner. But even if the people you connect with aren’t right choice for your partnership marketing, looking for partners can still be a productive exercise. Expanding your existing network and making new contacts that are relevant to your brand and marketing may lead to other valuable opportunities.  

Now let’s take you through some of the key steps of selecting the right marketing partner:

• Define Your Marketing Objectives

Before you start searching for a partner, make sure that you have clearly articulated what your brand wants to achieve through your potential business partnership .

Your objectives will inform the type of partnership marketing that will be the most beneficial for you. Choosing the right type of partner and right type of partnership collaboration will make a huge difference to the results you’re able to achieve. 

Once you have set up your partnership, you can assess whether the relationship is meeting these objectives and how you can improve things or change things as needed. 

Find a Company With Common Ground

This common ground must include a very similar audience to your company. This is very important, as this could lead to future problems if this is not clearly defined from the start. In essence, their target audience must be in the same sector and industry as your target audience.

Additional common ground includes having similar values to your company. This will ensure that you both can build on a similar foundation.

It is also worth offering products or services that are complementary to one another.

You can find potential partners for your partnership marketing through: 

• Google search 
• Social media searches and industry related hashtags 
• Online forums in your niche
• Business directories 
• Tradeshows and conventions 
• Networking events online and in person 
• Affiliate and influencer platforms and marketplaces 

Once you have selected some potential partners, research them before you reach out so that you can weed out any partners that will obviously be a poor fit. Once you have narrowed it down, find out who the right person to speak to is and reach out to them directly.

From there, focus on building a relationship that is mutually beneficial and be clear about the value you can offer them, as well as what you want in return.

Here are the next steps to follow, and what to consider when you’re choosing a partnership marketing partner, in more detail:  

Research, Research and More Research

And, you guessed it, more research! When it comes to finding a great partner, this is when research counts a great deal. Whatever a potential partner does in the future, will reflect either positively on negatively on your brand, so this is an important decision for you to make.

Start by reading up on all the reviews you can find of the companies that spark your interest. Then be sure to ask for references. Try to get an opinion from an outside third party on what they think of the partner you are planning to approach.

And finally, ask to see their buyer persona. It will also be an advantage if you have your own to provide to potential partners.

• Identify Any Potential Conflicts of Interest

Once you have found a company with more common ground than other companies, it is good to start identifying if there are any potential conflicts that may arise. For starters, avoid a brand that will result in direct competition to your brand.

You will also need to determine who would own particular leads? And how would the profits be shared? Make sure that all these matters are ironed out early on.

Define Fair Expectations, an Even Workload Spread and a Clear Agreement 

Make sure that you both clearly articulate the responsibilities for each partner and what the expected outcomes are for each of those responsibilities.

It’s no good being ‘wishy-washy’ when it comes to responsibilities, and each partner must receive an equal share. This means that both parties must input the same amount of time and resources to get their jobs done.

Partnerships of all kinds work best when there is a clear agreement between parties, that sets out who is responsible for what, timeframes, contingences for unexpected delays or roadblocks along the way, as well as what happens of either party fails to deliver what they’re responsible for, and how assets like contact lists, leads etc. will be handled when the partnership ends.  

• Play to Your Specific Strengths

While it is good to have an equal share of responsibilities, it is not necessary to split them right down the middle.

Simply make sure that each partner is able to use their particular expertise or strengths in the relationship. Both of you will be specialists in certain areas, so make sure you focus on those strengths unique to you.

• Develop a Feedback Loop

It’s important that a space is created where feedback can be provided. So ensure that you and your various stakeholders gather together on a regular basis to talk over how things are going.

It will also be good to give each stakeholder a turn to chair the meeting. Basically everyone needs to feel heard.

Define How Results Will Be Tracked and Measured

It’s important to identify and track your progress against your objectives as closely and accurately as possible. Decide which metrics will be measured, and how, ahead of time so that there can be no disagreement or dispute of the results down the line. 

Make sure that your goals are measurable and that you define how long you will track progress, and how often you will evaluate your progress. 

• Create that Personal Touch and Focus on Building a Relationship

While it is about business, it’s also about a personal relationship. Take the time to get to know your partners – who are they, what are their likes and dislikes? Their values? What’s their pet’s name?

This might sound odd, but it’s always worth having that personal connection when it comes to business. This might just be the glue that holds it all together!

SUMMARY: HOW TO CHOOSE THE RIGHT PARTNERS FOR PARTNERSHIP MARKETING

• Find a Company with Common Ground
• Do a Lot of Research
• Define Fair Expectations, an Even Workload Spread and a Clear Agreement

1 Partnership Marketing Case Study

Partnership marketing involves two entities working together so that they both benefit from the collaboration.

The purpose of marketing partnerships is to build brand awareness for both entities, increase sales/engagement and provide their target audience/s with additional value by joining forces.

Let’s take a look at a partnership marketing case study (and then some partnership marketing examples from brands you know) to see just how successful it can be: 

Case Study: Reebok Loyalty Affiliate Campaign Results in 161% (YoY) Revenue Increase

Despite an initial rise, fitness, and lifestyle apparel brand Reebok saw a marked drop in orders during the Covid-19 pandemic. To combat this and gain new customers, Reebok turned to Acceleration Partners , a leading partnership marketing agency.

Their objectives were to:

• Gain new customer revenue through a targeted campaign with a loyalty affiliate;
• Increase average order value (AOV) from new customers; and
• Engage previous customers to bolster lifetime value and brand loyalty.

Acceleration Partners developed a strategic two-week campaign with Cartera, a leading loyalty program provider that works strategically with banks and airlines.

Choosing Cartera and the type of partners they work with was a crucial component of the campaign, which proved to be incredibly successful.

With Cartera, Reebok was able to join forces with a major U.S. airline. The carefully targeted campaign included a limited-time bonus, where qualifying purchases of at least $100 with Reebok gave consumers 500 bonus points, which were applied as bonus miles for the airline.

Promoting the campaign included homepage placements on the airline’s homepage and a newsletter from Cartera announcing the Reebok bonus offer to all airline loyalty members.

While the campaign targeted just one airline, it created a halo effect that resulted in a 38% increase in revenue from other programs on Cartera.

Acceleration Partner’s approach revolved around strategically identifying a valuable media placement opportunity, precise audience targeting, and choosing the best loyalty affiliate partner for the campaign.

Each of these elements was carefully considered, and the solutions strategically selected, which lead to impressive results from just a two-week campaign:

• 161% increase in revenue YoY from Cartera
• 329% increase in clicks YoY from Cartera
• 143% increase in new customer revenue YoY from Cartera
• 49% increase in AOV YoY from Cartera

These results took Reebok back to, and surpassed their pre-pandemic order volume and revenue.

4 Successful Partnership Marketing Examples

As you can see from the case study above, partnership marketing done right can rapid drive growth and provide a significant bump in revenue, as well as set you up for long-term success with dynamic on-going partnerships. 

The best marketing partnerships are between brands that share an audience in terms of their audience’s values and desires, as well as demographics.

Here are some partnership marketing examples from popular brands you know (and maybe love) that really leveraged their shared audiences’ values and passions:

1. BMW and Louis Vuitton

The marketing partnership between BMW and Louis Vuitton is a great example of brand giants coming together for a joint purpose. Both of their types of customers travel frequently and strive for exclusivity, luxury and comfort, so what better way to target their audience than co-branding their retail products?

These two created a four-piece luggage collection, retailing for $20 000, which was designed to fit perfectly into the trunk of the BMW i8. This is a great example of an innovative marketing partnership that leveraged their shared audiences values and desires to cross-promote their core product offerings to a shared audience. 

2. AirBnb & Flipboard

I bet most of you have heard of Airbnb, but not as many will know about the social network aggregator, Flipboard. In this partnership marketing example , these two got together to create new content and in turn promoted each other to each of their (overlapping) audiences.

Thanks to their collaboration with Airbnb, Flipboard was able to greatly increase their number of users and Airbnb was able to generate valuable brand awareness, engagement and marketing content.  

3. H&M and Balmain

Over the years the Swedish retailer H&M have been known to collaborate with a number of different luxury fashion designers. Perhaps the best example is when they partnered with the Balmain clothing collection in 2015.

This collaborative clothing collection was launched onto the H&M website and their brick and mortar stores, which had queues that could be seen far and wide.

Every year H&M collaborates with these types of designer brands, allowing their customers to pay for designer clothing items at a fraction of the price. Now that’s a win win partnership!

By collaborating with a highly desirable designer/brand, H&M was able drive a massive sales by using the desirability of Balmain products from consumers who would not normally be able to afford or access such a high-end brand.

Balmain benefitted from a huge amount of awareness and buzz around their brand that reached H&M’s huge audience of people who value high-fashion brands.  

4. Red Bull and GoPro

Back in 2012, when the novelty of GoPro was a really big deal, they partnered with Red Bull to support Australian skydiving legend, Felix Baumgartner. Here the two brands collaborated to capture his record-breaking jump from a 24 mile high balloon.

GoPro: Red Bull Stratos – The Full Story :

This turned out to be quite the enthralling take, captured on GoPro, and both brands received a great deal of exposure through this partnership.

These partnership marketing examples demonstrate how brands can join forces and generate huge value in terms of brand awareness, engagement, anticipation/buzz, content marketing, user generated content AND sales!

9 Great Partnership Marketing Benefits

There are many significant benefits to partnership marketing and here are some of them:

1. Branching into New Markets

Partnering with another brand that has a presence in a particular region, area or niche, will enable you to reach a new market, that you wouldn’t have been able to reach before.

This opens up new opportunities for growth and greater productivity for your brand.

You can also sit back and enjoy the benefits of a customer base that will more easily trust your brand, due to the trust they already have for your partner.

You will be marketing to an audience that will already be interested in the kinds of things you offer. This can maximize your marketing efforts, with the least amount of input.

2. Providing Fresh Perspectives

By working with a marketing partner, you will be exposing yourself and your team to some different and new outlooks on marketing.

Perhaps there are a few gaps that you might have missed that need improvement? Or maybe there’s something completely out of the ordinary that you hadn’t thought of before?

The great advantage of partner marketing is that each partner can use it as an opportunity to learn from each other and to gather wisdom from each other’s strengths and weaknesses.

3. More Cost-effective than Traditional Marketing Channels

It’s worth keeping in mind that the industry is moving closer to a pay-per-performance model, and away from a pay-per-ad and impression model.

So in the case of partnership marketing, it will now be easier to measure your ROI based on how a particular post performs, as opposed to measuring social media metrics, such as likes, shares and comments etc. This will be more relevant to the affiliate partnership marketing strategy.

For some partner strategies a swap can also be included, which can save costs and benefit both partners.

Partnership marketing also requires less financial risk on your part, as only a small fee or commission will be required. This will be more relevant to the affiliate type of partnership marketing.

4. Provides You with a Support System

It is comforting from time to time to know that you are not alone in the marketing game!

When you succeed, your partner succeeds with you and this just highlights how mutually beneficial this type of marketing relationship is.

The true benefit comes when you find a partner who is open and communicates clearly with you from the start.

5. Targeting Customers at the Ideal Time

Through cross-promotion, you are more likely to be noticed when a customer makes a purchase from your partner and stumbles across your brand at the same time.

The timing couldn’t have been more perfect!

For example, when driving with Uber you can tune into Spotify and listen to songs through them while driving. And when booking flights, you might also notice a hotel ad popping up and recommendation a stay with them near your destination.

The opportunities are endless!

6. Delivering Added Value to Your Brand

When partnering with a trusted brand, you will be adding greater value to your existing brand.

Whether it’s through developing new content, making necessary improvements or doing a content swap, customers are more likely to take notice and to become more attracted to your brand.

It can only be beneficial when you open up new avenues of interest and strive to enrich your brand even more than before.

7. Building Your Brand Identity

Partnerships open up the opportunity of brand association.

For smaller brands, partnering with a larger brand means they will be able to reach a much wider audience. On the flip side, a larger brand can benefit by reaching a more specific, niche audience, by partnering with a smaller brand.

It’s through these types of partnerships, that customers might begin to associate better with your brand, if they see you partnering with a unique or more popular brand.

8. Providing Unique and Innovative Solutions

Partnership marketing is a great way for two complementary products/services to join forces and provide an innovative new solution. By drawing on each other’s strengths they can provide a more comprehensive product/service, or package, which often leads to the development of an entirely new solution. 

9. Growth and Increased Revenue 

We have talked a lot about the more indirect benefits of partnership marketing but biggest benefit (like all other forms of marketing) is increased revenue and growth.

Strategically harnessing the power of partnerships and collaborations allows you to reach more people in your target audience, generate leads, and close sales. All while giving you all the less direct benefits, like brand awareness and improved trust, AND costing you very little!  

SUMMARY: THE BENEFITS OF PARTNERSHIP MARKETING ARE:

• Branching into New Markets
• Providing Fresh Perspectives
• More Cost-effective than Traditional Marketing Channels
• Provides You with a Support System
• Targeting Customers at the Ideal Time
• Delivering Added Value to Your Brand
• Building Your Brand Identity
• Providing New and Innovative Solutions 
• Growth and Increased Revenue 

3 Top Partner Marketing Software to Use

What is partnership management software?

Partnership management software is used to track sales and affiliates through a variety of channels, as well as streamline communication between partners. It also allows you to see an overview of your partners and their performance so you can continually optimize your marketing and improve your partnerships. 

Essentially, it gives you everything you need for simple and effective partnership relationship management (PRM), which includes all the activities and strategies used to manage your partners and your partnership marketing as a whole. 

Partnership management platforms , on the other hand, are online platforms and marketplaces where you can search and connect with potential partners. These are especially useful for finding affiliates and influencers to partner with. 

There are a huge number of partnership management software tools out there!

It can be daunting and time consuming to sift through all the options to find the best ones, which is precisely why we have selected three of the best partnership marketing software to review here:  

1. Tapfiliate

Tapfiliate is a customizable, cloud-based Affiliate Tracking Software that allows you to develop and track your affiliate marketing campaigns. You can successfully automate a number of tasks, such as tracking, managing commissions and marketing across different levels.

You will also be happy to know that Tapfiliate can be integrated with over 30 different e-commerce and digital marketing platforms. It is also very easy to implement for those who are not familiar with management software.

• Simple to set up and manage
• Very responsive customer service
• Can be easily integrated with different platforms
• 14 day free trial available
• Can only support a limited number of languages
• A bit pricey
• A free version of the software is not available

Pricing: Starting at 89$/month

P2P Score: 4.7/5

Website: tapfiliate.com  

2. Post Affiliate Pro

Post Affiliate Pro is one of the pioneers in affiliate software, used by many e-commerce websites and online stores. This great software allows you to easily manage and engage with your affiliate partners . You can also monitor a number of tasks, such as commission payouts, affiliate automation and different online payment options.

In addition, you will have access to over 170 major Content Management Systems (CMS), such as Stripe and PayPal, with WordPress and Shopify also included.

• Provides a great affiliate tracking system
• User-friendly for managing affiliates
• Flexible and customizable user interface
• Allows for detailed reports and data analysis
• Responsive and engaging customer service
• Supports a number of different languages
• A bit on the pricey side

Pricing: Starting at 97$/month up to 477$/month

Website: postaffiliatepro.com

3. LeadDyno

LeadDyno is a user-friendly affiliate management platform that provides great support for running successful affiliate marketing campaigns. The system is easily integrated with third-party websites and platforms, which is a huge plus when needing a smooth workflow.

Other huge attractions include email automation, conversion tracking, payout management and detailed reporting functions.

• Provides a long 30 day trial for users
• Very simple to sign up and use features
• Easy for influencers to use
• Easy to integrate with social media platforms and e-commerce stores
• Poor customer service

Pricing: Starting at 49$/month up to 79$/month

P2P Score: 4.5/5

Website: leaddyno.com

Final Thoughts on Partnership Marketing – Where to From Here?

Partnership marketing includes a large number of different marketing channels and strategies. Done right, it can lead to massive growth and increased revenue for your business, as well as improved brand awareness, recognition, trust and credibility.

Finding the right partners, and choosing the right type of partnership marketing for your objectives is critical for success.  

Start by finding a partner with the same brand positioning – such as having a similar type of audience and then check whether their values match up to yours.

Then reach out and start the conversation with brands that stand out to you the most. If nothing comes of it today or tomorrow, either way, you would have met some other brands in a similar industry, and you would have made some great, new connections.

Using an agency can help you get off on the right foot and establish your partnership marketing strategies and programs.

Agencies are not always an option, but if you’re looking for experts to help you with partner marketing, check out Acceleration Partners – a specialist, innovative and an award-winning partner marketing agency, that always gets it right. 

Ready to find your ideal marketing partners? Check out our expert marketing guides on affiliate marketing, loyalty marketing, influencer marketing and more! 

Frequently Asked Questions

What is partnership marketing.

Partnership marketing is a collaborative relationship that is formed between two or more parties, in which they help each other to reach their unique marketing and business objectives. Take a look at our comprehensive guide on how to set up a successful partnership marketing strategy for your business.

What are the main partnership marketing types?

There are many types of partnership marketing strategies, but the common types include affiliate marketing, distribution partnership, influencer marketing, sponsorships, and cross promotion. For a complete understanding on how each of these function, go and check out our full partnership marketing article.

What are the best partnership marketing software tools?

The best tools to help manage and monitor a partnership marketing program, are Tapfiliate, Post Affiliate Pro and LeadDyno. If you're interested in seeing what makes these so great and how to effectively use them, go and see our complete partnership marketing article.

What is an example of partnership marketing?

There are many examples of partnership marketing that we see and participate in every day, such as influencer marketing, content marketing, and loyalty marketing. One well-known partnership marketing example is when BMW and Louis Vuitton collaborated to create and promote an LV luggage set that was designed to fit perfectly into the trunk of a popular BMW model. Check out the full guide for more examples of partnership marketing and a detailed partnership marketing case study.

What is a partner marketing platform?

Partnership marketing platforms are online platforms and marketplaces where you can search, find and connect with potential partners for your partnership marketing. They are most frequently used to find affiliates and influencers. Check out the full guide to learn more and find out what the difference is between a partnership marketing platform and partnership marketing software.

Streamline Marketing: What is Partnership Parketing

BluLeadz: Partnership Marketing Types and Benefits

Business2Community: Main Types of Partnership Marketing 

Woodpecker: How Does Cross-promotion Work

Cobloom: How to Choose the Right Partner 

BluLeadz: Great Examples of Co-marketing

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• Samples legal papers

PARTNERSHIP BUSINESS CASE STUDY

by (Student’s Name)

Course Name and Code

Professor (Tutor)

The Name of the School (University)

Partnership Business Case Study

Partnership form of business involves two or more parties who have to sign a contract agreeing to share responsibilities and profits and losses. Generally, the real intention means that he or she should be no desire to deceive since the signed contract is legally binding ( Lan 2016) . The partners are known to lack what is called the limited liability, which means that when their entity plunges in debts and cannot pay back, the personal resources of the partners may be used to settle that ( Pollock 1890) This essay entails discussing the partnership form of business, latent liabilities and partner’s legal rights.

Partnership Act 1890

People are considered partners because this contributed to cash, property expertise, intellectual property, and others. All the parties in their form of business have to share responsibilities, profits, and costs of the firm. All the parties sharing the duties in the business are normally liable for every firm’s engagement as general partners ( Pollock 1890) . There are liabilities of outgoing and incoming partners. In Floydd v Cheney, it was held that the partners owe each other a duty of good faith, which should prevent one from engaging in actions that jeopardize the smooth running of the business. In Keech v Sandford, it was held that a partner should be put himself or herself above the conflict of interest. In case other parties in the partnership business had admitted an individual, the person cannot withdraw himself or herself from liabilities that were accrued or the activities that occurred before they entered the firm.

In case a mutual consent exists on that issue, and it is allowed in the contact, the incoming person, therefore, will not incur liabilities to existing creditors that co-partners administered. A similar principle normally applies to outgoing partners. Liabilities may not be discharged even in situations where an individual has retired from the business ( Cumberlege, 2018) . However, in the case of mutual agreement exists, the situation would play out differently. As such, it will not have liabilities to debts that were accrued after the retirement of the person from the business. 

In case of no contract or agreement, all accrued debts before retirement of a person from the business will be the partner’s responsibilities. The contract or agreement may be formal with signatures and also formally expressed orally by partners. It may also be inferred from the existing facts. The creditors are legally right to claim their money to such individuals, no matter whether they are part of the firm of not ( Cumberlege, 2018) . The prescription purpose exists to protect the interests of the creditors. It is nowadays common knowledge that all parties are supposed to be responsible for their deed: all incoming partners need to go after getting consent from the existing partners, outgoing partners do not need consent. 

The mutual duties and rights of partners may be understood by mutual consent in case of no law violation. Actual consent needs to be inferred from the fact that should be done formally, and all partnership normally have exclusive rights to the property of the partnership ( Cumberlege, 2018) . The partners are known to co-own the properties of partnership business; the share of partners is the existing partnership assets proportion. All partners are legally right to convert the shares into cash as they prefer, and their debts and liabilities may be discharged from the business of the partnership ( Pollock, 1890) . Rules with regards to their profit distribution exist, all rights, duties, and interests of partners need to be determined based on the agreement of partnership and as the law prescribes. 

All partners have to share losses and profits equally. They usually have shared interests and shared interests. The profits proportion a partner could get form the company is always determined in comparison with the losses a partner is going to suffer. Advanced costs that partners expand for partnership purposes and running of busies need to be regarded as personal payments and common costs ( Pollock, 1890) . Every partner has a right to participate in the management of the business and partners have a duty of diligence and care to the business every partner is supposed to devote faithfully to the business and use their intelligence and skills to generate more profits ( Cumberlege, 2018) . Moreover, the partners have a right to claim reimbursement of salaries and the intelligence community. In the case of different thinking opinions among the partners, the decision will be made from majorities point of view. However, all partners can express their opinions in the process of decision making. Again, all partners have a right to inspect financial reports on partnership books. No changes can take place in the business without signed consent from the present partners. 

If someone wants to leave the partnership entity, several ways can be explored. They may retire based on a partnership agreement or retire by providing written notice to the remaining partners to reveal his or her intentions. It is legally wrong for partners to participate in similar business without consent from existing partners ( Cumberlege, 2018) . A partner may also be mentally ill or died, leading to exit from the partnership form of business; the remaining partners will terminate the partnership through expulsion notice.  

In AIB plc v Martin, the duties of partners and mutual rights, whether defined by the act of ascertained by agreement, could be varied based on the partner’s consents, and the consent may either be inferred or express from dealing course. Partners also need faith and trust between each other since, as soon as they make bad decisions, they increase the risk that spills over to their personal accounts ( Milman 2018) . Partners should always consider circumstances and find out if the business is financially viable since the partnership is a small business, and it would be better if the partners consulted each other before making business decisions.                  

Application

From the facts of the case, it was legal for the Gary, dan, and Karen to form a partnership form of business Food’R’Dral that orders seas food from a company called Seawishh Foods Limited. Gary unlawfully retired from the partnership form of business. While he has a right to withdraw from the business, he was supposed to stick to the laid down plans of retiring from the general partnership business. He can only retire from the business after meeting the fixed terms based on the agreement or retire from the business at will after providing written notice to the remaining partners to reveal his intentions. After being considered retired from the business, a partner ceases their labilities for all deed done and debts accrued before he retired ( Milman 2018) . The partner may negotiate the terms based on the partnership agreement. The legal duties and rights of every partner may be varied by agreement even in a situation where there is mutual consent, and no law has been violated. 

Dan should acknowledge the kind of contract he agreed to. It must be established if the contract says that it is a single continuing contract where he is found liable for debts incurred when he was a partner. Again, a series of contracts deal with creditors of the business being made before his retirement date ( Milman 2018) . He will not be found liable for incurred debts. Still, the coming partners will cater to that instead. Dan was supposed to provide the creditor his retirement notice and write an official letter showing his intent to leave the partnership form of business. Dan would suffer if he had some assets in the partnership business, or he individually contributes towards the payment to creditors. 

Dan will most likely get a contribution from the business to pay the creditors since one cannot leave the business without having informed the existing partners. It would be a good move even if he leaves the business without having to notify the members of the public. The court would most probably find all partners, including Dan and Gary, liable for the amount owed to the creditor. A retired partner will always continue being liable for existing partners’ actions on behalf of the business until he or the remaining partner provide a retirement’s public notice ( Cumberlege, 2018) . In case a third party without knowing that he once was a partner in the business, then he is not going to be personally liable to the third party. 

In this case, Dan has not provided a public retirement notice nor has his fellow partners. Such means that he is still fully liable for the debts of the firm since the firm cannot sustain itself financially at the moment. Dan should understand that even after retirement, he has to continue being liable for the firm’s activities, which were done before his retirement. It is only an agreement between him, the partners, and a third party. In this case, the creditor who supplied fresh seafoods for the company. Also, such an agreement could be implied by the course of the dealing between the reconstituted firm and third party post his retirement announcement ( Lan 2016) . If Dan retired at will, then he needed to have provided a public notice and a written notice to the other partners, Karen and Dary, about his intention to retire from the firm. 

The partnership act provides a real understanding of the partnership form of business, according to the partnership act. The partnership is a form of business existing between two or more parties who want to generate profits from the business ( Milman 2018 . Disputes in the partnership are rare, and when they occur, they are simple to solve. The partners are always supposed to sign a contract understanding that they are for all firm’s engagements as partners. Such is entirely different from what the registered company holds under the corporation act. 

However, a mistake made by one partner will affect all other partners. Dan should not assume that he will not be liable for the actions of Karen and Gary. If Food’R’Deals is found to be struggling financially and thus unable to pay its debts, the personal properties of Karen, Gary, and Dan will be taken to settle the firm’s debts. Section 9 holds that partners are jointly liable for the obligations and debts of the partnership business. Therefore, innocent partners will lose the investment, and his personal property if one of the partners misbehaves or makes wrong decisions ( Milman 2018). Partnership usually acts as a safeguard of making sure that all members are liable, and such is usually the cases when corporate veil protection is lifted under the company law. 

Limited Liability Company

In business terms, liability is, in simple terms, the debt that a company or individual has to pay. Such could be in the form of asset finance loan accumulated tax, unpaid invoices rent falling, and others, for a limited company that may not meet its liabilities. The limited liability protects the company directors, such generally means that one will not be held responsible personally for limited company debts unless they signed as personal guarantors. Solomon v. Solomon entails separate corporate personality principles. It holds that shareholders in a limited company are never liable for debts of the company beyond their nominal share value. The case established principles that limited liability companies are different from its members.

If Dan or other partners were directors, they could not be held responsible personally since the liabilities of the company are its wone and do not attack to directors. The only circumstances that could make the directors be held personally liable for the debts of the company are he engaged in personal guarantee. The company is unable to meet the said obligations if a director also allows the company to continue trading when it is insolvent or fails duties as director, he will lose limited liability protection and even held liable for all the incurred debts. Secondly, Dan and other partners could be held personally liable after narrowing money and has a director account, which is overdrawn, a liquidator may pursue him for amount recovery. 

Again, directors who engaged in criminal or deceiving activities may compel the court to break the veil and make them responsible for any debts of the company. A director who cannot repay such liabilities will be compelled to sell or refinance assets. A director may be forced into bankruptcy by such actions. In Gilford Motor Co v Horne, the defendant was former company’s director who agreed that he would never steal customers from his employer, it breached the agreement, the court found him liable as he engaged in sham activities. Also, if a director cannot fulfill his duties, he may be barred or disqualified from acting as a director for 15 years. If Gary, Karen, and Dan were directors of a company, they would not be held personally responsible for that. 

If Dan were a director in a limited company, he would have to follow a unique process to resign. He would, first of all, put his intention of resigning in writing and provide it to the directors who are remaining. He would have no obligation to give reasons for his resignation. Even though it is not legally mandatory, the director may be compelled to notify the users/ customers of the decision and let them understand that the person they should contact after this departure ( Jelsma and Nollkamper, 2018) . After fellow directors accept the resignation, a specific form TM01 is to be completed and take into the company’s house so that his names can be removed from company records. 

At this departure point, liabilities will be over, and he would only help responsible for activities that took place during his director’s time. If he never acted outside the company law while he was serving as the director, he will be free to leave the company. If the company at the point of departure is found to be in a debtor plunges into debt after his resignation, nothing would happen because of limited liability. Such means that the company’s debts belong to the company, and they are not the personal responsibility of the director. In case the company fails to meet the debts, it may enter insolvency procedure as a way to close and clear its outstanding debts ( Jelsma and Nollkamper, 2018) . Only current directors will initiate that process. After a director resigns, they lose control over the company and cannot initiate, prevent, or liquidate a specific procedure. 

If this case involved a Limited company, only personal guarantees could affect the directors. All the personality guaranteed debts will be the individual’s responsibility, and the money has to be paid back. While Gary had asked Karen not to place orders of fresh foods from Seawish, but buy from local supermarkets, Karen ordered from Seawish who do not understand anything to do with Gary’s request. The partners, in this case, have to pay Seawish the owed money since the limited liability never protects the partners. Gary cannot hold claim that requesting Karen to buy produce from the local market, but not from a creditor Seawish, is a justification for Karen to incur the said debt. In partnership, all the partners are liable for business expenses and costs, unlike in a company. 

In sum, partnership entails two or more people coming together to run a business to generate profits. The form of business is regulated by the Partnership Act of 1890, which states the relationship between people who agree to run a partnership form business. While it is rare for partnership business to have a serious misunderstanding, there are factors like sharing of duties and responsibilities, loss and profits, and costs that mostly bring legal problems to the partners. For instance, a partner who wants to retire must understand that he or she has legal duties that cannot be absconded. In the case study, it is clear that the decisions made by Karen might plunge the business into financial uncertainty and affect the retired party—Dan. He will be forced to be legally liable for the debts of the company because he did not write a notice of retirement. Also, theirs is a partnership and not a limited liability company. The business people may avoid such challenges by forming a limited liability company that does not allow creditors to take personal resources to cater for the debts of the company. 

Reference List

Cumberlege, J., 2018. Why companies and not partnerships?  Practice Management ,  28 (4), pp.36-37.

AIB plc v Martin

Floyd v Cheney [1970] Ch 602

Gilford Motor Co Ltd v Horne [1933] Ch 935

Jelsma, P.L. and Nollkamper, P.E., 2018.  The limited liability company . LexisNexis.

Keech v Sandford [1726] EWHC J76

Lan, L.L., 2016. Corporate law [Book Review].  Singapore Journal of Legal Studies , (Mar 2016), p.214.

Milman, D., 2018. Legal problems associated with the identification of partnerships.  Nottingham Insolvency and Business Law Ejournal ,  2018 (6), pp.13-29.

Pollock, F., 1890.  A Digest of the Law of Partnership: Incorporating the Partnership Act, 1890 . Stevens.

Salomon v A Salomon & Co Ltd [1896] UKHL 1, [1897] AC 22

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[Case Study]: 5 Examples of SUCCESSFUL Co-branding Partnerships

Table of Contents

Strategic partnerships between brands can be a mutually beneficial relationship. It is basically the alliance of two totally different companies that get together to form and sell a new product telling of their uniqueness.

Brand collaboration will boost audience , reach new markets, and gain greater distribution and eventually revenue.

In this case study, you’ll see brand collaboration examples that fit the bill and represent a win-win for brands and consumers.

Why Co-branding?

“Double Marketing Budget and Half the Cost”

Co-branding opportunities allow you to launch a brand new product and divide the expenses together with your partner.

With this, you’ll gain visibility, and reach a new audience. When two brands come together to form a co-branding partnership , they automatically are given the opportunity to gain the interest of each other’s market.

It can help your startup in establishing credibility . The consumers who are already in love with one brand will automatically trust the newly introduced product.

Benefits of Co-branding

• Create financial benefits
• Provide customers with greater value
• Improve on a property’s overall image
• Strengthen an operation’s competitive position
• Create operational advantages

5 Examples of Co-branding Partnerships

1)  gopro + red bull.

Red Bull and GoPro have a best co-branding partnership example. Both brands not just sell products- energy drinks and portable cameras respectively- but a lifestyle. Both have established themselves as lifestyle brands — in particular, a lifestyle that’s action-packed, adventurous, fearless, and usually pretty extreme.

Both brands are made for each other, not only because they represent the same values for their customers but also because they both associated themselves with outdoor lifestyle and action sports.

“GoPro camera technology is allowing us to complement the programming by delivering new athlete perspectives that have never been seen before,”- Sean Eggert, Red Bull’s director of sports marketing

The collaboration allows exclusive GoPro content to enhance both companies’ growth.

2) Levis + Google

Levi’s teamed up with Google to enter the wearable technology market. Codenamed Project Jacquard, the Levi’s Commuter-Jacquard by Google partnership manufactured a touch-and-gesture interactive denim jacket designed to prevent cyclists having to reach for their phones while riding.

By lightly selecting or swiping a sleeve on their jacket, cyclists can access a map or change a song on Spotify, for example, without give in their safety on the road.

3) Spotify + Uber

It is another genius partnership. The ability to enter a hired car welcomed by your favorite playlist offers added value, meaningful competitive advantage and exclusivity for Uber cars.

For Spotify, it offers a reason for users to upgrade to the premium level and a unique point of difference that Pandora, iTunes or YouTube don’t have.

The partnership means one more additional benefit for Uber to differentiate itself from taxis and for Spotify to give its subscribers one more avenue to use its product, it’s simple and brilliant.

4) Google + Luxottica

The Google and Luxottica partnership has been an excellent one. Google glasses speak to technology but not fashion and Luxottica’s brands speak to fashion and not tech.

The partnership will result in attractive Google glasses that could be purchased based on looks alone, and the cutting edge technology can give Luxottica brands a reason for purchase that explains a premium price.

Luxottica’s glasses are progressively being undercut on price by retailers such as Costco, TJ Maxx and Warby Parker.

5) Snapchat + Square’s Snapcash

For Square, it adds significant incremental revenue and a further boost to its cutting-edge, hip brand image through the association with Snapchat.

Brands are looking to partnerships that improve their brand descriptions and boost awareness in a cost-effective and united, combining two brand budgets and marketing channels.

For partnerships to work, they must be win/win for all players. The target audiences , brand price/value insights, and level of performance must be well matched.

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Case Analysis on V. Subramaniam Vs.Rajesh Raghuvandra Rao

• Whether sub-section 2a of section 69 inserted by the Maharashtra amendment violates article 300a of the constitution of India?
• Whether sub-section 2A of Section 69 inserted by the Maharashtra Amendment violates Article 14 of the Constitution of India?
• Whether sub-section 2A of Section 69 inserted by the Maharashtra Amendment violates Article 19(1) (g) of the Constitution of India?
• Code of Civil Procedure, 1908 (CPC) - Section 113.
• Constitution of India - Article 14, Article 19, Article 19(1), Article 19(1) (g), Article 300A.
• Indian Partnership Act, 1932 - Section 69, Section 69(1), Section 69(3).

The Section 69(1) & (2) of the Partnership Act[3] originally read as follows:

69. effect of non-registration..

• No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or any person alleged to be or to have been a partner in the firm unless the firm is registered and the person suing is or has been shown in the Register of Firms as a partner in the firm:
• No suit to enforce a right arising from a contract shall be instituted in any court by or on behalf of a firm against any third party unless the firm is registered and the persons suing are or have been shown in the Register of firms as partners in the firms.

The Sub-section 2A which was introduced by the Maharashtra Amendment 1984 states as follows:

The original sub-section (3)(a) of section 69 in the partnership act read as follows:, 19. protection of certain rights regarding freedom of speech etc.

• to freedom of speech and expression;
• to assemble peaceably and without arms;
• to form associations or unions;
• to move freely throughout the territory of India;
• to reside and settle in any part of the territory of India; and
• to practice any profession, or to carry on any occupation, trade or business

(6) Nothing in sub clause (g) of the said clause shall affect the operation of any existing law in so far as it imposes, or prevent the State from making any law imposing, in the interests of the general public, reasonable restrictions on the exercise of the right conferred by the said sub clause, and, in particular, nothing in the said sub clause shall affect the operation of any existing law in so far as it relates to, or prevent the State from making any law relating to:

• the professional or technical qualifications necessary for practising any profession or carrying on any occupation, trade or business, or
• the carrying on by the State, or by a corporation owned or controlled by the State, of any trade, business, industry or service, whether to the exclusion, complete or partial, of citizens or otherwise
• Oanali Ismalji Sadikot v. State of Gujarat and Ors[17];
• Bijay Ku. And Ors. Vs. State of Orissa[18],
• Ezra Victor Aboody vs. H. Dhanrajgir Estate Pvt. Ltd[19] and many more.
• Mulla,The Indian Partnership Act(10 edition) 2012.
• Indian Partnership Act,1932
• Section 69,Indian Partnership Act,1932.
• Indian Partnership Act,1932.
• Article 300, Constitution of India.
• Maneka Gandhi v. Union of India and Anr. [1978]2SCR621
• Chiranjit Lal Chowdhuri v. Union of India: [1950]1SCR869
• Ananda Behera v. State of Orissa: [1955]2SCR919
• Virendra Singh v. State of U.P.: [1955]1SCR415
• Vajrapuri Naidu, N. v. New Theatres, Carnatic Talkies Ltd. 1959)2MLJ469
• Article 14, Constitution of India.
• Article 19, Constitution of India.
• Chintamanrao and Anr. v. The State of Madhya Pradesh [1950]1SCR759
• M.C.V.S. Arunachala Nadar v. State of Madras and Ors.: AIR1959SC300
• Jagdish Chandra Gupta v. Kajaria Traders (India) Ltd.: [1964]8SCR50
• Oanali Ismalji Sadikot v. State of Gujarat and Ors ,Special Criminal Application No. 421 of 2007
• Bijay Ku. And Ors. Vs. State of Orissa,WP No. 9251 of 2009.
• Ezra Victor Aboody vs. H. Dhanrajgir Estate Pvt. Ltd,AA no. 4 of 2007.
• Tube Investments of India Limited and Ors.vs. T Assistant Commissioner of Income Tax and Ors, Tax case 249 of 2006.

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Preparation of Journal, Ledger, Trial balance and Financial Statements of a partnership firm on the basis of a case study- 15 Transactions

Table of Contents

Preparation of Journal, Ledger, Trial balance, and Financial Statements of a partnership firm on the basis of a case study: 

• Partnership Deed
• 15 transactions
• Journal Entries
• Trial Balance
• Trading and Profit and Loss Account
• Profit and Loss Appropriation
• Partner’s Capital Account
• Balance Sheet

Partnership Deed:

A partnership Deed is a written agreement among the partners for managing the affairs of a partnership firm Business.

Definition of partnership Deed

‘ Partnership Deed’ is a written statement (Document) that contains the terms and conditions governing the partnership firm’s business.

Every firm can frame its own partnership deed in which the objective of the partnership business, the contribution of capital by each partner, the ratio in which the profits and the losses will be shared by the partners, rights, duties, and liabilities of the partners are stated in detail. It helps in settling up the disputes arising among the partners during the general conduct of partnership business.

Read in Hindi :  साझेदारी विलेख/ संलेख

Financial Statements of a partnership firm on the basis of a case study

Key points of Definition of partnership Deed

• Partnership Deed is an agreement.
• It contains terms and Conditions of the agreement.
• Partnership Deed contains the objective of partnership business.
• It includes agreement on profit sharing ratio.
• It contains the rights, duties, and liabilities of the partners.
• A written form is called ‘partnership deed’
• Partnership Deed is also called ‘ Articles of Partnership’
• It can be oral or written but, writing is considered good.

Also Read: 20 transactions with their Journal Entries, Ledger and Trial balance

Main Contents of Partnership Deed

(i) Name and address of the partnership firm.

(ii) Nature and objectives of the business.

(iii) Name and address of each partner.

(iv) Ratio in which profits and Losses is to be shared.

(v) Capital contribution by each partner.

(vi) Rate of Interest on capital if allowed.

(vii) Salary, bonus, commission or any other remuneration to partners, if allowed.

(viii) Rate of interest on loans and advances by a partner to the firm.

(ix) Drawings of partners and rate of interest charged on drawing.

(x) Method of valuation of goodwill

(xi) Settlement of disputes by arbitration (Mediation);

(xii) Settlement of accounts at the time of retirement or death of a partner.

(xiii) Circumstances (situation or condition) in which the firm can be dissolved.

(xiv) Settlement of accounts at the time of dissolution of a firm.

(xv) Admission of a new partner.

(xvi) revaluation of assets and  liabilities on the reconstitution of the partnership i.e. on the  admission, retirement or death of a partner;

(xvii) Rights, duties and liabilities of the partners

(xviii) Bank Account Operation.

(xix) Accounting period.

(xx)Period of Partnership (If any)

(xxi) Retirement of a Partner.

(xxii) Any other matter relating to the conduct of business.

Normally, the partnership deed covers all matters affecting the relationship of partners amongst themselves. However, if there is no express agreement on certain matters, the provisions of the Indian Partnership Act, 1932 section (13b) shall apply.

Also Read :  Meaning and advantages of Double Entry System

Accounting rules applicable in the absence of Partnership deed

Provisions of the indian partnership act, 1932 are applied ( section 13 b).

• Profit sharing Ratio: Profits and losses would be shared equally among partners.
• Interest on capital : No interest on capital would be allowed to partners. If there is an agreement to allow interest on capital it is to be allowed only in case of profits.
• Interest on drawings: No interest on drawings would be charged from partners drawing.
• Salary, Bonus, Commission: No salary or commission and bonus and any other remuneration are to be allowed to partners.
• Interest on Loan: If a partner has provided any Loan to the firm, he would be paid Interest at the rate of 6% p.a. This interest on the loan is a charge against profits i.e. it is to be allowed even if there are losses to the firm.
• Admission of a new partner: A new Partner can be admitted only with the consent of all the existing (old) partners.
• Right to participate in the business: Each partner has a right to participate in the proceedings of the business.
• Inspection of the accounts of the firm: Each partner has the right to inspect the accounts of the firm and can have a copy of the same.

       Note: Any of the above provisions can be changed by the partners after an agreement.

Mr. Mohit and Mr. Mayank entered into a partnership business and decided to sell computers. Their  Partnership Deed  is as follows.

• Name of the Firm:  Mohit & Brothers
• Name of the partners: Mohit and Mayank
• Capital Contribution: Mohit will contribute ₹10,00,000. Mayank will contribute ₹10,00,000.
• Profit sharing Ratio:  They decided to share profits and losses equally.
• Interest on Capital:  Interest is to be allowed on capital @ 5% p.a.
• Interest on Drawing:  Interest on drawing is to be charged @ 10% p.a.
• Salary to Partner:  No salary allowed.
• Commission/Bonus:  Mohit is entitled to a commission of ₹20,000 p.m.
• Each partner can take part in the management and conduct of business.

15 Transactions:

Admission of a partner-Important Questions-2

Journal Entries:

Trial Balance :

Trading and Profit&Loss Account:

Profit and loss Appropriation Account

Profit and Loss  Appropriation Account:

Journal Entries (For Appropriation)

Note: From 1st March to 31st March, One Month of Interest will be calculated on the Capital Of Mohit and Rachit:

Mohit’s Interest on Capital= 10,00,000X5/100X1/12 = 4,166.66 Or 4,167 Rachit’s Interest on Capital= 10,00,000X5/100X1/12 = 4,166.66 Or 4,167

Format of Profit and loss Appropriation Account

Partner’s Capital Account:

Balance Sheet:

Admission of a partner-Important Questions-1

Important questions of fundamentals of partnership-3

Hidden Goodwill at the time of Admission of A New Partner

Important questions of fundamentals of partnership

Important questions of fundamentals of partnership-2

Goodwill questions for practice Class 12 ISC & CBSE

Important questions of fundamentals of partnership-5

ACCOUNTING TREATMENT OF GOODWILL AT THE TIME OF ADMISSION OF A NEW PARTNER

Admission of a partner-Important Questions-3

Admission of a partner-Important Questions-5

Admission of a partner-Important Questions-4

22 thoughts on “Preparation of Journal, Ledger, Trial balance and Financial Statements of a partnership firm on the basis of a case study- 15 Transactions”

Thank you Sir

Thank you so much…you’re a true life saver! This helped me incredibly whilst doing my ISC Accounts Projects… God Bless!;-)

Your article helped me a lot, is there any more related content? Thanks!

Thank You Sir 🙏 This article is too helpful……

This article is salient… Truly grateful Sir.! 🙂

Sir can you plz give the bar presentation

Hello mera ek doubt ha balance sheet pe yeh cash in hand and cash at bank kaha se aya question pe nhi ha

cash in hand represent the (Balance of cash Account) and cash at bank represent the (Balance of Bank Account)

Hello ye IOC 4167 kese aya Or Ye Capital a/c toh balance hi nhi hua hai

Sir ye closing stock kese aya firr

See the working note below the trial balance

And sir yeh capital account to balance hi nhi ha

Partner capital account kese balance huaa sir

Sir closing stock kese aya

Sir closing stock kese nikala hai coz kitne computer purchase kiya aur kitna sell vo toh mention hi nahi hai

Go through the Question carefully and Analyze

How you got closing stock

Thank you sir for this wonderful project

Thank You Sir ❤️, Article is easy to understand and helped us too.

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• Partnership Firm Registration

Partnership is another important form of business organization other than sole proprietorship and company form of business structures. There are circumstances where it would not be necessary for an entrepreneur to provide the necessary capital and resources. Furthermore, the nature of the business is such that it requires supervision and control, division of work and sharing of risks. However, the number of members available to share the risk as well as profits is not very large in the case of the company is. Furthermore, the size of the business undertaken to adopt the company form of the organization is not large enough. This is when the business can be taken into a partnership form by the entrepreneur. So, let's understand what is a partnership business and how is a partnership firm registration.

What is a partnership?

A partnership is a form of business unit where two or more individuals come together to provide the expected resources and share profits in an agreed ratio. The Indian Partnership Act, 1932 defines "partnership" as

"Relationships between individuals who have agreed to share the profits of the business done for all or any of them acting for all."

Thus, individuals who agree to form a partnership form of a business entity are called individually partners. In addition, individuals forming partnerships are collectively known as "firms".

As per the Companies Act, 2013, the minimum number of persons required as a business partnership is 2. Whereas in case of partnership firm the maximum number of members should not exceed 100.

This is contrary to the Companies Act 1956, wherein the maximum limit of members is set as 10 in case of partnership and banking and other businesses.

Goals of partnership firm

Formed on the basis of an agreement

A partnership firm comes into existence on the basis of an agreement between two or more partners who agree to start a business. The terms and conditions governing such a partnership are known as partnership documents.

Survival of a business activity

A partnership form of business activity can only be formed on the basis of the existence of business activity. Business can be anything and may include any trade, industry or profession.

Profit and loss partnership between partners

The partners are entitled to share the profits as well as bear any losses during the course of the business.

The existence of an agency relationship

All partners or one partner acting on behalf of the other may carry on the business of partnership. This means that each partner is a leader in himself who can act on his own. In addition, he can also act on behalf of other partners by acting as his agent.

Unlimited liability of partners

Each partner is personally liable for all losses incurred during business. That is to say, their personal assets can be used to pay off the outstanding debts of the partnership firm.

Joint management

Each partner is entitled to participate in the day to day operations of the business. However, it is not mandatory for every partner to participate in the day-to-day tasks of the business. But, partners running the business are required to seek the consent of other partners to make the expected decisions.

Limit on transferability of share

A partner cannot transfer his share to another person. However, he can do so on the consent of other partners.

No compulsory registration

It is not mandatory to register the entity's partnership form. However, partners may choose to register the firm with the Registrar of Firms.

Duration of partnership firm

A partnership firm can continue as long as the partners wish to do so. However, by law, a partnership can terminate if either partner dies, retires, or goes bankrupt. However, the remaining partners can continue to do business under the same name after sorting the payable shares of the outgoing partner.

How to choose a partnership firm name?

Partners who become part of a partnership business unit will choose any name for their business. However it is subject to the following rules. As per section 58 (3) of Indian Partnership Act, 1932:

A partnership firm must not have the following words in its name. These include crown, emperor, empire, empress, royal, king, queen, royal or other words indicating approval or approval by the government.

The name should not be similar to any of the names of existing firms engaged in similar businesses. The idea behind such a rule is to avoid injuring the reputation or goodwill of the existing firm if the new firm adopts a similar business name.

What is a partnership deed and how is it prepared?

A partnership deed is basically a document that shows the rights and responsibilities of all partners.

Features of partnership:

Some of the features of the partnership are:

Contract or Formation - A firm with multiple owners must have a legal agreement between all partners. Therefore, to establish a partnership firm it is mandatory to have a partnership contract.

Unlimited Liability - All Partners

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A Report on Procedure of Winding up Partnership Firm

Table of Contents

INTRODUCTION:

According to sec.4 of the Indian Partnership Act 1932, “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all.” Persons who have entered into a partnership are called individually ‘partners’ and collectively a ‘firm.’ The dissolution of a firm means a firm ceases to exist. The relationship existing between the partners discontinues. The whole firm is dissolved, and the partnership terminates. The dissolution of a partnership between all the partners of the firm is called the

‘DISSOLUTION OF THE FIRM’

The entire procedure for bringing a lawful end to the life of a company is divided into two stages. These two stages are winding up and dissolution. Winding up of a company is defined as a process by which the life of a company is brought to an end, and its property administered for the benefit of its members and creditors. It is the last stage, putting an end to the life of a company. The main purpose of winding up is to realize the assets and make the payments of the company’s debts fairly. Thus, winding up is the process by which management of a company’s affairs is taken out of its directors, a liquidator realizes its assets, and its debts are discharged out of proceeds of realization.

AIMS AND OBJECTIVES:

The project aims to learn different methods of winding up of partnership firm

Objectives of the study are

• To learn the difference between the dissolution of partnership and dissolution of the firm.
• To learn about Dissolution without the intervention of Court
• To learn about Dissolution on the happening of a contingent event.
• To learn about Dissolution by notice.
• To learn about Dissolution by Court.

METHOD AND METHODOLOGY:

In this project, we are going to learn about different types of winding up of a partnership firm

Primary data is data gathered for the first time by the researcher. It is the raw form of data and thoroughly studied and hence, a helpful tool for secondary data. Here the method used for the collection of primary data is by using the reference of the website.

The referred websites in this project are used as a source of data for this project. Most of the content is collected from these websites. The authenticity of this information cannot be taken seriously, and thus, keeping that in mind, most of that data might be true or fake.

DETAIL REPORT OF PROJECT :

Dissolution of a partnership firm:, dissolution by agreement:.

A partnership arises from contract and can come to an end by contract. Therefore, the firm may be dissolved with the consent of all the partners or by a contract between the partners.

Dissolution by Notice:

Where the partnership is at will, the firm may be dissolved by any partner giving notice in writing of his intention to dissolve the firm. The firm is dissolved from the date mentioned in the notice as the date of dissolution. An individual partner is empowered to bring an end to the firm.

Dissolution on the happening of certain contingencies:

Subject to contract between the partners, a firm can be dissolved on the happening of the following circumstances :

• Expiry of the term when constituted for a fixed term.
• Completion of the venture or undertaking when the firm constituted to carry on a venture or undertaking.
• Death of a partner.
• Adjudication of a partner as an insolvent.

The partnership agreement may provide that the firm will not be dissolved in any of the above circumstances.

Compulsory Dissolution:

A firm is compulsorily dissolved under any of the following circumstances :

• When all the partners or all but one are adjudged insolvent.
• When the business of the firm becomes unlawful because of the happening of some event.

Dissolution by the Court:

When the partners are having a difference of opinion regarding the dissolution of the firm on certain grounds, a suit can be filed by any partner in the court to dissolve the firm. Depending upon the merits of the matter, the court may order for the dissolution of the firm. Under Section 44 of the Act, the court may dissolve the firm on the following grounds :

When.a partner becomes insane, the court may order to dissolve the firm. The suit can be filed by any of the other partners or even by any friend of the insane partner.

Permanent incapacity:

When a partner becomes permanently incapable of doing his duties as a partner, the court may dissolve the firm. The suit for dissolution must be filed by a partner other than the incapacitated partner.

Misconduct:

When a partner, other than the partner suing, is guilty of misconduct and such misconduct is likely to affect the carrying on of the business, the court may dissolve the firm. The misconduct may be outside the business (punishment for an offense, adultery of a partner, etc.

Persistent breach of agreement:

When a partner persistently or willfully commits the breach of an agreement or conducts himself in such a manner that it is impossible on the part of other partners to carry on the business with him, the court may dissolve the firm. Maintaining wrong accounts, taking away the books of accounts, continuous quarreling with other partners are good grounds.

Transfer of interest:

When a partner transfers his whole interest in the firm to a third party, or all his shares are sold or attached by the court under a decree, the court may dissolve the firm.

Continuous losses:

When the business cannot be carried on except at a loss, the court may dissolve the firm.

Any other ground:

The court may dissolve the firm on any other ground where the court considers it just and equitable to wind up the business.

ANALYSIS OF DATA:

How to wind up a partnership firm.

• One has to submit a declaration to Registrar of Companies, stating that the company will pay its dues and liquidation is not to defraud any person. Similar to the one when we submit for the registration of partnership firm
• Within four weeks of such declaration, the special resolution has to be passed for approval of the proposal of voluntary liquidation and appointment of the liquidator
• Within five days of such approval, the public announcement in newspaper and website of the company has to be made for inviting claims of stakeholders
• Within seven days of such approval, intimation should be given to ROC and Board
• Submission of a preliminary report containing capital structure, estimates of assets and liabilities, proposed plan of action within 45 days to a corporate person
• Verification of claims within 30 days and preparation of a list of stakeholders within 45 days from the last date of receipt of claims
• For the receipt of money due to corporate person, a bank account needs to be open in the name of the corporate person having words ‘involuntary liquidation’ after its name.
• Sale of assets and recovery of dues money, uncalled capital is realized
• The proceeds from realization to be distributed within six months from receipt of the amount to the stakeholders
• The final report by the liquidator has to be submitted to the corporate person, ROC, the Board, and application to NCLT.
• The order of NCLT regarding dissolution to be submitted within 14 days of receipt of order.

Here is a list of e ssential documents required for the formation of a company .

CONCLUSION:

In the year 1999, as per Justice Eradi Committee Report, 473 winding-up cases were pending for more than 25 years, and in 2015, 1479 winding-up cases were pending for more than 20 years, as per data furnished by the Department of Financial Services. The Insolvency and Bankruptcy Code, 2016, was passed to ensure time-bound settlement of insolvency, which would, in turn, help in solving India’s bad debt problem.

To expedite the process of voluntary winding up, the Government had introduced New Regulations as the procedure of voluntary winding up under Companies Act, 1956 was time-consuming, and there was no prescribed qualification for the liquidator. The Code mandates that insolvency professionals are to be appointed as Liquidators, such a move is welcome by corporates and professionals.

The Code and Regulations provide a favorable framework for companies and limited liability partnerships. Though the process remains almost similar to the previous regime, the major change has taken place in the initiation of winding up the process. Earlier, the company or any of its creditors could file a voluntary winding up a petition. Still, now the company, directors, designated partners, or persons responsible for exercising its corporate powers can initiate the winding-up process. Moreover, the approval of creditors representing two-thirds of corporate debt is mandatory under the Code for initiating voluntary winding-up proceedings.

To sum it up, now every company which proposes to wind up is required to follow Insolvency and Bankruptcy Code, 2016. The Code is quite comprehensive and wider as against Companies Act, 1956. It is expected that Code would help in overcoming delays and complexities involved in the process due to the presence of four adjudicating authorities, High Court, Company Law Board, Board for Industrial and Financial Reconstruction, and Debt Recovery Tribunal. It would also lessen the burden on courts as all the litigation will be filed under the Code.

DISCUSSION:

1. Can other partners continue the same business under the same firm name and style?

In the matter of P. Venkateswarlu v. Lakshmi Narshima Rao, AIR 2002 AP 62, the court held that in case of dissolution of the partnership, the firm might be dissolved by any partner giving notice in writing to all the other partners of his intentions to dissolve the firm.

2. If two partners send the notice out of 4, can the remaining two continue?

if no notice is issued section 43 of partnership act then the partner can also move court seeking dissolution of the firm and for taking of accounts under order 20 Rule 15 of CPC

SUGGESTION:

In this case which firms under dissolution then it should take in consideration of the all debtors and receive the money pending and sale all the fixed assets of the firm to paying the debts and all pending liabilities . in that case the company under dissolution will pass the special resolution in boards meeting. All debts of the company paying and fixed assets all sale, and if the company pays its total liabilities, then the company is a solvency company. This is the main suggestions that the company pay its debts and merger and amalgamate with other company.

ACKNOWLEDGMENT :

My profound gratitude to all the faculty members of the Department, for their timely assistance and encouragement throughout my research work.

I duly acknowledge the encouragement and support of the research scholars in the department, and all my colleagues and friends.

It gives me immense pleasure to take the opportunity to all the people who are directly or indirectly involved in the completion of my project based on A Report on Procedure of Winding up Partnership Firm

With deep reverence, I offer my deepest gratitude _____, without whom this project could not have been fulfilled.

Lastly, I thank Almighty, my parents, family members, friends, and teachers for their constant encouragement and support, without which this project would not be possible.

Name of School/College

BIBLIOGRAPHY / REFERENCE :

• https://blog.ipleaders.in/comparative-analysis-winding-company-companies-act-1956-companies-act-2013-insolvency-bankruptcy-code-2016/
• http://www.legalservicesindia.com/article/article/dissolution-of-partnership-firm-1063-1.html
• http://www.preservearticles.com/201101153419/procedures-for-dissolution-of-partnership-firm-in-india.html

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Case Study Questions Chapter 2 Accounting for Partnership Firms – Basic Concepts

Students can read the Case Study questions given below for Accounting for Partnership Firms – Basic Concepts Class 12 Accountancy. All Accounting for Partnership Firms – Basic Concepts Class 12 Notes and questions with solutions have been prepared based on the latest syllabus and examination guidelines issued by CBSE, NCERT and KVS. You should read all Case Study Questions provided by us and the Class 12 Accountancy Case Study Questions provided for all chapters to get better marks in examinations.

Case Study Questions of Accounting for Partnership Firms – Basic Concepts Class 12

Read the following information carefully and answer the questions that follow: X and Y are partners in 3:2. Their capital balances as on 1st April 2020 amounting to ₹2,00,000 each. On 1st February, 2021, X contributed an additional capital of ₹1,00,000. Following are the terms of deed: a) Interest on capital @ 6% per annum b) Interest on drawings @ 8% per annum c) Salary to X ₹1500 per month d) Commission to Y @10% on net profit after charging interest on capital, salary and his commission. Drawings of the partners were ₹20,000 and ₹30,000 respectively during the year. Net profit earned by the firm was ₹2,08,000.

Choose the correct option based on the above information: Question. What is the amount of Interest on capitals of X and Y: a) ₹12,000 each b) ₹12,000 to X and ₹ ₹13,000 to Y c) ₹13,000 to X and ₹12,000 to Y d) None of the above.

Question. What is X’s share in the net divisible profit? a) ₹ 124400 b) ₹ 83600 c) ₹ 91200 d) ₹ 60800

Question. What is the amount of interest on drawings of X and Y: a) ₹ 1200 and ₹ 1800 respectively b) ₹ 800 and ₹ 1200 respectively c) ₹ 1200 and ₹ 800 respectively d) ₹ 1600 ₹ 2400 respectively

Question. What is the amount of commission payable to Y? a) ₹ 15000 b) ₹ 16500 c) ₹ 20800 d) None of these

Question. What will be the closing capital of X after all adjustments? a) ₹ 422200 b) ₹ 401400 c) ₹ 300000 d) ₹ 423000

Read the following information carefully and answer the questions that follow: A, B and C were partners sharing profits in the ratio of 1:2:3. Their fixed capitals on 1st April, 2020 were: A ₹3,00,000; B ₹4,50,000 and C ₹10,00,000. Their partnership deed provided the following: i. A provides his personal office to the firm for business use charging yearly rent of ₹1,50,000. ii. Interest on capitals @8% p.a. and interest on drawings @ 10% p.a. iii. A was allowed a salary @ 10,000 per month. iv. B was allowed a commission of 10% of net profit as shown by Profit and Loss account, after charging such commission. v. C was guaranteed a profit of ₹3,00,000 after making all adjustments. The net profit for the year ended 31st march, 2021 was ₹10,30,000 before making above adjustments. You are informed that A has withdrawn ₹5,000 in the beginning of each month, B has withdrawn ₹5,000 at the end of each month and C has withdrawn ₹ 24,000 in the beginning of each quarter.

Choose the correct option based on the above information:

Question. Net profit for the year is: a) ₹10,30,000 b) ₹11,80,000 c) ₹7,30,000 d) ₹8,80,000

Question. What will be the total interest on drawings? a) ₹24,000 b) ₹12,000 c) ₹36,000 d) 48,000.

Question. What will be the divisible profit? a) ₹5,56,000 b) ₹5,50,000 c) ₹5,52,000 d) ₹5,53,000.

Question. A’s rent will be shown in: a) Profit and loss account b) Profit and Loss Appropriation account c) A’s Capital account d) None of the above

Question.What will be the commission of B? a) ₹8,00,000 b) ₹96,000 c) ₹80,000 d) ₹72,000.

I. Read the given extract and answer the following questions:   Since partnership is the outcome of an agreement, it is essential that there must be some terms and conditions agreed upon by all the partners. Such terms and conditions may be either oral or written. The law does not make it compulsory to have a written agreement. However, in order to avoid all misunderstandings and disputes, it is always the best course to have a written agreement duly signed and registered under the Act. Such a written document which contains the terms of agreement is called ‘Partnership Deed’. In the absence of a partnership deed or verbal agreement, or if the partnership deed is silent on a certain point, various provisions of Partnership Act, 1932 will be applicable. 

Question . In the absence of Partnership Deed, interest on loan of a partner is allowed: (a) at 8% per annum (b) at 6% per annum (c) no interest is allowed (d) at 12% per annum

Question . The Partnership Deed is silent on payment of salary to partners. Amita, a partner, claimed that since shemanages the business, she should get a monthly salary of ` 10,000. Is she entitled for the salary? (a) No (b) Yes (c) Half of the salary (d) Defined salary by law

Question. In the absence of Partnership Deed the profits are divided among the partners: (a) in the ratio of their capital (b) equally (c) in the ratio of time devoted for the firm’s business (d) according to their managerial abilities

Question. If their is a provision for the interest on capital in the partnership deed, it will be allowed only when there is ………….. . (a) Loss (b) Profit (c) Profit of atleast `10,000 (d) Profit of at least `50,000

II. Read the given extract and answer the following questions: Partnership Firm and partners are considered separate from each other. When partners withdraw money from business for their personal use, then the term used for such withdrawal of money is known as Drawings. Since, drawings is a type of loan provided to the partners, and they have to pay interest on the amount withdrawn from the firm, which is known as interest on drawings. 

Question. If the date of drawings of the partners is not given in the question, interest is charged for how much time?  (a) 1 month (b) 3 months (c) 6 months (d) 12 months

Question. In a partnership firm, a partner withdrew `5,000 per month on the first day of every month during theyear for personal expenses. If interest on drawings is charged @ 6% p.a. the interest charged will be: (a) `3,600 (b) `1,950 (c) `1,800 (d) `1,650

Question. Where would you record ‘Interest on Drawings’ when Capitals are fluctuating? (a) Debit side of Partner’s Capital A/c (b) Debit side of Partner’s Current A/c (c) Credit side of Partner’s Current A/c (d) Credit side of Partner’s Capital A/c

Question. How is interest on drawings calculated, if the drawings are made at regular intervals, as on the last dayof each month? (a) Total Drawings ×Rate/100 x 6.5/12 months     b) Total Drawings × Rate/100×6 months/12months (c) Total Drawings × Rate/100×55 months/12months  (d) None of the above

III. Read the given information and answer the following questions:  On 1-4-2021 Jay and Vijay, entered into partnership for supplying Oxygen concentrators to Government schools situated in remote and backward areas. They contributed capitals of `80,000 and `50,000 respectively and agreed to share the profits in the ratio of 3 : 2. The Partnership Deed provided that interest on capital shall be allowed at 9% per annum. During the year the firm earned a profit of `7,800. !!!

Question. What should be the amount of Vijay’s interest on Capital (Blank B)? (a) `4,500 (b) `4,000 (c) `7,200 (d) `3,000

Question. Interest on capital can only be calculated using ……….. . (a) Opening Capital (b) Closing Capital (c) Both (a) and (b) (d) Neither (a) nor (b)

Question. What should be the amount of Jay’s interest on Capital (Blank A)? (a) `4,000 (b) `4,500 (c) `4,800 (d) `7,200

Question. When the profit is less than the amount of interest on capitals, the available profit will be distributed ………….. . (a) equally (b) in the ratio of their capital (c) Both (a) and (b) (d) Neither (a) nor (b)

IV. Read the given information and answer the following questions: A and B are partners in a new start-up providing personal care services to the citizens of a city. A and B are sharing profits and losses in the ratio of 3 : 2. Their capital on 31st March, 2022 after all the adjustments stood at `1,65,500 and `1,27,600 respectively. Profits amounting to `50,000 for the year 2021-22 were distributed after adjusting interest on drawings @ 12% p.a. During the year A withdrew `15,000 at the beginning of every quarter and B withdrew `40,000 during the year. Partnership deed is silent on interest on drawings but provides for interest on Capital @ 5% p.a. Interest on Capital has not been provided. !

Question. What was the balance in their capital accounts on 1st April, 2021? (a) `1,65,500 and `1,27,600 (b) `2,00,000 and `1,50,000 (c) `1,50,000 and `2,00,000 (d) None of the above

Question. What was the amount of interest on Drawings that was charged from A and B? (a) `7,200 and `2,400 (b) `2,400 and `4,500 (c) `4,500 and `2,400 (d) `4,000 and `6,000

Question. Partners’ amount of interest on capital are: (a) `10,000 and `7,500 (b) `15,000 and `7,500 (c) `16,000 and `6,000 (d) None of the above

V. Read the given information and answer the following questions: Nancy, Shweta and Ajay were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 4. Their partnership deed provided for the following: (i) Interest on capital @ 5% p.a. (ii) Interest on drawings @ 12% p.a. (iii) Interest on partners’ loan @ 6% p.a. (iv) Nancy was allowed an annual salary of `4,000; Shweta was allowed a commission of 10% of net profitas shown by Profit & Loss Account and Ajay was guaranteed a profit of `1,50,000 after making all theadjustments as provided in the partnership agreement. Their fixed capitals were Nancy—`5,00,000; Shweta—`8,00,000 and Ajay—`4,00,000. On 1st April, 2021 Shweta extended a loan of `1,00,000 to the firm. The net profit of the firm for the year ended 31st March, 2021 before interest on Shweta’s loan was `3,06,000.    Prepare Profit and Loss Appropriation Account of Nancy, Shweta and Ajay for the year ended 31st March, 2021 and their Current Accounts assuming that Shweta withdrew `5,000 at the end of each month, Nancy withdrew `10,000 at the end of each quarter and Ajay withdrew `40,000 at the end of each half year.

Question. What is each partner’s interest on drawings? (a) `3300, `1800, `2400 (b) `1800, `3300, `2400 (c) `2400, `3600, `4800 (d) None of the above

Question. What should be the amount of profit after adjustments? (a) `1,88,500 (b) `2,10,500 (c) `3,00,000 (d) None of the above

Question. What is the amount of Net Profit? (a) `3,06,000 (b) `3,00,000 (c) `2,00,000 (d) None of the above

Question. Calculate the amount of Ajay’s deficiency? (a) `75,400 (b) `74,600 (c) `85,000 (d) `56,550

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Case Study Based Questions on Partnership - Accountancy as Per CBSE Questions And Answers | Case Study Accountancy Class 12

 case study accountancy class 12, partnership.

Explanation: Given in the Case Study  "Their initial fixed capital contribution was ₹1,20,000 and ₹80,000 respectively."

When Fixed Capital is Given Remuneration will be transferred to Partners Current Account.

Question 2:

Upon the admission of Sundaram the sacrifice for providing his share of profits would be done:

(a) by Amit only.

(b) by Mahesh only.

(c) by Amit and Mahesh equally.

(d) by Amit and Mahesh in the ratio of 3:2.

Answer: (D)   by Amit and Mahesh in the ratio of 3:2.

Explanation: In the Case Study only new Partners Profit Share is given and Sacrifice made by the old partners is not given.

In this case, it is assumed that the new partner has acquired his share from old partners in their old profit sharing ratio.

Question 3 :

Sundaram will be entitled to a remuneration of _____________at the end of the year.

Answer: ₹ 15000

Explanation: Given in the Case Study "............. Sundaram as a new partner and offered him 20% as a share of profits along with monthly remuneration of ₹ 2,500."

2500 X 12 = 15000

Question 4 :

While taking up the accounting procedure for this reconstitution the accountant of the firm Mr.  Suraj Marwaha faced a difficulty. Solve it be answering the following:

For the amount of loan that Sundaram has agreed to provide, he is entitled to interest thereon at  the rate of ____________.

Answer: 6% p.a.

Explanation: In the Case Study the Rate of Interest for Loan is not mentioned.

and According to the Indian Partnership Act 1932, in the absence of information about  Interest on Loan, it will be given @ 6% p.a.

Case Study 2 (Not for Profit Organisation)

Case Study 3 (Coming Soon)

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• Judgments 36831

.... (2) The plaintiff's suits were dismissed by him primarily on the ground that the suits were not maintainable, as the plaintiff firm was not registered under section 69 (2) of the indian partnership act . T...from the relative contract of tenancy. It is clear, therefore, that suits for ejectment would be suits of the description contemplated by section 69 (2) of the indian partnership act . (3) We are also of the...three suits for ejectment, which came up to this court in second appeal. The present appeals are directed against decrees of dismissal, passed by chatterji, j. In the above three cases ...

...the Companies Act makes it clear that Part X of the Act does not affect the operation of the Indian Partnership Act . Section 590 states:“Saving and construction of enactments confe...which Chapter VI of the Indian Partnership Act contains besides provisions for the dissolution of partnership are left untouched by Section 590 of the Companies Act , 1956. The cases cited in suppo...wound up by the Court. Admittedly this is not a case of voluntary winding up or winding up subject to the supervision of the Court. Chapter VI of the Indian Partnership Act , 1932 also contains provisions...

...of the provisions of the Indian Partnership Act to the cases arising under llie Income-tax...this section only applies to a continuing unit as understood under the Indian Partnership Act and does not take into its ambit the cases of such, firms as are dissolved and...firms reconstituted within the meaning of Section 187(2) of the Act could under the strict provisions of the Indian Partnership Act be regarded as the successors of the old firms. Sectio...

...whether on the facts and circumstances established in the cases an inference of a partnership firm within the meaning of the Indian Partnership Act , 1932 followed and Section 13 was not attracted...firm. That does not necessarily mean that it is a partnership firm within the meaning of Section 4 of the Indian Partnership Act as indicated in Section 2(k) of the Act . In our view no facts and circumstan...which was used for agricultural purposes, namely, the cultivation of sugarcane etc. The definition section further stated that the word “firm” had the same meaning as in the Indian Partnership Act ...

... Partnership Act , as some cases do, a sub-partner has definite enforceable rights to claim a share in the profits accrued to or received by the partner.11. The decision of..., Calcutta Bench, under Section 66(1) of the Indian Income Tax Act (11 of 1922)(hereinafter called “the Act ”). One of the references (Income Tax Reference No. 20 of 1959) was made at the instance of M/s...Ghanshyamdas and not Murlidhar Himatsingka who must be taken to be acting on behalf of the firm Fatehchand Murlidhar. Mr Sen further urges that the Indian Income Tax Act taxes real income and not notional...

...) of the Act , In these cases , it was held that the definition of partnership in Section 4 of the Indian Partnership Act envisages an agreement between the parties. A min...30(1) and (2) of the Indian Partnership Act , a minor cannot be a partner. He can be admitted to the benefits of the partnership . On attaining majority, if he so elects, he, under Section 30...', 'partner' and ' partnership ' have the meanings respectively assigned to them in the Indian Partnership Act , 1932 (IX of 1932); but the expression 'partner' shall also include...

...language of the English enactment in the important provisions of the Indian Partnership Act with a view to " attract to difficult cases in India the benefits of English...sections 14 and 15 of the Indian Partnership Act relating to partnership property are almost identical in terms with those of Sections 20(1) and Section 21 of the English...on the question of such conversion ; at least, none has been cited at the Bar. The provisions of the Indian Partnership Act , 1932, are based mainly on the...

...unregistered partnership firm, the above prosecution is not sustainable under S. 69(2) of the Indian partnership Act The effect of non-registration of the Partnership Firm under ...of revision petitioner that the prosecution in this case is not sustainable under S. 69(2) of the Indian partnership Act is not acceptable.5. The counsel for...incompetent to give evidence in this case and there is no proper representation of the Partnership Firm. But under the Partnership Act all partners are agents of the Partnership Firm and therefore, every...

...that by itself does not necessarily establish a partnership within the meaning of the Partnership Act , 1932. Accordingly, it seems to us th...4 of the Indian Partnership Act , which is entitled to registration under section 26A of the Indian Income-tax...of the Indian Partnership Act .5. Mr. Subimal Roy, learned counsel appearing for the applicants, raised various points attacking the decision of the Tribunal. Before dealing with...

... Indian commercial men to regard the firm as having some sort of legal entity apart from the partners has been recognised for some purposes in the Indian Partnership Act , 1932. However, i...good since the passing of the Indian Partnership Act , 1932, which recognises a distinct entity for a firm apart 4rom the members composing it. It was also urged that keeping...observed:“It is true that the Indian Partnership Act goes further than the English Partnership Act , 1890, in recognising that a...

...operation of the Indian Partnership Act . Section 590 states Saving and construction of enactments conferring power to wind up partnership , association or company in certain ... 1977 SCC (4) 9 ACT : Companies Act , 1956, Part X, S. 590 vis-a-vis Indian Partnership Act , 1932. for winding up of unregistered companies..., the Court, HELD : The provisions for winding up of the affairs of a firm which Chapter VI of the Indian Partnership Act contains besides provisions for the dissolution of partnership , are left...

...one of the partners, the firm should not stand dissolved. Mr. Kaji is right when he says that the provisions of section 42(c) of the Indian Partnership Act do not require that there must be an agr...the law. Further, section 187 does not say that the relevant provision of the Indian Partnership Act would have no application. Here in the absence of any agreement to the contrary, on the deat...provisions of section 42(c) of the Indian Partnership Act , that a completely new partnership came into being on June 9, 1966, and, therefore, it was a case of succession of one...

...applicable to the instant case. In this connection, it may be mentioned that according to Section 14 of the Indian Partnership Act , property of a firm includes goodwill of the business. Further...the assets of the firm to which the transferring partner is entitled to. It further appears that under proviso to Section 53 of the Indian Partnership Act , in case of dissolution, a partner or his...case, the benefit of partnership given to minors Kiritkumar Chhotalal and Deepak Kumar Chhotalal was a gift under the Gift Tax Act , 1958?”The High Court answered...

...him, it is necessary that partnership firm should be registered as required under Section 69 of the Indian Partnership Act , 1932. 13. Mr. Mehta, has brought to our notice that Sect... Indian Partnership Act is not applicable for supply of signals to the cable operators. 15. In view of our clear findings in various judgements, prima-facie, I am of the view that Section 69 (2... Partnership Expired on 13.6.2012 3. 829 (C) of 2012 Sole Proprietary Expired on 15.7.2012 4. 830 (C) of 2012...

... Partnership Act , 1932. 13. Mr. Mehta, has brought to our notice that Section 69 of the Indian Partnership Act , 1932 is not applicable in these ...Section 69 of the Indian Partnership Act is not applicable for supply of signals to the cable operators. 15. In view of our clear findings in various judgements, prima-facie, I ...boxes wherever the partnership firm has not been registered as according to him, it is necessary that partnership firm should be registered as required under Section 69 of the Indian ...

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