An active partner is the one who participates in the business of the company. While a partner by agreement does not participate in the management of the company designated as a nominal partner. But their liabilities are similar to the active partner. A sub-partner is the purchaser of the partner`s stake in a company. He owns 25% of a business. Partners can allocate management`s work in any way possible. There may be a partner who is not involved in the part of the business. The contract of a partnership may provide that it does not perform transactions other than those of the company during its contractual activities, and such an agreement is not justified due to commercial restrictions [p. 11, paragraph 2]. It is a personal right of the partner to participate in the transaction that the assignee cannot assert during the sustainability of the company. CONSIDERING that the parties have agreed to the partnership; and Partnership Act 1932 prescribing the registration procedures of a partnership company, but registration is not mandatory. Non-registration is not part of a partnership agreement or a transaction between the parties or third parties. In the case of an unregured partnership, a partner cannot sue another partner under the Partnership Act.
Similarly, a company cannot sue a third party to enforce contract law. It is therefore advisable to register the partnership in accordance with the law. AND the parties agreed on the terms of the partnership, as outlined below. Without the agreement of the other partner, none of the partners can lend or lend money in the name of the partnership; Make, provide or accept promotional paper or execute any mortgage, security, loan or lease agreement; or the purchase or contract of sale; or to sell or sell a property other than the type of property purchased and sold as part of its activities, for or for the partnership. A partner agreement creates a partnership; they share reciprocal rights and obligations. There must therefore be the agreement of all partners in the interest of a company. However, these contracts are governed by the Partnership Act 1931. In general missions, partners are required to conduct the company`s business to the greatest common advantage. They should remain faithful to each other and remain faithful to all things that concern the company, to all the partners of its legal representatives with all the information (Article 9). In this section, the relationship is considered one of the “very good beliefs,” although partners are not trustees for each other. In some cases, the relationship between partners is held in trust.