law presentation - unitedworld school of business

7/28/2019 Law Presentation - Unitedworld School of Business

1/17


2/17

GiftA gift is a voluntary transfer of property from one

person to another without any consideration.

A gift involves three elements: The donor intends to transfer ownership of the property

to the donee immediately.

The donor delivers the property to the donee.

The donee accepts the property.


3/17

Continued An inter vivos gift is a gift given during life and with

no expectation of death.

The gift is valid, if it meets the basic conditions of a gift.A gift causa mortis is a gift given in expectation of

dying soon.

The gift is valid, if it meets the conditions of a gift, and

the giver dies as expected. The giver may rescind the gift at any time, and it is

automatically rescinded if the giver does not die asexpected.


4/17

Donor and DoneeDonor:

A person or entity making a gift or donation is known asthe donor i.e giver of the gift.

Donee:

Aperson or entity receiving an outright gift or donationi.e. receiver of the gift.


5/17

AssignmentA transfer of rights in real property orpersonal propertytoanother that gives the recipient(the transferee), the rightsthat the owner or holder of the property(the transferor), had

prior to the transfer. Statutes regulate the extent to whichan assignment may be made.

For Example:

An assignment of wages is the transfer of the right tocollect wages from the wage earner to his or her creditor.


6/17

TransferAny and every method of removing something

from one person or place to another; specifically,

the handing over of possession or control of assetsor title. Transfer may be affected by assignment, bydelivery, by endorsement, and by operation of law.


7/17

Proprietorship Asole proprietorship, also known as the sole trader or

simply a proprietorship, is a type of business entity that isowned and run by one individual and in which there is no

legal distinction between the owner and the business. The owner receives all profits (subject to taxation specific

to the business) and has unlimited responsibility for alllosses and debts.

Every asset of the business is owned by the proprietor andall debts of the business are the proprietor's. It is a "sole"proprietorship in contrast with partnerships.


8/17

Continued Glos and Baker write that "A sole proprietorship is

a business owned by one person who is entitled to

all of its profits," and Reed and Conover say "Thesingle or the sole proprietorship is a businessowned and controlled by one man even though hemay have many other persons working for him." A

sole proprietor may use a trade name or businessname other than his or her legal name


9/17

Partnership

Section 4 of the partnership act 1932

defines partnership as the relationbetween persons who have agreed toshare the profits of business carried on

by all or any of them acting for all.


10/17

Formation of Partnership Partnership may be express (in writing or oral); or may be

implied, i.e. it may be inferred from the conduct of theparties.

It is based on an agreement between two or more personsjoining hands together to share the profits of the businesscarried on by all or any one of them acting for all.

Partnership agreement should comply with the essentials

of an ordinary contract. Parties of partnership should be competent to contract.

A minor may be admitted to the benefits of partnershipwith the consent of all the other partners .

Partnership business and object must be lawful.


11/17

Continued As relationship of partners to one another is that of

agency, no consideration is required to create thepartnership.

Though partnership may be implied from the conduct orcourse of dealing of the parties, it is advisable to formpartnerships by an agreement in writing. This agreement iscalled a partnership deed which should be adequately

stamped as required by the Indian stamp act 1889. The partnership deed contains names and addresses of the

partners, name and address of the firm, duration of thefirm, profit sharing management accounts etc


12/17

Legal status of partnership A Partnership firm has no separate legal existence. As it is

a name given to the collective relationship of person it hasno separate legal existence from its partners. The right and

obligation of a firm are infact rights and obligation of thepartners constituting the firm. It is not a legal person andtherefore enjoys no separate right independent of itspartners. However under the income tax act, the firm is

considered a separate legal entity for taxation purpose.Partners are not individually taxed on the share of incomereceived by them.


13/17

Continued It is the partner who owns jointly in common the asset

of the partnership. In consequence of the dissolution,division on allotment of assets to the partners which

follows upon dissolution after discharge of liabilities isnothing but a mutual adjustment of rights betweenthe partners and there is no question ofextinguishment of the firms rights in the partnershipassets amounting to transfer of assets. There istherefore, no transfer of assets involved even in thesense of any extinguishment of the firms rights in thepartnership assets when distribution takes place upondissolution.


14/17

Limited Liability Partnership(LLP)

LLP is a new corporate structure that combines theflexibility of a partnership and the advantages oflimited liability of a company at a low compliance cost.

In other words, it is an alternative corporate businessvehicle that provides the benefits of limited liability ofa company, but allows its members the flexibility oforganising their internal management on the basis of amutually arrived agreement, as is the case in apartnership firm.


15/17

Feature ofLLP

The LLP is a body corporate and a legal entity separatefrom its partners.

Any two or more persons, associated for carrying on a

lawful business with a view to profit. The LLP will have perpetual succession.

The compromise or arrangement including merger andamalgamation of LLPs shall be in accordance with theprovisions of the LLP Act 2008.

The Central Government has powers to investigate theaffairs of an LLP, if required, by appointment of competentInspector for the purpose.


16/17

Campus Overview

907/A Uvarshad,GandhinagarHighway, Ahmedabad 382422.

Ahmedabad Kolkata

Infinity Benchmark, 10thFloor, Plot G1,Block EP & GP,Sector V, Salt-Lake,Kolkata 700091.

Mumbai

Goldline Business CentreLinkway Estate,Next to Chincholi FireBrigade, Malad (West),Mumbai 400 064.


17/17

Thank You

law presentation - unitedworld school of business

Documents