Partnership Lecture 02 Part B
Transcript
00:00Business, sharing of profit, agreement of mutual agency.
00:05Here it is written that share of profit is not a conclusive evidence of partnership.
00:09This is the first case.
00:10Now there is a lender who gives you money.
00:12Just like you take a loan from a bank,
00:14the bank charges you a fixed interest.
00:16So it is possible that you take a loan from a bank or someone
00:19and they say that they will not give you a fixed interest,
00:22but they will give you a share of profit.
00:2420% or 25%.
00:26So he is taking a share of profit from you in the sense of a loan.
00:30Now he is not your partner,
00:32he is not a mutual agency,
00:34he has no interest in business.
00:36What is his interest?
00:37He will give you a share of profit.
00:40So in this case he is not your partner,
00:43but you can say that he is your agent.
00:46You tell him to work and I will give you 5% of profit.
00:50Now what are you giving him?
00:52You are giving him a share of profit,
00:54you are giving him a share of profit.
00:56So he is not your partner because of your share of remuneration.
01:00Apart from this,
01:01if a partner dies,
01:03and the share of that partner is given to his wife or children,
01:08then he is getting a share of profit,
01:11but he will not be called his wife or children's partner.
01:16He will not get the status of a partner
01:18that he should be involved in the business of partnership and make decisions.
01:22He is getting a share of profit, but he is not a partner.
01:25Next, what is written?
01:26A transfer of partner's interest.
01:29You were 4 partners,
01:30you gave me money,
01:31you gave money to a partner.
01:33I said give me money,
01:34you said I don't have money,
01:35I said give me something.
01:37He says, you take my share of partnership.
01:40Means as a partner,
01:41you transfer my share.
01:43So now I am not going to be a partner in such a transfer.
01:47What can I take from there?
01:49I can take a share of profit,
01:51but in such a transfer,
01:52I can't take a share in the conduct of the business,
01:54in decision making,
01:55I can't take a share.
01:57It is not necessary to consult other partners with me.
02:01So I am giving a share of profit,
02:03but I will not be called a partner,
02:05if I am not a transfer.
02:07What is written further?
02:08A minor who is limited to the benefits of existing partnership.
02:12If there is a minor,
02:13he has a property,
02:14you have a partnership already going on,
02:16these 5-6 people.
02:17You say, my nephew is my nephew,
02:19now he can't earn,
02:20so for him,
02:21source of income will come.
02:23We add this as a minor in partnership.
02:26Now when you invest his property,
02:29you will give him the share of his property,
02:31but the minor cannot contract.
02:33If you have to give people's money,
02:36then the share of the minor will be profitable,
02:38but the minor will not be personally profitable.
02:41Since the minor does not have the contracting ability,
02:45he is getting profit share,
02:47but he does not have the status of a partner.
02:49We will come to the minor in detail.
02:52So now this minor is getting a share of a running partnership,
02:56but he will get profit share,
02:58but he will not be called a partner.
03:00So that is why sharing of profit does not become a partnership.
03:03And the last thing,
03:04previous owner or part owner as consideration
03:07for the sale of goodwill or share of it.
03:10For example, you had a saver,
03:12you are selling the entire saver to me,
03:15but you say that I will sell it on one condition,
03:17whatever profit you will give me,
03:18you will keep giving me 5%.
03:20You have no interest in the business,
03:22you left it and gave it to the business.
03:24What do you get in return?
03:255%.
03:26He is getting profit share,
03:27but neither is he doing business,
03:28nor is he a business investor,
03:29nor is he a mutual agency.
03:31So he will not be called your partner.
03:33So what is he getting?
03:34He is getting a share of profit.
03:35This is the paper which ICAP asked me,
03:38that sharing of profit is not a conclusive evidence,
03:41briefly explained.
03:42Or it was said that sharing of profit
03:44is a test of partnership.
03:46But tell me those cases
03:48where sharing of profit is not a partnership.
03:50It can be 5 or 6.
03:52Keeping these things in mind,
03:542.2.2,
03:55example 13, 14, 15, 16.
03:57I will read example 16,
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08:35Work hard.
08:36Do your part.
08:37Be a role model.
08:38Help others.
08:39Be a Hindu.
08:40Offer God.
08:41Be a Sanyasi.
08:42Become a Hindu.
08:43Someone who has been through many difficult times.
08:44Begin many roles and universities.
08:45Whether your ready to stand on stage.
08:46Being a person only towards God.
08:47Only enemies are youppaired of you.
08:48When you are a Hindu you apply yourself.
08:49You try to make yourself a partner.
08:50Is not about getting famous or getting old.
08:51Be goodness and religious knowledge.
08:52Hero or satsang station.
08:53Doing good it is your business.
08:54Hindus are undivided family.
08:55So you should not just do business.
08:56That's why I have written here.
08:57So, it should be written properly and should be a contract.
08:59It should be expressed to the nation and it should be implied.
09:02So, 2.2.4 is the 18th chapter.
09:27So, it should be written properly and it should be implied.
09:49So, it should be written properly and it should be implied.