PARTNERSHIP

A partnership is a relationship between individuals who have agreed to share the profits
of a business carried on by all or any one of them acting for all as stated in Section 4 of
the Indian Partnership Act. Therefore, a partnership consists of three essential elements.
 A partnership must be a result of an agreement between two or more individuals.
 The agreement must be built to share the profits obtained from the business.
 The business must be run by all or any of them representing the rest.
• Regulatory requirements and statutory bodies involved in starting a business
• Companies Act 1956 - It is “an act to consolidate and amend the law relating to companies and certain other associations”. It regulates the
formation, functioning, the winding up of the companies and also the relationship between the company, government and public.

• Ministry of Corporate Affairs-It regulates the Companies Act 1956 and other allied acts.

The ministry governs the following acts:

• The Partnership Act 1932

• The Chartered Accountants Act 1949
• Companies Fund Act 1951
• The Companies Act 1956
• The Chartered Secretaries Act 1980
• The Monopolies and Restrictive Trade Practices Act in 1969
• The Companies Amendment Act 2006
•
Office of Registrar of Companies - The responsibility of the Registrar of Companies is to register the companies for their respective states and
Union Territories and ensuring that the companies abide to the legal requirements of the Companies Act.
https://www.netlawman.co.in/ia/com
panies-act-1956
• Company Law Board

• The Ministry of Environment and Forest -It is the major administrative entity for:

• Governing and ensuring environmental protection

• Designing the environmental policy framework in India
• Undertaking conservation and survey of flora, fauna, forest and wildlife
•
The Environment Protection Act- It is an all-inclusive legislation which affirms the Central Government to protect and improve
environmental quality control and reduce pollution from all sources. Under the Act, the Central Government shall have the power
to take all such actions which it considers necessary or appropriate for the purpose of protecting and improving the quality of
environment and for abating environmental pollution.

• RBI-It regulates and controls the monetary system of the country.

• SEBI-It is a statutory body that controls the Indian capital market.

COMPANIES ACT 1956
• The Companies Act 1956 is administered by the Government of India through the Ministry of Corporate
Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board,
Director of Inspection, etc.
• The Act is 658 sections long. The Act contains provisions about Companies, directors of the companies,
memorandum and articles of associations, etc
• Provisions of the Act:
• Article 3 of the act describes the definition of a company, the types of companies that can be formed
• Article 10 E it explains about the constitution of board of company, it explains the companies’ name, the
jurisdictions, tribunals, memorandums and the changes that can be made
• Article 10 E it explains about the constitution of board of company, it explains the companies’ name, the
jurisdictions, tribunals, memorandums and the changes that can be made
• Article 146 to 251 it explains about the management and administration of the company and the provisions
registered office and name
• https://www.clearias.com/indian-companies-act-2013-salient-features/