DEFINE PARTNERSHIP DEEDS AND ALSO STATE ITS IMPORTANCE

PARTNERSHIP DEED 

Partnership Deed is a document which includes the terms and conditions of the contract between partners is often called “Partnership Deeds”

The partnership arises the best thus of a contract between two or more persons. It does not come up by the operation of law. The contract need to be in excellent faith and must be for lawful object and rationale between competent persons. It describes the rights and duties of the partners in a firm and known as a partnership deed. It's written type. Additionally, it is termed as Article of Partnership. Hence, partnership deed is written document which involves the phrases of partnership as agreed by means of the partners.

 IMPORTANCE OF PARTNERSHIP DEED 

 Following are the essential importance of Partnership Deed:

 (i) It regulates the rights and duties and liabilities of each partner.
 (ii) It helps to avert any misunderstanding among the partners considering the fact that of all the terms and conditions had been laid down beforehand in the deed.
(iii) Any dispute arises between the partners may be settled through referring partnership deed.

Therefore, it's fascinating to have a written partnership deed duly signed by means of the partners and registered under the law.

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FEATURES AND CHARACTERISTICS OF PARTNERSHIP

 The Features or Characteristics of Partnership are as follows :

1. Two or more partners : There have got to be at least two partnership to form a partnership firm. The maximum number of persons is not specified by the Partnership Act, but Section 11 of the Companies Act 1956, restrict the number of partners to 10 for a partnership firm carrying banking business and 20 for other business.

2. Agreement : Partners comes into existence by an agreement and not by the operation of law. Such an agreement can be either oral or written. Written agreement must be preferred.

 3. Sharing of Profits : Profit-sharing is the foundation of partnership. If some persons joins hands to carry some charitable activity, it will not be called as partnership. Thus, profit sharing is must. But it is not necessary that all partners should share the profit in equal ratio. The profit sharing ratio is the outcome of an agreement. It should be noted that sharing of losses is not essential. One or more partners can be exempted from sharing in losses.

4. Business carried one by all or any of them acting for all : All the partners have right to take active part in the management of business or they can thrust this duty to anyone of them. It shows that each partner is an agent as well as a partner of the firm. As an agent, he can bind the other partners by his acts and as a principal, he himself can bound by the acts of other partners.

 5. Business : Partnership can be formed for the purpose of carrying on some business with the intention of earning profits and such business must be legal.

6. Application of Partnership Act : Generally, in partnership, partners determine their duties and rights by mutual agreement, but if no such agreement exists among them, in that case the various provision of Indian Partnership Act, 1932 are applicable.

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DEFINE CODE OF ECOLOGY

 An influential Code of Ecology needs to be developed and followed on the following principles : 

• Providing steps and measures to protect and bring regenerability of the life support systems by rational utilization of all available resources that includes developing and protecting renewable resources, conserving non-renewable resources prolonging their lives by recycling and reuse, decreasing waste and seeing that more wastage does not occur in pursuit of making profits on the whole.

•  Making efforts to bring about a fair sharing of resources that are available along with the means and products of development between nations of the world. This would surely result in a notable decrease in differences in resource use and also a notable reduction in resource used in developed nations; and also an increase in resource utilization with almost negligible environmental degradation and population control in developing nations. 

• Creating an awareness of the hidden social, economic and environmental costs of consumerism and overuse of resources with particular reference to its impact on developing nations. 

• Willingness to adopt sustainability as a way of life by getting more from less and in association with others. 

• Making measures to meet all the essential needs of society and logical, legal desires by combining economic and environment necessities for eradicating poverty. 

•  Stopping and reversing the build up of armaments to propagate sustainable peace, security and environment. 

• But all these steps towards a sustainable society changes need to be brought at the individual level. If all individual take up these measures of the Code of Ecology in time, the change will be noticed at the societal and government levels too. The orders or laws laid down by the government cannot enforce the Code of Ecology by themselves. The adoption of the Code of Ecology can be started and carried out on individual levels more efficiently and effectively. It has been realized that today environment is no longer some concern about wildlife, deforestation and pollution, but it is a question, a conflict of mind and spirit, a conflict race has followed till date and the kind of people we have developed into, and how we must change to survive

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