Pay Structure of Two Partnership Based Company

Introduction:

Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

Persons who have entered into partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name".

The Partnership Act, 1932 is an act enacted to regulate partnership firms in Bangladesh. It received the assent of the Governor-General on 8 April 1932 and came into force on 1 October 1932. Before the enactment of this act, partnerships were governed by the provisions of the Indian Contract Act. The act is administered through the Ministry of Corporate Affairs. The act is not applicable to Limited Liability Partnerships, since they are governed by the Limited liability Partnership Act, 2008.

The term partner is defined under section 4 of Partnership act 1932 as under partnership is an agreement between two or more persons who have agreed to share profits and losses of the business carried on by all or anyone of them acting upon all.

Section 2 of the act defines,

(a) An "act of a firm" means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;

(b) "Business" includes every trade, occupation and profession;

(c) "prescribed" means prescribed by rules made under this Act; (c-1) "Registrar" means the Registrar of Firms appointed under sub-section (1) of section 57 and includes the Deputy Registrar of Firms and Assistant Registrar of Firms appointed under sub-section (2) of that section;

(d) "Third party" used in relation to a firm or to a partner therein means any person who is not a partner in the firm; and

(e) Expressions used but not defined in this Act and defined in the Contract Act, 1872, shall have the meanings assigned to them in that Act.

Origin of the Term paper:

The term paper is prepared as the requirement of the course title ‘Financial Management’ in MBA program of BRAC University. The main purpose of this term paper is to get the light of the knowledge about the partnership business relating to practical aspects.

Objective of the study:

The main objective of the study is to get overall idea about the pay structure of two partnership based company.

There are some other objectives likely:

1. To understand the partnership business structure
2. To know how to set up the partnership business
3. Different methods of establishing partnership business

Scope of the Term Paper:

The scope of the term paper is confined within the establishment of partnership business by CLAPSTICK media Communication and Chittagong Express.