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Mutual Duties, Rights and Liabilities of Partners in the Absence of Partnership Agreement

The duties, rights and liabilities of partners in the conduct and management of the affairs of the partnership are contained in its partnership deed. However, if on any point, the deed is silent, then the relevant rule of the Partnership Act, 1932, will apply.

In the absence of a written partnership agreement, the mutual rights and duties of partners shall be governed by the Partnership Act which isas follows.

General Duties of Partners

Partnership Act describes the general duties of partners as under:

“Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful’ to each other and to render the true accounts and full information of alt things affecting the firm to any partner or his legal representative”.

All the duties of partners arise from the principle of goods faith which is to be all and end all of a partnership. These duties as described n Section 9, 10, 12 and 13 of Partnership Act are described as follows:

(a) Duties of a Partner

I. Co Advantage

Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other and to render the true accounts and full information of all the things affecting in the firm any partner or his legal representative.

2. Indemnity

partner shall compensate the firm for any loss caused to it by his fraud in the conduct of the business of the firm.

3. Loss Caused by Willful Neglect

The Act provides that a partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm.

4. Due Diligence

Every partner shall attend honestly and carefully to his duties in the conduct of business.

5. Provision of Information

is the duty of the partners to give full information about the affairs of the firm to one another.

(b) Rights of a Partner

According to Section 12 and 13 of the Partnership Act, the rights of a partner are as follows:-

1. Right to Take Part in The Management

A partner has a right to take part in the management of a business subject to the agreement.

2. Expression of Opinion

A partner has a right to express his opinion before the matter is decided, but no. change may be made in the nature of a business without the consent of all the partners.

3. Inspection of Books

A partner has a right to inspect and copy any of the books of the firm.

4. Right to Be Indemnified

A partner has the right to be compensated by the firm in respect of expenses incurred by him or any losses suffered by h in the conduct of his business.

5. Right to Continue

partner has the right to continue in the business unless he is expelled according to the provisions of Deed and in good faith.

6. Use of Property

The partner has the right to see and ensure that the property of the firm is held and used exclusively for the purpose of the business.

7. Sharing of Profit/Loss

Every partner shall have an equal share in profits/loss in a business, unless otherwise mentioned in partnership deed.

8. Interest on Capital

A partner is entitled to receive interest at the rate of 6% per annum on the excess money supplied over his capital.

9. Right to Retire

A partner has the right to retire according to the provisions of agreement or with the consent of the other partners.

(c) Liabilities of a Partner

According to Section 13(c) of the Partnership Mt subject to contract between the partners, the obligations of a partner are as follows.

1. Joint Liability

Since every partner is the agent of the firm for the purpose of carrying on the business, he is, therefore, jointly and separately liable for all business debts of the firm.

2. Liability of a New Partner

A new partner cannot be held responsible for the loss or claim the share of profit before his date of admission.

3. Property of The Deceased

The property of the deceased cannot be held liable for any obligation incurred by the firm after his death.

4. Liability of Retiring Partner

retiring partner is liable for the debts of the firm incurred before the date of his retirement.

5. Competitive Business

A partner cannot engage h in any business in competition with the business of the firm. If he does so, he is liable to surrender the profits to the firm of which he is a partner.

6. No Private Use of Property

A partner cannot use the property of the firm or its goodwill for his private gains, if he does so he is liable to surrender the profits so earned to the firm.

Harun Yahya asked:


og Le blog d’Yves Daoudal carried a report on 2 February, 2007 regarding the Atlas of Creation titled “Darwinist panic.” 2. The Belgian newspaper A Voix Autre referred to the impact that Harun Yahya’s Atlas of Creation had in France in the following terms: “The panic behind the scenes!” and “Creationist literature has never been so powerful.” 3. The magazine Le Nouvel Observateur described the most significant representative of the Creationist movement as, “Harun Yahya himself, with the contribution made by the international Harun Yahya publications.” 4. Science magazine made the following comment regarding the Atlas of Creation sent to France and other countries in its 16 February, 2007, issue: “It’s the most gorgeous-looking attack on evolution seen in a long time: That’s the consensus among European scientists who in recent weeks have received . . . free copies of the Atlas of Creation.” 5. Daily Le Monde described the Atlas of Creation as “an incomparable work” in its 3 February, 2007, issue. 6. An article by Nicolien den Boer on the Dutch Radio Netherlands web site stated that the Atlas of Creation has stirred up a “deluge” in all of Europe. 7. The 2 February, 2007, edition of daily Le Figaro carried the headline “Islamic creationism on the offensive in France.” 8. The 3 February, 2007, edition of daily Le Monde carried the headline “Creationists are now on the offensive in French schools.” 9. The 6 February, 2007, edition of daily La Liberation described Harun Yahya as “the greatest champion of creationism in Turkey.” 10. The 5 February, 2007, edition of The Washington Post described the Atlas of Creation as a “Turkish book attacking Darwinism.” 11. On 9 February, 2007, the news portal www.bellaciao.org, a joint Italian-French production, carried a report concerning global pro-creationist movements. The report stated that: “Harun Yahya (a Turk whose real name is Adnan Oktar), who has declared Darwin’s theory to be invalid (and the only philosophy to encourage conflict and regard it as valuable), goes much further than merely rejecting the theory of evolution.” 12. On his personal web site the eminent American journalist Doug Ireland carried a report headed “Islamic creationism invades France.” 13. A report in the French political web site Gaullisme said the following in a report dated 3 February, 2007: “… the most active preacher of creationism is, due to the power of the Harun Yahya publications, definitely Harun Yahya himself.” 14. A blog on evolution called Le blog des bactéries et de l’évolution carried two reports on 8 and 9 February, 2007. These referred to the Atlas of Creation as “this great warship using wide extracts from the verses of the Qur’an.” 15. In its 5 March, 2007, edition Le Soir, one of Belgium’s main dailies, carried a report about the global impact of Harun Yahya’s Atlas of Creation. The report, titled “A red book rejects Darwin’s thesis,” described Harun Yahya’s work as “an intervention of genius.” 16. Prof. Bernard Rentier of Liege University made this comment on his personal page: “The content is surprising, but effective. One does not dare to think of the impact that will arise following the distribution of the Atlas across the world…” 17. The Polish pro-creation organization Polskie Towarzystwo Kreacjonistyczne stated that “in some countries the author’s books are more esteemed than school textbooks…” 18. On 23 March the Polish internet magazine Interia.pl carried a report concerning Harun Yahya’s Atlas of Creation headed “An anti-Darwinist textbook has shocked the authorities. 19. The news portal Glos Nauczycielski described the terror a book has instilled in the Belgian Ministry of Education under the caption “Anti-Darwinist book strikes Belgian schools.” 20. The news portal Dziennik Online discussed the Belgian reaction to the idea of creation, and referred to the Belgian authorities as “saying the book needs to be rounded up as a matter of urgency.” 21. A report carried in the 2 May, 2007, edition of Le Matin, one of Switzerland’s main dailies bore the caption, “Propaganda firmly installed in Europe: an extraordinary Atlas has invaded all Switzerland!” 22. The Liège University monthly journal carried a report titled “A surprising example of Creationism: a Turkish work leads to evolution debate!” in it 15 May, 2007, edition. 23. In its 20 June, 2007, edition Die Welt, one of Germany’s largest dailies, carried a long report titled “Struggling with the Qur’an against evolution.” The report referred to “the Paris Ministry of Education panicking and calling for the book not to be taught in the class.” 24. On 20 February, 2007, the German news portal hpd-online.de carried a report concerning the Atlas of Creation. This referred to the panic that the distribution of the book had caused in France and Benelux. 25. The major American news portal www.newsmax.com carried a report titled “Turks: Atheism Is the ‘Root of Terrorism’” on 22 November, 2006. The report stated, “This … has an influence U.S. creationists could only dream of.” 26. The 23 March, 2007, edition of La Libre Belgique, published in Belgium, referred to “an author enjoying increasing success in his rejection of the theory of evolution…” 27. Kevin Myers made this reference to the Atlas of Creation in the Irish Independent on 9 March, 2007: “… Harun Yahya’s Atlas of Creation from Global Publishing, is quite the most spectacular so far this year.” 28. A report by Carl-Johan Bilkenroth in the 4 March, 2007, issue of Svenska Dagbladet, published in Sweden, referred to the Atlas as “a glorious work that challenges Darwin.” 29. A report concerning the Atlas of Creation in the 4 June, 2007, edition of Corriere della Sera, Italy’s largest daily, contained the following statements: “At the same time, a competition has arisen between creationists of Christian origin centered in the United States and those of Islamic origin who have preoccupied us with the Atlas of Creation. We cannot know which of these will prevail, we do know for certain that we will be the losers…” 30. The news agency Armenews carried a report on 18 April, 2007, which contained the words, “The struggle against evolution being waged in Turkey seems to have ended in almost total victory.” 31. One pro-evolution web site published in Italian, Dragor, carried an analysis headed “Darwin, Farewell?” The analysis compared the impact of the Atlas of Creation in France and Italy and emphasized that it was next to impossible to stand in the way of the Islamic creationism led by Harun Yahya. “How much longer will France be able to stand out?” it asked. 32. The 24 June, 2007, edition of The Washington Times carried a report about the Fact of Creation, which is growing increasingly powerful in European countries. The report quoted Hervé Le Guyader, a biologist from Paris University, who called the challenge from Islamic thinkers “much more dangerous than the previous creationist initiatives, which were often of Anglo-Saxon origin.” 33. A report in the 29 March, 2007, edition of Stern, one of Germany’s most important magazines, said “A book like a clap of thunder. … It is obvious from the outset: This book is totally different!” 34. The French daily Lyon Capitale referred to Harun Yahya as “the most active Islamic Creationist today,” on 13 February, 2007. 35. The 29 June, 2007, edition of Süddeutsche Zeitung, a daily with one of the largest circulations in Germany, referred to Harun Yahya’s Atlas of Creation as “a book adorned with stunning pictures from the plant and animal kingdoms.” http://www.atlasofcreation.com/

Pete C. Repko asked:


If you are going to create a PDF ebook, you are going to need a software program to help you do this.  This article does two things.  First, the article helps the beginner understand the Adobe software package and how it relates to ebooks.  Second, it provides a free alternative for creating your own PDFs.  Since this was my first attempt at creating a PDF, this article was written for a beginner, by a beginner.

This is my general understanding of Adobe and how this company relates to PDF ebooks.

Adobe Systems created the portable document format (PDF) in 1993.

Adobe Acrobat is a family of computer programs created by Adobe Systems.  According to Wikipedia, they were “designed to view, create, manipulate and manage files in Adobe’s portable document format (PDF)”.

Adobe Reader is one of the programs within the Adobe Acrobat family.  You can download Adobe Reader for free.  This software is used to view and print PDF ebooks.

Adobe Acrobat 9 Standard is the software package needed to create PDF files.  At the time of this writing this package cost $299.00.  (You can also use Pro $449.00 or Pro Extended $699.00).

In summary, if you would like to read PDF ebooks you can download for free, Adobe Reader.  If you would like to create PDF ebooks as well, then you  need to purchase one of Adobes software packages, such as Adobe Acrobat 9 Standard.

Since I know that I would like to create PDF files, I have decided that I will need a software package to do this.  I do not however, want to spend $299.00 to create my first PDF ebook.  Adobe looks like a great product and a package that I may buy in the future, but for my first project, I would like to do this as simply and as cheaply as possible.

OpenOffice

I recently found out about a product called OpenOffice, similar to Microsoft Office.  This is free software which can be downloaded at www.openoffice.org.  I found this product via a “You Tube” video.  After watching the video, I visited the website at instantebookpublishing.com.  The website provides information about ebooks and includes a copy of the video mentioned above.  It’s a great nine minute video that walks you through creating your first PDF with OpenOffice.

I have recently put this product to the test.  I downloaded the software from OpenOffice and used it to create my first PDF ebook.  Creating the ebook took less than an hour following the simple instructions from the video.  Again, this was my first PDF and it took less than an hour.

The PDF included internal links and one external link.  The internal links allowed me to jump from a table of contents directly to the chapter I wanted to read.  The external link was simply a link to my website.  Creating these links were very easy and the video shows you how.

So, I was able to create a PDF ebook at no cost by using the following:

1)  Open Office                 - the word processor allows me to create PDF files.

2)  instantebookpublishing.com  -  nine minute video showing how to use OpenOffice to create a PDF.

3)  Adobe Reader                -  allows me to read the ebook (even though not created with Adobe).

From start to finish, it took less than two hours.

At this point, my PDF ebook is very basic, but since it took me only a couple of hours and I learned a great deal, I am very happy with my results.  I hope you  have the same success.

    

Mallorca Property Partners asked:


Certainly it appears the global economy has moved on in the last two months and we appear to be seeing some early signs of improvements signalling that the recession is starting to ease. The Organisation for Economic Co-operation and Development (OECD) has suggested that there are “tentative signs of, at least, a pause in the economic slowdown” in some countries - namely the UK, France, Italy, and China. Jean-Claude Trichet, the president of the European Central Bank, said recently that there has been a “slowing down in the decrease in GDP” and went on to note that certain countries were already reporting a pick-up.

There are also signs that housing market activity in the UK is picking up slightly, with mortgage approvals up slightly and surveyors reporting increased interest in house purchases. World stock markets too have recovered significantly from their low points in March.

All of this is good news, but our view remains largely unchanged as regards the overall state of the world economy and also the property market in Mallorca. That is, that there is indeed a slowdown in the rate of fall of the key economic indicators in some countries. And this could be a sign that the recession is gradually finding a its lowest point. We do not feel however that there will be a quick or significant rebound except for perhaps in the stock markets driven by traders who appear in the main to be flying in the face of what continues to be pretty dire economic and company performance data.

Furthermore some of the key actual economic indicators, and things the UK and other counties still have to contend with, look far from cheery. Unemployment could reach 9% in the UK, 10% in the US and 20% in Spain by the end of the year. This will undoubtedly have a negative effect on consumption and the housing market in these countries.

Added to this, these signals of recovery are not yet apparent in a small number of the biggest economies in the world such as the US, Germany and Japan. In many developing countries too conditions are still getting worse.

With all this in mind, we think it far too early to be heralding the end of the recession, or even that it has reached its ultimate low. It may be that we will see a modest return to growth in some countries in 2010, but it will take longer, possibly much longer, to return to the levels of activity seen prior to 2007.

On top of this there are still great concerns over the financial health of some of the worlds biggest economies. And the overall effects of the massive amounts of money pumped in to stimulate these economies is not yet clear. The IMF has warned that there could still be another $3 trillion in losses for the financial sector as a whole before the crisis is over.

Our prognosis for the Mallorca property market

As above, there are plenty of solid reasons to believe there will be no significant uplift in property markets in any country, even the strongest such as mallorca, during the course of this year and most likely the first half of 2010 too.

On top of the global macro economic considerations there are factors specific to the Spanish property market that also put pressure on prices across the region. These are highlighted in the article mentioned above.

However, it is also very clear that activity has picked up for and that sales are being made, albeit at a relatively low level. There are a number of more positive factors that are contributing to this.

Euro interest rates are lower now than they have even been

The latest European Central Bank’s interest rate cut to 1.00% is the lowest level since the single currency’s creation. It is possible that the rate will be cut still further later in the year. Whilst it is likely that not all of this will be passed on to lenders, any lowering of consumer rates is positive and will help stimulate the markets to some extent.

In Mallorca we are seeing buyers are taking 50% loans so they have a hedge against any further significant currency fluctuations. Braver investors are seeking higher percentage Euro loans on the basis that Sterling will improve against the Euro and therefore, paying off the loan and converting the bulk of their Sterling at a later date will be to their advantage.

Reflecting this there was a small increase in the number of new mortgages granted in March although the number is still significantly down on last year.

Continue opportunities for property purchases at very low asking prices for Mallorca

This is the most important factor. Buyers in the Mallorca property market at present tend to be either professional investors, or private individuals who realise a) that there are some very good deals to be had in the current market and, b) that to delay looking for a property in the hope that conditions will move even more in their favour might mean missing out on a great opportunity that is available in the market right now.

We have written several times on this subject and you can read previous articles ono the subject via the links listed on this page of the Mallorca Property Partners website.

Overall our prediction remains that average property prices in Mallorca will drop further through to the end of this year, possibly continuing into the first half of 2010. We do not however think this drop will be as high as in other parts of Spain (predicted to be 10% overall this year and 12% next year by analysts at BBVA - one of Spain’s leading banks). The fact that there are active buyers in the market in Mallorca sets the region apart from most. And there are plenty of other solid reasons to set Mallorca apart from other parts of mainland Spain, the other Spanish islands, and most other international property markets too (see the “Green shoots” article referenced above).

But once again the over-riding observation is to not rely too much on market data and statistical analyses. This is because of the considerable variance in actual selling prices above and below the average prices in this unusual market environment. The reason for this is that the seller’s circumstance is a more powerful factor than in a “normal” market environment and this is not directly related to the usual determinants of the value of a property.

There are, therefore, some exceptional deals being done at price levels that are unlikely to be improved upon regardless of where average prices go to. To illustrate, see this selection of properties in Mallorca that have  either been reduced in price or listed at very low asking prices.

If you are reading this because you might be interested in buying a property in Mallorca, our advice is to monitor opportunities on an ongoing basis. You might see the ideal property right now and be able to get it at an unbeatable price. It is not easy though to identify the best opportunities, as not all owners are dropping the asking price but still may negotiate significantly when it comes to an offer.

Your best approach would be to brief us at MPP to use our experience and unrivalled contact base to look out for the best Mallorca property opportunities for you. Read more about what Mallorca Property Partners offer.

Mike Morgan asked:


What’s in it for Me?

Many vendors now throw together a few deliverables that are cheap and easy to deliver and dress them with a logo and a brand name. This was fine in the days when the market was less crowded, less competitive and when vendors could differentiate themselves through their unique technology. But in the age of technology commoditization and convergence, most lack the means to compel their channel partners to work with them simply because their product was the best or the only available.

Today, partner programs themselves have to be the differentiators and through them, a vendor needs to convey actions as well as words that motivate channel partners to work with them rather than their competitors. But what do channel partners want to hear? In essence:

You will develop technology that is superior to your competitors You will create a desire within your mutual customers to buy new technology or upgrade from existing technologies You will invest in demand generation You will make customers receptive to buying your products and your brand You will direct customers to your channel partners You will direct your channel partners to potential customers You will minimize channel conflict You will provide the necessary information, education, tools and resources to assist your channel partners in marketing, selling and if necessary supporting your products You will ensure that the sale of your products will prove to a be a profitable enterprise You will make it easy for channel partners to augment your product offering with complementary products and value added services Your will ensure that your products deliver on their promise, that they are reliable and encourage repeat purchases You will, throughout be easy to do business with and treat your channel partners with integrity and respect

Many of these expectations depend on having great products but if you get the other elements right and implement them better than your competitors, it is entirely possible to have inferior products but a far more dedicated and motivated channel than they do.

We will discuss best practice in partner program deliverables later in the series but at this point, there are two important principles to remember:

1. The best recruitment campaign in the world will fail if your partner program is not compelling

2. The notion of ‘build it and they will come’ - having the best program but failing to market it and proactively and systematically drive recruitment will also fail

The Recruitment Campaign

You would not set out to recruit a sales person or marketer without first documenting the following:

For what purpose is the role being created? What is the context for the appointment? What are the goals, fiscal or otherwise of the individual to be hired? What resources will be made available to the individual to assist them in achieving their goals? Which markets or customer segments should they be targeted upon? To whom do they report? How will their performance be monitored and reviewed? How will good performance be rewarded and poor performance be punished? What compensation and benefits will be given? By what contractual obligations will employer and employee be bound? Why should the candidate join you instead of another company?

You would also establish a candidate profile and a brief to the recruiter.

Similarly, you should not embark on a partner recruitment campaign without ensuring that you are crystal clear on all of these points:

Why are you looking to recruit new partners? What does it mean for the partners you already have? What is the context for the campaign? What do you want your new partners to do for you? What targets will be set, if any? How will you establish joint business plans and ensure they are implemented? What resources will be made available to new partners to assist them in achieving your shared goals? Which markets or customer segments should they be targeted upon? How will the partner make profit from the relationship and how much? What other benefits are on offer? Who will be responsible for managing the relationship? Who or what will be their point of contact? How will their performance be monitored and reviewed? How will good performance be rewarded and poor performance be punished? By what contractual obligations will vendor and partner be bound? What makes your package of offerings better than any other vendor with whom you are competing for the partner’s attention?

Ultimately, your aim is the same - to recruit the best channel partner organizations, sales people and marketers to work, albeit indirectly for you to help you to take your products to market at the expense and exclusion of your competition. If you think of it this way, your recruitment campaign will proceed with greater vigor and purpose and both you and your potential ‘candidates’ will have a much clearer understanding of your objectives.

Recruitment Process

Whether you adopt the ‘big bang’ approach of launching a new partner program with accompanying PR campaign or the more low-key approach of augmenting your existing partner-base as part of your existing program, it is important to preface any communications with messages reinforcing the points above. You must set the context of the recruitment, why you are doing it, what it will mean for you, what it will mean for existing partners and most importantly what it will mean for and how it will benefit your target partners.

Putting the actual marketing communications activities to one side; we will deal with them in later section, let’s turn our attention to creating a low cost and efficient means of inviting partners to join you and processing their applications.

Email is now the de-facto standard communication medium but it is also statistically weak in generating responses. Spam filters and security software have exacerbated the problem. You must also remember that in order to have whole companies to partner with you, you must start by recruiting individuals - company’s don’t form relationships with other companies - people do that!

It is essential therefore that you gather accurate contact information; names, job roles email etc of you are to target the right people with the right message. We discussed this in earlier sections of this document but here it is critical. Sales people will have different motivations to join your program to those of a marketer or support person. You must play to these motivations effectively in your communications if you are to succeed in making your campaign above average in terms of response. This means that you will need to engage in targeted and personalized campaigns segmented by organization type, market focus type, job role type and so on - communicating multiple value propositions to each. This takes time and effort but the results will be worthwhile.

The email or other contact should direct the individual ideally to an online registration point within which you can gather more information about them and populate and enrich your database whilst ascertaining if your judgment in inviting them to join you was correct. The same registration point must be available via your corporate website to catch stray applicants that you may not have invited or who missed your recruitment campaign first time around.

Since by now you will have devised your partner selection and segmentation criteria, you may now begin the process of mapping applicants against them and either approving or rejecting their application. This can be an arduous and time consuming task best automated especially if your campaign has been broad. Needless to say, ensure you have the necessary systems and/or business processes in place before you begin.

Finally, make sure that your response to applicants is immediate or at the very least prompt, that they are enrolled as soon as possible and that you begin to communicate with them straight away reinforcing the program value propositions and backing them up with a ‘quick-start plan’ to move your new partners on to the next stage…

Find more articles and whitepapers on connected topics at www.relayware.com.