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Bank obtains a copy of the original PA. Banks perform the following operations regarding PA:
Joint operation Jointly or survivor Either or survivor Former or survivor Anyone or survivor
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Nomination is done by the account holder by signing the prescribed form in the bank. Nomination form has to bear witness.
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Minor:
Is a person who has not completed 18 years of age. Is protected by law. Is not competent to enter into a contract and all agreements. Is represented by a guardian.
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In sole proprietorship the proprietor is not distinct from the business entity. Sole proprietor is responsible for all the matters related to the business. Section 4 of the Indian Partnership Act, 1932 defines partnership as:
The relation between persons who agree to share the profits of a business carried on by all or anyone of them acting for all.
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Points to be considered by a bank while opening an account for a partnership firm are:
Number of partners Title of the account Perusal of partnership deed Partnership letter Account opening form Signing of cheques Registration of the firm Dissolution of a partnership
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Two schools of Hindu law, which govern Hindu Undivided Family (HUF) are:
Dayabhaga Mitakshara
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Practice Questions
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A minor is a person who has not completed 18 years of age. The laws governing the Hindu Undivided Family are Mitakshara and Dayabhaga. A partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them on behalf of all the partners.
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