ACKNOWLEDGEMENT
“It is not possible to prepare a project without the assistance & encourages of other people. This one one is certainly no exception.”
I have taken efforts in this project. However, it would not have been possible without the kind support and help of many individuals and Mats Law School. I would like to extend my sincere thanks to all of them. I would like to express my special thanks of ratitude to our faculty ! Ms. "nshul paaria # as well as our $irector ! $r. %.&. 'ripathi # who ave me the olden opportunity to do this wonderful project on the topic !" Study Study (n "dmission "dmission (f )ew &artner *ffect of "dmission and Liability
(f &artners#, which also helped me in doin a lot of +esearch and I came to know about so many new thins I are really thankful to them. I would also like to thank our librarian !Mr. "nil $ewanan# for rantin us the permission to excess the books in library which helped me a lot in my research work.
Next, I convey my sincere s incere thanks and gratitude to my friends and family for rendering constructive and valuable suggestions and comments that have helped a lot in improving the quality and content of the project and also helped me complete the project in limited time frame.
'hank you
DECLARATION
I hereby declare that the project work entitled “A STUDY ON ADMISSION OF NEW PARTNER EFFECT OF ADMISSION AND LIABILITY OF PARTNERS” submitted to the M"'S niversity is the oriinal work done by me under the uidance of "nshul paaria, "sst. &roff. , M"'S Law School, %ullu, "ran, and this project has not performed the basis for the award of any $eree or diploma and similar project if any.
DATE:
- ayshree Semester III !/nd year#
SIGNATURE:
00." LL.0 M1200"LL0/3
RESEARCH METHODOLOGY +esearch in common parlance refers to a search !r "#!$%e&'e . (nce can also define research as a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art of scientific investiation. 'he "dvanced Learner4s $ictionary of 5urrent *nlish lays down the meanin of research as “a care(% )#*es+)'a+)!# !r )#,()res.ec)a%%- +hr!('h search !r #e$ ac+s )# a#- /ra#ch ! "#!$%e&'e0” +edman and Mory define research as a “s-s+e1a+)2e& e!r+ +! 'a)# #e$ "#!$%e&'e0” Some people consider research as a movement, a movement from the known to the unknown. It is actually a voyae of discovery. 6e all possess the vital instinct of in7uisitiveness for, when the unknown confronts us, we wonder and our in7uisitiveness makes us probe and attain full and fuller understandin of the unknown. 'his in7uisitiveness is the mother of all knowlede and the method, which man employs for obtainin the knowlede of whatever the unknown, can be termed as research. +esearch is an academic activity and as such the term should be used in a technical sense. "ccordin to 5lifford 6oody, research comprises definin and redefinin problems, formulatin hypothesis or suested solutions8 collectin, orani9in and evaluatin data8 makin deductions and reachin conclusions8 and at last carefully testin the conclusions to determine whether they fit the formulatin hypothesis. $. Slesiner and M. Stephenson in the *ncyclopedia of Social Sciences define research as :the manipulation of thins, concepts or symbols for the purpose of enerali9in to extend, correct or verify knowlede, whether that knowlede aids in construction of theory or in the practice of an art.; +esearch is, thus, an !r)')#a% c!#+r)/(+)!# +! +he e3)s+)#' s+!c" ! "#!$%e&'e 1a")#' !r )+s a&*a#ce1e#+0 It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowlede throuh objective and systematic method of findin solution to a problem is research. 'he systematic approach concernin enerali9ation and the formulation of a theory is also research. "s such the term
OB4ECTI5ES OF RESEARCH
'he purpose of research is to discover answers to 7uestions throuh the application of scientific procedures. 'he main aim of research is to find out the truth which is hidden and which has not been discovered as yet. 'houh each research study has its own specific purpose, we may think of research objectives as fallin into a number of followin broad roupins= 1. 'o ain familiarity with a phenomenon or to achieve new insihts into it !studies with this object in view are termed as exploratory or formulative research studies#8 /. 'o portray accurately the characteristics of a particular individual, situation or a roup !studies with this object in view are known as descriptive research studies#8 2. 'o determine the fre7uency with which somethin occurs or with which it is associated with somethin else !studies with this object in view are known as dianostic research studies#8 >. 'o test a hypothesis of a causal relationship between variables !such studies are known as hypothesis?testin research studies#.
TYPES OF RESEARCH
'he type of information you want to ather about your customers, market or competitors will influence the research methods you choose. There are &)ere#+ $a-s +! 'a+her )#!r1a+)!# 6r!1 .r)1ar- !r sec!#&ar- s!(rces7 and &)ere#+ +-.es ! )#!r1a+)!# +! 'a+her 6,(a#+)+a+)*e a#& ,(a%)+a+)*e70 @ou may use any combination of these research approaches to et the results you need.
PRIMARY AND SECONDARY RESEARCH
&rimary and secondary research relate to the $a- you ather information. PRIMARY RESEARCH &rimary research !or field research# athers oriinal information directly for your purpose, rather than bein athered from published sources. &rimary research includes= •
surveys
•
direct observations
•
interviews and focus roups that are developed and conducted by you or your researcher. &rimary research ives you control over the type of 7uestions you ask and information you ather. &rimary research results can be extremely valuable8 however, they can also be much more time?consumin and costly to ather than secondary research. @ou may choose to use primary research methods once you have conducted secondary research to determine what information already exists. SECONDARY RESEARCH
Secondary research !or desk research# athers existin information throuh available sources. Secondary research examples include= •
information on the internet
•
existin market research results
•
existin data from your own stock lists and customer database
•
Information from aencies such as industry bodies, overnment aencies, libraries and local councils. Secondary research allows you to make the most of existin information about your market. However, it can be a challene to find the information you really need. @ou may use secondary research to et an initial understandin of your market. It is often faster to analy9e than primary data because, in many cases, someone else may have already started analy9in it. However, when usin secondary research be careful how you interpret it, as it may have been collected for a different purpose or from a market sement that isnAt relevant to your business. "lso make sure that any secondary information isnAt out?of?date, as the market can chane 7uickly and this will affect your results.
8UANTITATI5E AND 8UALITATI5E RESEARCH
Buantitative and 7ualitative research defines the +-.e of information you ather. 8(a#+)+a+)*e research Buantitative research athers numerical data. Buantitative research includes= •
surveys on customer return fre7uency
•
sales fiures
•
industry product sales numbers
•
Cinancial trends. @ou can use this approach to identify the si9e of your market and how much it miht be worth to your business, and to find areas for sales rowth. Buantitative research can also help you understand the demoraphics of customers, such as their ae and ender. Buantitative research often produces a lot of statistics. 'hese are useful as an overview of your market, but make sure you donAt rely solely on statistics in your research. 5onsider all of the information you have. Cor example, the AaveraeA price your taret market suested it would pay for a product could be distorted if a few a participants selected a very hih amount !i.e. not reflectin the hih number who would not pay that much#. 8(a%)+a+)*e research
Bualitative research athers views and attitudes. Bualitative research includes= •
focus roups with customers and potential customers to understand their feelins and attitudes towards your products and services
•
formal and informal conversations with customers about their satisfaction with your business
•
visits and reviews of competitors to understand their products and customer service practices. @ou can use this approach to et a better understandin of your customersA interests, needs and habits, and identify opportunities for rowin sales and improvin customer service. "naly9in 7ualitative data re7uires a different approach and can take loner to interpret than 7uantitative data because of the nature of the information.
PRO4ECT RESEARCH The $a- ! research )s D Secondary research The +-.e ! research )s D Bualitative research.
My project is based on secondary research as my research is conducted on the basis of data collected by source, nor by self experiment. "s the data for this project is collected by books, web and other indirect resources, this project strictly adopt the concept of secondary research methodoloy.
TABLE OF CONTENT
SNO0
TOPIC
PAGE NO0
1.
Introduction
1?/
/.
)ature of partnership
2.
+ihts, duties and liabilities of partners
>.
"dmission of new partner
3
F.
%oodwill
G
E.
Impact of admission of new partner to the value of oodwill
?12
3.
*ffects of admission of new partner in the firm
1>?1F
G.
5onclusion
2
>?E
1E
REFERENCES
We/s)+es reerre&:
• • • • • •
www.cliffnotes.com www.preservearticles.com www.lawteachers.net www.indiankanoon.in www.supremecourtcases.in www.partnershipaccountin.com
