Partnership Law Explained | Rights, Duties & Liabilities of Partners | Commercial Law Unit 1

What happens when business partners start fighting? Who is responsible for the firm's debts? Can one partner bind the entire firm? What happens when a partner commits a wrongful act or misuses the firm's money? In this video, Commercial Law Unit 1 is explained through practical examples under the Indian Partnership Act, 1932. We cover the meaning and essentials of partnership, kinds of partnership, partnership vs company and co-ownership, rights and duties of partners, mutual agency, implied authority, emergency powers, notice to the firm, joint and several liability, wrongful acts, misapplication of money and related concepts. This video is useful for LL.B. and BA LL.B. students, future lawyers, business owners, entrepreneurs and anyone planning to enter into a partnership. The goal is simple: understand the law, understand the risk, and know what to look for before entering a partnership. Subscribe for practical legal knowledge explained in simple language.