BUSINESS LAW ASSIGNMENT 1

WRITE-UP ON RECONSTITUTION OF FIRM

BY NARESH KUMAR B G 215111062

Learning from the topic: The Reconstitution of the firm deals the various ways by which a firm can be reconstituted. There are six changes that are said to be the reasons for reconstitution of the firm. They are Introduction of a partner [Sec. 31] Retirement of a partner [Sec. 32] Expulsion of a partner [Sec. 33] Insolvency of a partner [Sec. 34] Death of a partner [Sec. 35] Transfer of a partners share [Sec. 29]

The Introduction of the partner briefs us about the induction of a new partner into the firm based upon the various contracts made between the already existing partners. For example, B can introduce his son as a partner when his son is major if he had already mentioned in his contract about the partnership issue. The retirement of a existing partner will lead to the reconstitution of the firm. One might retire from the firm with consent from other partners, through express agreement or by giving notice in writing about his intention to retire. A person is liable to the activities done before his retirement whereas he is not liable to the activities of the firm after his retirement. The expulsion of a partner tells us about the various ways and circumstances by which a partner can be expelled. The rights of other partners to expel a partner are mentioned. Similarly the rights of the expelled partner to appeal against his expulsion are given under this section. The insolvency of a partner deals with the adjudication of the partner as insolvent in a firm. This happens either when the firm itself is dissolved. The various methods and criteria followed during the dissolution of the firm. The death of the partner tells us the various issues that are dealt with when a partner dies and the shares and the liability he holds. For example, the partner is said to be liable for the activities carried out when he was alive and he is not liable for the activities after his death. The transfer of partners share deals with the way the share held by the partner is transferred when the particular partner requests for the transfer. The various dos and donts to be followed during the transfer of shares have been briefed.

Self Evaluation: I have done my own self evaluation of the presentation done by me.

SWOT Analysis: 1. Strengths: Understood the sections and its uses Had a good subject knowledge Maintained an good eye contact Quoted examples for all the sections I discussed Had a good thought flow

2. Weakness: Less content in the PowerPoint presentation Stammered during my presentation Lacked fluency of language Usage of fillers

3. Opportunities: - The mistakes done during the presentation were identified for correction - Learned how to make an effective presentation through all others presentation too - Learned many new topics outside the book while preparing for the presentation - Improve my way of presentation 4. Threats: - Fall in my grades due to my bad presentation

Feedback : I was not satisfied with the way I presented the topic. The first mistake done by me was that there was no content in the PowerPoint presentation describing the criteria in each section. I had only put the topic of each section in each slide having a perception that it might be looking good to have the topic alone in the slide instead of having the entire content of the section. But it went as a negative in my presentation. The other part of my presentation was that I had examples to be quoted for all the sections and had a good knowledge about the subject I dealt with for my presentations. The areas I have to work on are my fluency and the way of presenting the topic. I also need to work on connecting to the audience during my presentations.