What Is Section 2 of Indian Partnership Act?
Definitions.â In this Act, unless there is anything repugnant in the subject or context,â
(a) an âact of a firmâ means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;
(b) âbusinessâ includes every trade, occupation and profession;
(c) âprescribedâ means prescribed by rules made under this Act;
(d) âthird partyâ, used in relation to a firm or to a partner therein, means any person who is not a partner in the firm; and
(e) expressions used but not defined in this Act and defined in the Indian Contract Act, 1872 (9 of 1872), shall have the meanings assigned to them in that Act.