Indian Partnership Act

Short title, extent and commencement.— (1) This Act may be called the Indian Partnership Act, 1932. (2) It extends to the whole of India. (3) It shall come into force on the 1st day of… 

Definitions.— In this Act, unless there is anything repugnant in the subject or context,— (a) an “act of a firm” means any act or omission by all the partners, or by any partner or agent… 

Application of provisions of Act 9 of 1872.— The unrepealed provisions of the Indian Contract Act, 1872 (9 of 1872), save in so far as they are inconsistent with the express provisions of this Act,… 

Definition of “partnership”, “partner”, “firm” and “firm name”.— “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.… 

Partnership not created by status.— The relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a… 

Mode of determining existence of partnership.— In determining whether a group of persons is or is not a firm, or whether a person is or is not a partner in a firm, regard shall be… 

Partnership at will.— Where no provision is made by contract between the partners for the duration of their partnership or for the determination of their partnership, the partnership is “partnership at will”.

Particular partnership.— A person may become a partner with another person in particular adventures or undertakings.

General duties of partners.— Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other, and to render true accounts and full…