Section 2 of Indian Partnership Act
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…
Section 3 of Indian Partnership Act
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,…
Section 4 of Indian Partnership 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.…
Section 5 of Indian Partnership Act
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…
Section 6 of Indian Partnership Act
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…
Section 7 of Indian Partnership Act
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”.
Section 8 of Indian Partnership Act
Particular partnership.— A person may become a partner with another person in particular adventures or undertakings.
Section 9 of Indian Partnership Act
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…
Section 10 of Indian Partnership Act
Duty to indemnify for loss caused by fraud.— Everypartner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.