12
The Partnership Act, 1932
Learning Objectives
After reading this chapter, you will be able to understand:
- What is partnership and how it is different from other forms of business organization?
- Procedure for registration of partnership
- Types of partner
- Rights and duties of a partner
- Re-constitution and dissolution of a firm and formalities related thereto
12.1 APPLICABILITY OF THE ACT
This act extends to the whole of India except the State of Jammu and Kashmir. It came into force w.e.f. 1 October 1932.
12.2 DEFINITION OF PARTNERSHIP—SECTION 4
A partnership is the relation between two or more persons who have agreed to share the profits of a business, carried out by all or any of them acting for all.
Persons who have entered into the partnership ...
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