12
The Partnership Act 1932
Learning Objectives
In this chapter, the students will come to know
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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