|47. THE INDIAN PARTNERSHIP ACT-1932|
|This act defines the law relating to partnership in business.
This Act defines gPartnershiph, gFirmh, and gFirm nameh as ?
gPartnershiph 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. Persons who have entered into partnership with one
another are called individually gpartnersh and collectively ga
firmh, and the name under which their business is carried on is
called the gfirm nameh.
The Act provides Registrar for the registration of partnership deed. It is not made compulsory to register partnership firm. Effects of non registration is given in Section-69 of the Act.
Every partner is made liable jointly and severally for all acts of the firm. The Act describes in detail about the nature of partnership, relations of partners to one another, relations of partners to third parties, incoming and outgoing partners and dissolution.