The Partnership Act, 1932

General Duties of Partners Partners are bound to carry on the business of the firm to greatest common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner, his heir or legal representative.

Particular Partnership A person may become a partner with another person in particular adventures or undertakings. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company

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”. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return

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 had to the real relation between the parties, as shown by all relevant facts taken together. Explanation I : The

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 Burmese Buddhist husband and wife carrying on business as such are not partners in such business.  

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. Persons who have entered into partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is

Application of Provisions of Act IX of 1872 The unrepealed provisions of the Indian Contract Act, 1872, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal

Definitions In the 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 of the firm which gives rise to a right enforceable by or against the firm; (b) “business” includes every trade, occupation and

Short Title Extent And Commencement. (1) This Act may be called the Indian Partnership Act, 1932. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall come into force on the 1st day of October, 1932, except section 69 which shall come into force on the 1st day of October, 1933.

Enactments Repealed Enactments Repealed – By Repealing Act, 1938 (1 of 1938) Section 2 And Schedule Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company