2. Kiran Varma - IndianlawInfo
Table of Contents
1. Partnership at will.
2. SHORT TITLE EXTENT AND COMMENCEMENT.
3. Section 2 DEFINITIONS.
4. APPLICATION OF PROVISIONS OF ACT IX OF
1872.
5. DEFINITION OF "PARTNERSHIP", "PARTNER",
"FIRM" AND "FIRM-NAME".
6. PARTNERSHIP NOT CREATED BY STATUS.
7. References.
3. Kiran Varma - IndianlawInfo
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.
4. Kiran Varma - IndianlawInfo
SHORT TITLE EXTENT AND COMMENCEMENT
● This Act may be called the Indian Partnership Act, 1932.
● It extends to the whole of India except the State of Jammu and
Kashmir.
● 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.
5. Kiran Varma - IndianlawInfo
Section 2 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 profession;
(c) "prescribed" means prescribed by rules made under this Act
6. Kiran Varma - IndianlawInfo
Section 3
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.
7. Kiran Varma - IndianlawInfo
Section 4
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 carried on is called the "firm-name".
8. Kiran Varma - IndianlawInfo
Section 5
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.
9. Kiran Varma - IndianlawInfo
References
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Content:
http://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_1932.pdf
https://en.wikipedia.org/wiki/The_Indian_Partnership_Act,_1932
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