Partnership act 1932

Indian Partnership Act came into force on 1st October, 1932 to govern and guide partnership. The partnership is formed by mutual trust and for mutual benefits. Often there is a misunderstanding among partners which makes the existence of partnership doubtful. Thus it is necessary to know the legal consequences and actions incase of breach of partnership. The law relating to partnership in India contained in Indian Partnership Act (IX of 1932) is concerned partly with the rights and duties of partners between themselves and partly with the legal relations between partners and third parties, which flow or are incidental to the formation of a partnership.


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