Name: The Indian Partnership Act,1932 Bare Act English,1st Edition 2026
SKU: 3200
Availability: InStock

The Indian Partnership Act,1932 Bare Act English,1st Edition 2026

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Description

The Indian Partnership Act,1932 Bare Act English,1st Edition 2026

The Indian Partnership Act, 1932, governs partnership businesses in India, defining a partnership as a relationship where individuals agree to share profits from a business carried on by all or any of them acting for all. Key aspects include mutual agency (each partner acts as an agent for the firm), unlimited liability (partners are personally liable for debts), shared profits/losses, and provisions for partner rights, duties, and dissolution, establishing rules for how firms operate, manage finances, and resolve disputes, replacing older laws.

Key Features

Definition: An agreement between two or more persons to share profits of a business run by all or some acting on behalf of all (Section 4).
Mutual Agency: Every partner is both a principal and an agent, meaning one partner’s actions in the ordinary course of business bind the firm and other partners.
Unlimited Liability: Partners have joint and several liability for the firm’s debts, extending to their personal assets.
Profit & Loss Sharing: Partners share profits and losses equally, unless the partnership agreement specifies otherwise.
Mutual Rights & Duties: Governs remuneration (none unless agreed), interest on capital/advances, indemnification for payments, and partner’s right to participate in management.

Types of Partnerships

Partnership at Will: No fixed duration or specific terms, can be dissolved by notice from any partner.
Particular Partnership: Formed for a specific venture or time period, dissolves upon completion or expiry.

Minor Partners

Can be admitted to the benefits of a partnership but aren’t personally liable for losses.
Upon turning 18, they must decide within 6 months to become a full partner or give public notice of leaving; failure to do so makes them fully liable.