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The Partnership Act, 1932, details the laws and regulations pertaining to a partnership firm in India. It outlines the powers of the partners, their responsibilities and duties, and how they can deal with third parties. If you are planning to start a business and considering registering a partnership firm, then this you are in the right place. In this article, we will talk about everything that you need to know regarding a partnership firm in India.
According to the Partnership Act, 1932, the definition of a partnership firm in India is as follows:
“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.
Therefore, there are three essential aspects of a partnership firm:
It is an agreement between two or more people
The agreement is based on the concept of sharing profits of a business
The business is run by all the people in the partnership or by a few on behalf of everyone.
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Published on July 09, 2020
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