Discuss in detail the Salient features of Partnership Act 1932.

Features of Partnership Act 1932 are :

1. Two or More Persons:

At least two persons must pool resources to start a partnership firm. The Partnership Act, 1932 does not specify any maximum limit on the number of partners. However, the Companies Act, 1956 lays down that any partnership or association of more than 10 persons in case of banking business and 20 persons in other types of business is illegal unless registered as a joint stock company.

2. Agreement:

A partnership comes into being through an agreement be­tween persons who are competent to enter into a contract (e.g. Minors, lunatics, insolvents etc. not eligible). The agreement may be oral, written or implied. It is, however, to put everything in black and white and clear the fog surrounding all knotty issues.

3. Lawful Business:

The partners can take up only legally blessed activi­ties. _________ ______ ____ _________ ______ _________ __________ ________ _______ _________ _________.
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