Question
Discuss in detail the Salient features of Partnership Act 1932.
Answer :
Word Count : 604
The Indian Partnership Act 1932 is a comprehensive legislation that governs the formation, functioning and dissolution of partnership firms in India. The Act provides the legal framework within which two or more persons can join together to carry on a business with the objective of earning profit. One of the most important features of the Act is that it defines partnership as 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. This definition makes it clear that agreement, profit motive and mutual agency are _______ ____ __________ __________ _________ ________ _________ _____ ______ _______ __________.
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The Indian Partnership Act 1932 is a comprehensive legislation that governs the formation, functioning and dissolution of partnership firms in India. The Act provides the legal framework within which two or more persons can join together to carry on a business with the objective of earning profit. One of the most important features of the Act is that it defines partnership as 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. This definition makes it clear that agreement, profit motive and mutual agency are _______ ____ __________ __________ _________ ________ _________ _____ ______ _______ __________.
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