Partnership firms in India are governed by the Indian Partnership Act 1932. It extends to the whole of the country except Jammu and Kashmir. Prior to the enactment of the Indian Partnership Act 1932, the Indian Contract Act governed partnerships in the country.

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Indian Partnership Act 1932
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What is the Indian Partnership Act
1932?
Partnership firms in India are governed by the
Indian Partnership Act 1932.
It extends to the whole of the country except
Jammu and Kashmir.
Prior to the enactment of the Indian
Partnership Act 1932, the Indian Contract Act
governed partnerships in the country.

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Indian Partnership Act 1932 -
Section 4
Section 4 of the Indian Partnership Act 1932
defines a 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”.
It further states that individuals who have
entered into partnership with one another are
called “partners”.

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Sections included under articles of
partnership:
 Host agreement
 Majority management
 Annual account
 Consistent interest
 Misconduct expulsion
 Resolution of dispute
 Causes income losses

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