2. The relationship of partnership arises from
contract and not from status;
And in particular, the members of Hindu
undivided family carrying on a family
business as such, or
A Burmese Budhist husband and wife carrying
on business as such are not partners in such
business
Section -5
3. Partnership is result of Voluntary Agreement
Contact between 2 or more persons without it
no relation of partnership is established
Sharing of profit being member of family
does not give rise to creation of relation of
partnership
Will be joint owner of business
Quasi- partnership created by operation of
law
Section - 5
4. Act of each partner will usually bind others
but in joint family firm only manager can act
Manager has larger rights than other
members
Manager can contract, give receipts,
compromise, and discharge claims arising out
of business
Female can not be partner being not a
coparcener
Section-5
