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1. Kinds of partnership
The partnership contracts can be most probably in the following three forms which are
as under
1. Business Partnership
2. Apparent partnership
3. Speculative partnership
1. Business Partnership
It is a contract in which two or more persons agreed to do a business activity and offer
that commercial service to third persons in consideration of a fee.
Partner's liability
• Each of the partners shall be liable to perform the work agreed upon or ratified by one of
them. Every partner is entitled to a fee for the business activity they are providing to the
third person and the work master's liability is discharged if he paid the entire
consideration to one of the partners.
• The partner, who agreed to do a work in partnership, is not liable to perform that work
himself until that specific partner condition is not ratified to the contract by the work
master. He may either designate this work to another partner or any other person who is
not a partner.
• The partners are jointly liable to complete the work.
• If the thing that the object in which the work is to be performed becomes defective or
perishes in lieu of the act of partners. The working master, in the aftermath of that loss,
may recover compensation from any of the partners of his choice and the loss will
distribute among the partners resultantly to their share in the partnership.
2. Apparent partnership

2. It is a contract whereby two or more persons agree to purchase things on credit on
basis of their credibility and then sell it as a partner on sharing the profits.
3. Speculative partnership
It is a contract whereby the capital’s owner agrees to provide the capital and the other
party works and endeavours to realize the profit by utilizing that capital.
Features of speculation partnership
A speculation partnership is valid if it satisfies the following conditions
• The capacity of the financier to give finance and proxy to act as such.
• The capital should be known and real.
• The capital may not be loaned or deposited and is not liable to refund or restitute.