Partnership is an organization where two or more people come together to carry on a business with the goal of sharing profits or losses of the business. According to the Indian Partnership Act of 1932, a partnership is defined as the relationship between people who have agreed to share the profits of a business carried on by all or any one of them acting for all.

1. Based on Text Book XII
By : Ajay J. Gursale
M.Com.B.Ed.
*

2. 1. INTRODUCTION TO PARTNERSHIP &
PARTNERSHIP FINAL ACCOUNTS
PARTNERSHIP – (MEANING)
Partnership is an organisation
where there is an association of two or
more persons coming together to carry
on a business with a view to share
profit or losses of the business.

3. PARNERSHIP (Definition)
As per Indian Partnership Act 1932
(Section 4):-
It is the relationship
between persons who have
agreed to share profits of the
business carried on by all or any
one of them acting for all.