This document defines a partnership as an agreement between two or more persons to share profits from a business they carry out together. It discusses the key features of a partnership, including mutual agency and sharing of profits. It also covers types of partnerships based on duration and business scope. The document emphasizes the importance of a written partnership deed to define the agreement. It outlines the registration process for a partnership firm and rights and responsibilities of partners. Finally, it examines various ways a partnership can dissolve, including voluntary dissolution by consent or contract and dissolution ordered by a court.

2.  Definition of partnership
 Features of partnership
 Cases where no partnership exists
 Classification of partnership
 Types of partners
 Partnership deed
 Registration of partnership firm
 Effects of non-registration
 Rights of a partner
 Reconstitution
 Dissolution

3. As defined by Partnership Act 1932:
The relation between the persons who have agreed to share
the profits of the business carried on by all or any one of them
acting for all.

4.  Agreement
 Association of two or more persons
 There must be some business
 There must be sharing of profits
 Mutual agency

5. PARTNERSHIP MAY BE CLASSIFIED ON
THE BASIS OF THE FOLLOWING
 On the basis of duration
 On the basis of the extent of the business

8. The agreement creating a partnership may be implied or
expressed. However, to avoid further disputes, it is always
better to have an agreement in writing. Such an
agreement in writing is called a “partnership deed”

9. Particulars to be filled in while registration
 Name of the firm
 The place or principle place of the business
 The date on which each partner joined the firm
 The name(in full) and the permanent address
of the partners
 The duration of the firm, if any
 The application must be signed by all the
partners.

10.  No suit against other partners and firm
 No suit by the firm against third parties
 No claim to a set off

11. Right to take part in the conduct of the business
Right to be consulted
Right to remuneration
Right to interest on capital
Right to interests on advances
Right to share profits
Right to access the books of accounts’
Right to be indemnified
Right to be consulted at the time of admission of a new partner
Right to use partnership property
Right not to be expelled
Right to retire
Right to share subsequent profits

12.  Admission of a partner
 Retirement of a partner
 Expulsion of a partner
 Insolvency of a partner
 Death of a partner
 Transfer of partners share

13. According to section 39, “the dissolution of
partnership between all the partners of a firm is
called dissolution of firm”. Dissolution of a firm marks
the end of the functioning life of the firm. It
discharges the contract which was created
among the partners.

14. Dissolution without the intervention of court
(voluntary dissolution)
 Dissolution by consent of all partners
 Dissolution by contract between the partners
 Dissolution on happening of certain contingencies
 Compulsory dissolution
 Dissolution by notice
Dissolution With intervention of court (court
order)
 Insanity of a partner
 Permanent incapacity
 Misconduct
 Persistent breach of agreement
 Transfer of interest
 Continuous losses
 Just and equitable grounds