The Indian Partnership Act or 'Indian Partnership Act' (Indian Partnership Act, 1932) is an Act passed by the Parliament of India in 1932 which regulates partnership firms. Prior to its passage, participation was governed by certain sections of the Indian Contract Act 1872. This Act is governed by the Ministry of Corporate Affairs.

1. INTRODUCTION
• Partnership is one of the specific contracts was a part of the Indian
Contract act 1872.
• The Indian partnership act came into force on 1st October 1932 except
section 69 (effect of non registration) which came into force on 1933.
• This act is applicable to whole of India.

2. Meaning Of Partnership
• A partnership is a form of business where two or more people share
ownership, as well as the responsibility for managing the company
and the income or losses the business generates.
• In other words when two or more person with the objective of making a
profit agree to do business jointly it deemed that a partnership has coming
to existence.

3. ESSENTIALS OF PARTNERSHIPACT 1932
• 1) There must be a contract;
• (2) between two or more persons;
• (3) who agree to carry on a business;
• (4) with the object of sharing profits.
• (5) Mutual agency

4. RIGHTS AND DUTIES OF PARTNERS
RIGHTS OF PARTNERS:
• Right to take part in the conduct of the Business.
• Right to indemnity.
• Right to remuneration.
• Right to share profits.
• Interest rights.

5. Duties of Partners:
1. Duty to Act in good faith.
2. Duty to render true account.
3. Duty to indemnify for fraud.
4. Duty to account for personal profit.
5. Duty to properly use the property of the firm.