The Indian Partnership Act or 'Indian Partnership Act' is an Act passed by the Parliament of India in 1932 that 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. partnership act, 1932 pdf partnership act, 1932 notes partnership act 2013 indian partnership act, 1932 partnership act, 1932 bare act partnership act, 1932 notes pdf

1. PARTNERSHIPACT 1932

3. CONTENT OF PRESENTATION :
🠶 INTRODUCTION OF PARTNERSHIP.
🠶 DEFINTION OF PARTNERSHIP .
🠶 MEANING OF PARNTERSHIP .
🠶 NATURE OF PARTNERSHIP .
🠶 ESSENTIALS OF PARTNERSHIP.
🠶 RIGHTS AND DUTIES OF PARNTER IN PARTNERSHIPACT .
🠶 TYPES OF PARTNER.

4. INTRODUCTION:
🠶 The provisions of governing a
partnership are specified in the
partnership act of 1932. As per
section 1of the act ,the indian
parntership act came into force on
1 oct 1932and is enforciable in all
parts of the country except the state
Jammu and Kashmir . Before the
enactment of the partnership act in
1932 ,the regulations governing
partnership were a part of the Indian
contract act ,1872,and it was felt that
the act did not cover all the possible
situations in a partnership ,and a
separate partnership act was enacted
.

5. DEFINITIONS OF PARTNERSHIP:
🠶 Partnership is a association of person with the object of jointly doing something to
make a profit. In other words , when two or more persons , with the object to
jointly doing something to make a profit .
🠶 Partnership is an agreement between persons having contractual capacity to carry
on a business in common with a view to private gain.
-L.H . Haney

6. MEANING OF PARTNERSHIP :
🠶 According to the Indian partnership act of 1932, a partnership can be defined as a
“relation between persons who have agreed to share the profits of a business
carriedon by all or any of them acting for all’
🠶 "Partnership" is the relation between persons who have agreed to share the
profits of a business carried on by all or any of them acting for all.

7. NATURE OF PARTNERSHIP :
🠶 Association of two or more than two persons.
🠶 Result of an agreement between two or more persons .
🠶 Agreement must be a share profit of a business .
🠶 Business must be carried on by all or any of them acting for all.
🠶 Unlimited liability .
🠶 Restriction on transfer of interest.
🠶 Agreement must be to carry on some business.

8. ESSENTIALS OF PARTNERSHIP:
🠶 There must be a contract.
🠶 Between two or more persons .
🠶 Who agree to carry on a business.
🠶 With the object of sharing profits.
🠶 The business must be carried on by all or any of them acting for all .
( i.e.,theremust be mutual agency)

9. 🠶 Rights to take parts in the conductof business .
🠶 Right to express openion.
🠶 Right of access to accounts.
🠶 Right to share in profit.
🠶 Interest on capital.
🠶 Right to interest on additionalcapital or loan .
🠶 Right in the firms property.
🠶 Right to share in profits after retierment .
RIGHTS OF PARTNERS:

10. DUTIES OF PARTNERS:
🠶 To work for common advantage .
🠶 To be faithful to other partners.
🠶 To give correct accounts.
🠶 To give correct information .
🠶 To share profit and loss.

11. TYPES OF PARTNERS :
🠶 Active Partner/Managing Parnter.
🠶 Dormant /SleepingParnter.
🠶 Nominal Partner.
🠶 Partnerin profits only .
🠶 Minor Parnter.