Partnership results from a contract and is governed by the Partnership Act 1932. The partnership is also governed by the general provision of the Indian Contract Act on such matters where the Partnership Act is silent. It is expressly mentioned that the provision of India Contract Act which is not repealed will be applicable on Partnership until and unless such provision is in contrary to any provision of Partnership Act, 1932. The rules of contract regarding the capacity to contract, offer, acceptance etc will also be applicable to the partnership. But the rules regarding the status of minor will be governed by the Partnership Act, 1932 since Section 30 of the Act talks about the position of the minor.

2.  Partnership Firms in India are governed by
the Indian Partnership Act, 1932. As per
Section 4 of the Indian Partnership Act:-
 “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”

3.  TWO OR MORE PERSONS
 PARTNERSHIP DEED

4.  There ought to be, at any rate, two people meeting up
to frame the partnership for a shared objective. As it
were, the base number of partners in a partnership firm
can be two. Indian Partnership Act, 1932 has put no
constraints on most extreme quantities of partners in a
firm. Be that as it may, nonetheless, the Indian
Companies Act, 2013 puts a point of confinement on
some of the partners in a firm as pursuing.
 For Banking Business, Partners must be not exactly or
equivalent to 10.
 For Any Other Business, Partners must be not exactly
or equivalent to 20.
 On the off chance when the number of partners
surpasses the limits, the partnership ends up unlawful.

5.  Names and Addresses of the firm and its primary business;
 Names and Addresses everything being equal;
 A commitment of the measure of capital by each accomplice;
 The bookkeeping time of the firm;
 The date of initiation of partnership;
 Principles concerning a task of Bank Accounts;
 Benefit and misfortune sharing proportion;
 The rate of enthusiasm on capital, credit, illustrations, and so on;
 Method of reviewer’s arrangement, assuming any;
 Pay rates, commission, and so on, if payable to any accomplice;
 The rights, obligations, and liabilities of each accomplice;
 Treatment of misfortune emerging out of indebtedness of at least one
partners;
 Settlement of records on the disintegration of the firm;
 The mode for a settlement of disputes among the partners;
 Guidelines to be followed in the event of confirmation, retirement, the
demise of a Partners; and

6.  Partnership Agreement: A contract results in a partnership. Social standing, the
rule of law, or inheritance has nothing to do with the partnership agreement.
 A Partnership can have a Maximum of 20 Partners: Because a partnership is
the product of a contract, at least two people are required to form one.
 Operation of Business in a Partnership: The parties must have agreed to carry
on a business as the third necessary ingredient of a partnership. "Business" is the
term that is used broadly to refer to any trade, occupation, or profession. As a
result, if the goal is to do some charity work, it isn't a partnership.
 Profits Sharing in Partners: one of the main elements of partnership is to show
that the agreement to do business must have as its goal the distribution of profits
among all partners. Therefore, if a business is carried for the sake of charity and no
profit sharing is there between partners then there will be no partnership.
 Mutual Agency between Partners: Another important aspect of the definition of a
partnership is that the business must be carried on by all the partners or by
any (one or more) acting on their behalf of them, i.e. joint agency.