Question

Explain partnership and state its features.

Answer 1

Answer:

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Answer 2

Answer:

The Indian Partnership Act, 1932 governs partnership forms of business in India. Section 4 of this Act defines a partnership as the relationship between partners who have agreed to share the firm’s profits carried on by all or any one of them acting for all.

A bare reading of this definition shows that a partnership requires partners who share their firm’s profits amongst each other. Further, the firm’s business must be carried on either by all of them together or by one of them acting on behalf of others. The members of such a business are individually called partners and collectively, a firm.