Question

Indian partnership Act was passed in the year ________(Fill in the blank by choosing correct option)
a) 1932
b) 1923
c) 1942

Answer 1

Answer:

The correct answer for the fill in the blank is option a, i.e 1931.

The exact date of the Indian partnership Act to be passed as a law was 1st October 1932.

Explanation:

However, there was one technicality. One of the sections, "SECTION 69" to be precise was not included in this law. It was left out and later was passed on the same date, but a year later, i.e. 1933.

Another technicality about this law was that, it did not apply to Kashmir.  

Answer 2

Answer:

1932

Explanation:

The Indian Partnership Act of 1932, it belongs to the section 4 of the constitution of India. The Act defines partnership with the following phrase:

“ 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.”

One basic rule that the Act states that there cannot be more than 100 partners in a firm, the same cannot be said about the contributors.