The Indian Partnership Act, 1932 was enacted in India in 1932.

Provisions

Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the

partnership A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments ...

firm. THE INDIAN PARTNERSHIP ACT' 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:

" 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."

"Section 464 of the

Companies Act, 2013 The Companies Act 2013 is an Act of the Parliament of India on Indian company law which regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company. The 2013 Act is divided into 29 chapters containing ...

empowers the Central Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 50.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members". General duties of Partners The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be

accountable Accountability, in terms of ethics and governance, is equated with answerability, blameworthiness, liability, and the expectation of account-giving. As in an aspect of governance, it has been central to discussions related to problems in the ...

to one another and provide complete information of all the aspects of the firm, to any other partner or their legal representatives. Duty of indemnification Each partner shall indemnify the firm for any loss that occurred due to fraud, in the conduct of the

business Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separ ...

References

Indian partnership act 1956 {{DEFAULTSORT:Partnership Act, 1932, The Indian Acts of the Imperial Legislative Council Partnerships Legislation in British India Indian business law 1932 in law 1932 in India