The source of Indian Partnership Act

The Indian Partnership Act of 1932 is the primary legislation governing partnerships in India. It was enacted on October 1, 1932, and came into force on October 1, 1933. The Act defines the rights, duties, and liabilities of partners in a partnership firm.

Key provisions of the Indian Partnership Act:

- **Definition of Partnership**: The Act defines a partnership as 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.

- **Formation of Partnership**: The Act lays down the rules for the formation of a partnership, including the need for an agreement, registration, and the rights and duties of partners.

- **Rights and Duties of Partners**: The Act specifies the rights and duties of partners, including the sharing of profits and losses, management of the business, and the conduct of partners towards each other.

- **Liability of Partners**: The Act outlines the liability of partners in a partnership firm, including the liability of individual partners for the debts and obligations of the firm.

- **Dissolution of Partnership**: The Act provides for the dissolution of a partnership firm, including the various modes of dissolution such as by agreement, by notice, or by court order.

- **Registration of Partnership**: The Act requires the registration of partnership firms with the Registrar of Firms. Registration provides legal recognition to the partnership and enables partners to enforce their rights in court.

In conclusion, the Indian Partnership Act of 1932 is the key source of law governing partnerships in India. It provides a comprehensive framework for the formation, rights, duties, and dissolution of partnership firms, ensuring the smooth functioning of business relationships among partners.