Section	chapter	Details	View
1	Short title, extent and commencement.	(1) This Act may be called the Indian Partnership Act, 1932. 1 [(2) It extends to the whole of India 2 [ 3***].] (3) It shall come into force on the 1st day of October 1932, except section 69, which shall come into force on the 1st day of Oc...	View
2	Definitions.	In this Act, unless there is anything repugnant in the subject or context,— (a) an“act of a firm” means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or...	View
3	Application of provisions of Act 9 of 1872.	The unrepealed provisions of the Indian Contract Act, 1872 (9 of 1872), save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms. STATE AMENDMENT Goa, Daman, and Diu In the exercise of...	View
4	Definition of “partnership”, “pa...	“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. Persons who have entered into a partnership with one another are called individually â�...	View
4	Partnership not created by status.	The relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not pa...	View
6	Mode of determining existence of partnership.	In determining whether a group of personsisor is not a firm, or whether a person is or is not a partner in a firm, regard shall be had to the real relation between the parties, as shown by all relevant facts taken together. Explanation 1.—T...	View
7	Partnership at will.	Where no provision is made by contract between the partners for the duration of their partnership or for the determination of their partnership, the partnership is “partnership at will”.	View
8	Particular partnership.	A person may become a partner with another person in particular adventures or undertakings.	View
9	General duties of partners.	Partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner or his legal represent...	View
10	Duty to indemnify for loss caused by fraud.	Everypartner shall indemnify the firm for any loss caused to it by his fraud in the conduct of the business of the firm.	View