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“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 “partners” and
collectively “a firm”, and the name under which their business is carried on is called the “firm name”.

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 partners in such business