Indian Partnership Act

CHAPTER I – PRELIMINARY 1. Short title, extent and commencement. (1) This Act may be called the Indian Partnership Act, 1932. (2) It extends toRead More →

2. Definitions. In this Act, unless there is anything repugnant in the subject or context,- (a) an “act of a firm” means any act orRead More →

3. Application of provisions of Act 9 of 1872. The unrepealed provisions of the Indian Contract Act, 1872, save in so far as they areRead More →

CHAPTER II – THE NATURE OF PARTNERSHIP 4. Definition of “partnership”, “partner”, “firm” and “firm name”. ’’Partnership” is the relation between persons who have agreedRead More →

5. Partnership not created by status. The relation of partnership arises from contract and not from status; and, in particular, the members of a HinduRead More →

6. Mode of determining existence of partnership. In determining whether a group of persons is or is not a firm, or whether a person isRead More →

7. Partnership at will. Where no provision is made by contract between the partners for the duration of their partnership, or for the determination ofRead More →

8. Particular partnership. A person may become a partner with another person in particular adventures or undertakings. Partnership Act full Bare Act Download Partnership ActRead More →

CHAPTER III – RELATIONS OF PARTNERS TO ONE ANOTHER 9. General duties of partners. Partners are bound to carry on the business of the firmRead More →

10. Duty to indemnify for loss caused by fraud. Every partner shall indemnify the firm for any loss caused to it by his fraud inRead More →

11. Determination of rights and duties of partners by contract between the partners. (1) Subject to the provisions of this Act, the mutual rights andRead More →

12. The conduct of the business. Subject to contract between the partners,- (a) every partner has a right to take part in the conduct ofRead More →

13. Mutual rights and liabilities. Subject to contract between the partners,- (a) a partner is not entitled to receive remuneration for taking part in theRead More →

14. The property of the firm. Subject to contract between the partners, the property of the firm includes all property and rights and interests inRead More →

15. Application of the property of the firm. Subject to contract between the partners, the property of the firm shall be held and used byRead More →

16. Personal profits earned by partners. Subject to contract between the partners,- (a) if a partner derives any profit for himself from any transaction ofRead More →

17. Rights and duties of partners. Subject to contract between the partners- (a) after a change in the firm- where a change occurs in theRead More →

CHAPTER IV – RELATIONS OF PARTNERS TO THIRD PARTIES 18. Partner to be agent of the firm. Subject to the provisions of this Act, aRead More →

19. Implied authority of partner as agent of the firm. (1) Subject to the provisions of section 22, the act of a partner which isRead More →

20. Extension and restriction of partner’s implied authority. The partners in a firm may, by contract between the partners, extend or restrict the implied authorityRead More →

21. Partner’s authority in an emergency. A partner has authority, in an emergency, to do all such acts for the purpose of protecting the firmRead More →

22. Mode of doing act to bind firm. In order to bind a firm, an act or instrument done or executed by a partner orRead More →

23. Effect of admissions by a partner. An admission on representation made by a partner concerning the affairs of the firm is evidence against theRead More →

24. Effect of notice to acting partner. Notice to a partner, who habitually acts in the business of the firm of any matter relating toRead More →

25. Liability of a partner for acts of the firm. Every partner is liable, jointly with all the other partners and also severally, for allRead More →

26. Liability of the firm for wrongful acts of a partner. Where, by the wrongful act or omission of a partner acting in the ordinaryRead More →

27. Liability of firm for misapplication by partners. Where- (a) a partner acting within his apparent authority receives money or property from a third partyRead More →

28. Holding out. (1) Any one who by words spoken or written or by conduct represents himself or knowingly permits himself to be represented, toRead More →

29. Rights of transferee or a partner’s interest. (1) A transfer by a partner of his interest in the firm, either absolute or by mortgage,Read More →

30. Minors admitted to the benefits of partnership. (1) A person who is a minor according to the law to which he is subject mayRead More →

CHAPTER V – INCOMING AND OUTGOING PARTNERS 31. Introduction of a partner. (1) Subject to contract between the partners and to the provisions of sectionRead More →

32. Retirement of a partner. (1) A partner may retire,- (a) with the consent of all the other partners, (b) in accordance with an expressRead More →

33. Expulsion of a partner. (1) A partner may not be expelled from a firm by any majority of the partners, save in the exerciseRead More →

34. Insolvency of a partner. (1) Where a partner in a firm is adjudicated an insolvent he ceases to be a partner on the dateRead More →

35. Liability of estate of deceased partner. Where under a contract between the partners the firm is not dissolved by the death of a partner,Read More →

36. Right of outgoing partner to carry on competing business. (1) An outgoing partner may carry on a business competing with that of the firmRead More →

37. Right of outgoing partner in certain cases to share subsequent profits. Where any member of a firm has died or otherwise ceased to beRead More →

38. Revocation of continuing guarantee by change in firm. A continuing guarantee given to a firm, or to a third party in respect of theRead More →

CHAPTER VI – DISSOLUTION OF A FIRM 39. Dissolution of a firm. The dissolution of partnership between all the partners of a firm is calledRead More →

40. Dissolution by agreement. A firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners.Read More →

41. Compulsory dissolution. A firm is dissolved,- (a) omitted by Act 31 of 2016 (b) by the happening of any event which makes it unlawfulRead More →

42. Dissolution on the happening of certain contingencies. Subject to contract between the partners a firm is dissolved,- (a) if constituted for a fixed term,Read More →

43. Dissolution by notice of partnership at will. (1) Where the partnership is at will, the firm may be dissolved by any partner giving noticeRead More →

44. Dissolution by the Court. At the suit of a partner, the Court may dissolve a firm on any of the following grounds, namely- (a)Read More →

45. Liability for acts of partners done after dissolution. (1) Notwithstanding the dissolution of a firm, the partners continue to be liable as such toRead More →

46. Right of partners to have business wound up after dissolution. On the dissolution of a firm every partner or his representative is entitled, asRead More →

47. Continuing authority of partners for purposes of winding up. After the dissolution of a firm the authority of each partner to bind the firm,Read More →

48. Mode of settlement of accounts between partners. In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement byRead More →

49. Payment of firm debts and of separate debts. Where there are joint debts due from the firm, and also separate debts due from anyRead More →

50. Personal profits earned after dissolution. Subject to contract between the partners, the provisions of clause (a) of section 16 shall apply to transactions by anyRead More →

51. Return of premium on premature dissolution. Where a partner has paid a premium on entering into partnership of a fixed term, and the firmRead More →

52. Rights where partnership contract is rescinded for fraud or misrepresentation. Where a contract creating partnership is rescinded on the ground of the fraud orRead More →

53. Right to restrain from use of firm name or firm property. After a firm is dissolved, every partner or his representative may, in theRead More →

54. Agreements of restraint of trade. Partners may, upon or in anticipation of the dissolution of the firm, make an agreement that some or allRead More →

55. Sale of goodwill after dissolution. (1) In settling the accounts of a firm after dissolution, the goodwill shall, subject to contract between the partners,Read More →

CHAPTER VII – REGISTRATION OF FIRMS 56. Power to exempt from application of this Chapter. The State Government of any State may, by notification inRead More →

57. Appointment of Registrars. (1) The State Government may appoint Registrars of Firms for the purposes of this Act, and may define the areas withinRead More →

58. Application for registration. (1) The registration of a firm may be effected at any time by sending by post or delivering to the RegistrarRead More →

59. Registration. When the Registrar is satisfied that the provisions of section 58 have been duly complied with, he shall record an entry of theRead More →

STATE AMENDMENT Section 59A Andhra Pradesh After section 59, insert the following section, namely- 59A. Amendment of the Register of Firms- (1) Notwithstanding anything in thisRead More →

STATE AMENDMENT Section 59B Gujarat After section 59A, insert the following section, namely- 59B. Deletion of entries relating to certain firms by reason of reorganisationRead More →

60. Recording of alterations in firm name and principal place of business. (1) When an alteration is made in the firm name or in theRead More →

61. Noting of closing and opening of branches. When a registered firm discontinued business at any place or begins to carry on business at anyRead More →

62. Noting of changes in names and addresses of partners. When any partner in a registered firm alters his name or permanent address, an intimationRead More →

63. Recording of changes in and dissolution of a firm. (1) When a change occurs in the constitution of a registered firm any incoming, continuingRead More →

64. Rectification of mistakes. (1) The Registrar shall have power at all times to rectify any mistake in order to bring the entry in theRead More →

65. Amendment of Register by order of Court. A Court deciding any matter relating to a registered firm may direct that the Registrar shall makeRead More →

66. Inspection of Register and filed documents. (1) The Register of Firms shall be open to inspection by any person on payment of such feeRead More →

67. Grant of copies. The Registrar shall on application furnish to any person, on payment of such fee as may be prescribed, a copy, certifiedRead More →

68. Rules of evidence. (1) Any statement, intimation or notice recorded or noted in the Register of Firms shall, as against any person by whomRead More →

69. Effect of non-registration. (1) No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in anyRead More →

70. Penalty for furnishing false particulars. Any person who signs any statement, amending statement, notice or intimation under this Chapter containing any particular which heRead More →

71. Power to make rules. (1) The State Government may by notification in the Official Gazette make rules] describing the fees which shall accompany documentsRead More →

CHAPTER VIII – SUPPLEMENTAL 72. Mode of giving public notice. A public notice under this Act is given- (a) where it relates to the retirementRead More →

73. Repeals. [Rep. by the Repealing Act, 1938 (1 of 1938), sec. 2 and Sch.] Schedule I of Partnership Act. Schedule II of Partnership Act.Read More →

74. Savings. Nothing in this Act or any repeal effected thereby shall affect or be deemed to affect,- (a) any right, title, interest, obligation orRead More →

Section59A-1 Partnership Act. LATE REGISTRATION ON PAYMENT OF PENALTY. If the statement in respect of any firm is not sent or delivered to the RegistrarRead More →

Section 59A Partnership Act. DELETION AND ADDITION OF CERTAIN ENTRIES RELATING TO CERTAIN FIRMS, BY REASON OF REORGANISATION OF STATES. (1) Notwithstanding anything contained inRead More →

Section 59B Partnership Act. DELETION OF ENTRIES RELATING TO CERTAIN FIRMS BY REASON OF FORMATION OF GUJARAT STATE. (1) Notwithstanding anything contained in this Chapter,Read More →

Section69A. PENALTY FOR CONTRAVENTION OF SECTION 60, 61, 62, OR 63. If any statement, intimation or notice under sections 60, 61, 62 or 63 inRead More →

Section70A. MAXIMUM FEES AND POWER TO AMEND SCHEDULE I. (1) The fees payable under this Act and the rules made thereunder shall not exceed theRead More →

THE SCHEDULES PARTNERSHIP ACT Schedule I. MAXIMUM FEES. SCHEDULE-I MAXIMUM FEES (See sections 70A and 71) Document or act in respect of which the feeRead More →

Schedule II Partnership Act ENACTMENTS REPEALED – BY REPEALING ACT, 1938 (1 OF 1938) SECTION 2 AND SCHEDULE Partnership Act full Bare Act Download PartnershipRead More →