An Act to define and amend the law relating to Partnership. Whereas it is expedient to define and amend the law relating to partnership; It is hereby enacted as follows- Chapter I of Partnership Act – Preliminary Section 1. Short title, extent and commencement. Section 2. Definitions. Section 3. Application
After death of a partner can his wife or his legal heir be a partner of that partnership firm?
Section 42(C) of Partnership Act talks about ‘Dissolution of firm on the death of a partner.’
If there is no contract to the contrary then partnership automatically dissolves on the death of a partner.
CHAPTER II – THE NATURE OF PARTNERSHIP 4. Definition of “partnership”, “partner”, “firm” and “firm name”. ’’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 partnership with
5. 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 business as such, are not partners in such
13. Mutual rights and liabilities. Subject to contract between the partners,- (a) a partner is not entitled to receive remuneration for taking part in the conduct of the business; (b) the partners are entitled to share equally in the profits earned, and shall contribute equally to the losses sustained by