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 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”.
*PARTNERSHIP FIRM IS NOT A LEGAL ENTIRY. COMPANY IS A LEGAL ENTITY.
Comptroller & Auditor General v. Kamlesh Vadilal Mehta, 2003
WritingLaw offers important Bare Act PDFs, Law Notes, Law Q&As, Law Articles, Law MCQ Tests, and more.
Latest posts by WritingLaw (see all)
- Section 295 BNS (Bharatiya Nyaya Sanhita) - 21st September 2025
- Section 296 BNS (Bharatiya Nyaya Sanhita) - 21st September 2025
- Section 297 BNS (Bharatiya Nyaya Sanhita) - 21st September 2025
WritingLaw » Indian Partnership Act » 
You’ll love our Bare Act PDFs and Law MCQ Tests. We also have the Bare Act PDFs for three new Acts: BNS, BNSS, and BSA.
