Indian Partnership Act

Incoming Partner is the partner who is joining the partnership firm by contract or is added to the firm.
Outgoing Partner is the partner who is leaving the partnership firm. It can be because of death, expansion, retirement etc.

Incoming Partner: A new partner can be introduced into a firm in the following ways:
1. With the consent of all existing partners.
2. In accordance with a contract between the partners.
3. In accordance with the provisions of section 30. (minors)Read…

(Useful for PT/MAINS)
Section 30: Minors admitted to the benefit of Partnership.

Who can be a partner?
With combined effect of section 2(c) and section 3, reference is made from section 10 of Indian Contract Act.
So any person of sound mind, major and not disqualified by law can be a partner.Read…

Chapter VI of Partnership Act, 1932 talks about dissolution of a partnership firm.

The first step in the process of dissolution is to give public notice of it.

Dissolution of a Firm: Section 39Read…