Partnership is a firm where business is carried on by the joint contribution of two or more persons together to run the business. Human beings are followed by misunderstanding, and if misunderstanding came across partners involved in a partnership business then the partnership business may collapse. public are dealing at huge mass in partnership business as customers, suppliers, creditors, lenders, employees or others. so it is important for the public to know in what they are investing, its consequences of the transactions related to partnership business. Here no one partner is the owner but everyone is equally responsible in it. To solve the various problems The Indian Partnership Act, 1932 was brought into existence in partnership business.
The Indian Partnership Act, 1932 contains the rights and duties of partners in a partnership firm between themselves and partly between partners and third party. These rights and duties are most important in formation of partnership business. It not only tells about the rights and duties of partners but also tells what should against partners. It put forwards the position of partners and firm to the third partners in legal and contract based in a business. The Indian Partnership Act, 1932 is the law against partners.
Unit : 1 General Nature Of A Partnership
Unit : 2 Relations Of Partners
Unit : 3 Registration And dissolution Of A Firm
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