Ch 3 · Indian Partnership Act, 1932

📘 Core concepts

1. 1Partnership = relation between persons agreeing to share profits of business carried on by all or any acting for all.
2. 2Essential elements: agreement, profit-sharing, business, mutual agency.
3. 3Registration not compulsory but unregistered firm cannot sue third parties (Sec 69).
4. 4Implied authority of partner extends to acts in usual course of business.
5. 5Dissolution: by agreement, compulsory, contingency, notice, court order.