https://en.bharatpedia.org/w/index.php?action=history&feed=atom&title=The_Indian_Partnership_Act%2C_1932The Indian Partnership Act, 1932 - Revision history2026-10-30T21:10:27ZRevision history for this page on the wikiMediaWiki 1.43.6https://en.bharatpedia.org/w/index.php?title=The_Indian_Partnership_Act,_1932&diff=271472&oldid=prev->Citation bot: Alter: url. URLs might have been anonymized. | Use this bot. Report bugs. | Suggested by AManWithNoPlan | #UCB_webform 511/21032021-12-13T20:11:59Z<p>Alter: url. URLs might have been anonymized. | <a href="https://en.bharatpedia.org/wiki/BP:UCB" class="extiw" title="wp:UCB">Use this bot</a>. <a href="https://en.bharatpedia.org/wiki/BP:DBUG" class="extiw" title="wp:DBUG">Report bugs</a>. | Suggested by AManWithNoPlan | #UCB_webform 511/2103</p>
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{{Infobox legislation<br />
| imagesize = 150<br />
| long_title = An Act to define and amend the law relating to partnership.<br />
| citation =z [http://mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_1932.pdf No. 9 of 1932]<br />
| enacted_by = [[Parliament of India]]<br />
| date_assented = 8 April 1932<br />
| date_commenced = 1 October 1932 except section 69 which came into force on the 1st day of October 1933.<br />
| committee_report = ₳<br />
| keywords = extends to the whole of India status = in force<br />
}}<br />
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'''The Indian Partnership Act, 1932''' was enacted in India in 1932.<br />
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==Provisions==<br />
Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the [[partnership]] firm.<ref>{{citation |title=Justice K Chandru answers questions posed by readers |url=http://www.newindianexpress.com/cities/chennai/2017/jan/23/justice-k-chandru-answers-questions-posed-by-readers-1562418.html |work=[[The New Indian Express]] |date=23 January 2017 }}</ref><br />
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THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:<blockquote>“ 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.”</blockquote>"Section 464 of the [[Companies Act 2013|Companies Act, 2013]] empowers the Central Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 100.The Central Government has prescribed maximum number of partners in a firm to be 100 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 100 members".<br />
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'''General duties of Partners'''<ref>{{cite book |title=The Indian Partnership Act, 1932 And The Indian Partnership (Fees) Rules ... |date=15 July 2020 |publisher=Current Publications |location=Section 7 |page=4 |url=https://books.google.com/books?id=zTaEDwAAQBAJ&dq=Indian+Partnership+Act&pg=PA1}}</ref><br />
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The Partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be [[Accountability|accountable]] to one another and provide complete information of all the aspects of the firm, to any other partner or their legal representatives.<br />
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'''Duty of indemnification'''<br />
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Each partner shall [[Indemnity|indemnify]] the firm for any loss that occurred due to fraud, in the conduct of the [[business]].<br />
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==References==<br />
{{reflist}}<br />
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{{Indian legislations}}<br />
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Indian partnership act 1956<br />
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{{DEFAULTSORT:Partnership Act, 1932, The Indian}}<br />
[[Category:Acts of the Imperial Legislative Council]]<br />
[[Category:Partnerships]]<br />
[[Category:Legislation in British India]]<br />
[[Category:Indian business law]]<br />
[[Category:1932 in law]]<br />
[[Category:1932 in India]]</div>->Citation bot