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The Indian Partnership Act, 1932
An Act to define and amend the law relating to partnership.
Citation z No. 9 of 1932 Enacted by Parliament of India Assented to 8 April 1932 Commenced 1 October 1932 except section 69 which came into force on the 1st day of October 1933. Committee report ₳ extends to the whole of India status = in force
The Indian Partnership Act, 1932 was enacted in India in 1932.
Provisions [ edit ] Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the partnership firm.[1]
THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:
“ 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.”
"Section 464 of the 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".
General duties of Partners [2]
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 accountable to one another and provide complete information of all the aspects of the firm, to any other partner or their legal representatives.
Duty of indemnification
Each partner shall indemnify the firm for any loss that occurred due to fraud, in the conduct of the business .
References [ edit ]
Consumer Corruption Criminal Education Environment Financial
Aadhaar Act, 2016 Banking Regulation Act, 1949 Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 Depositories Act The Electricity Act, 2003 Expenditure Tax Act, 1987 Finance Act Fiscal Responsibility and Budget Management Act, 2003 Foreign Contribution (Regulation) Act, 2010 Foreign Exchange Management Act Fugitive Economic Offenders Act, 2018 Geographical Indications of Goods (Registration and Protection) Act, 1999 Government Securities Act, 2006 Indian Contract Act, 1872 Indian Stamp Act, 1899 Insolvency and Bankruptcy Code, 2016 Insurance Act, 1938 Negotiable Instruments Act, 1881 Bankers' Books Evidence Act, 1891 Securities Laws (Amendment) Act, 2014 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 The Competition Act, 2002 The High Denomination Bank Notes (Demonetisation) Act, 1978 The Income-tax Act, 1961 Transfer of Property Act 1882 Urban Land (Ceiling and Regulation) Act, 1976 Healthcare
Central Council of Homoeopathy Act, 1973 Clinical Establishments (Registration and Regulation) Act, 2010 Dentist Act, 1948 Drugs and Cosmetics Act, 1940 Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954 HIV/AIDS Prevention Act Indian Medical Council Act Mental Health Act, 1987 Narcotic Drugs and Psychotropic Substances Act, 1985 Mental Healthcare Act, 2017 Epidemic Diseases Act, 1897 Transplantation of Human Organs and Tissues Act, 1994 Labour Personal Social Citizenship State laws State State Terrorism Transport Organisation
Chartered Accountants Act, 1949 Companies Act 2013 Gram Nyayalayas Act, 2008 Indian Trusts Act, 1882 Micro, Small and Medium Enterprises Development Act, 2006 Panchayats (Extension to Scheduled Areas) Act, 1996 Reserve Bank of India Act, 1934 The Indian Partnership Act, 1932 Societies Registration Act, 1860 The Limited Liability Partnership Act, 2008 Repeal Other
All India Services Act, 1951 Delimitation Act Enemy Property Act, 1968 Information Technology Act, 2000
Nuclear Liability Act Official Secrets Act Prevention of Insults to National Honour Act, 1971 Representation of the People Act, 1951 Places of Worship Act, 1991 Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 Right to Information Act, 2005 State Emblem of India (Prohibition of Improper Use) Act, 2005 The Foreigners Act, 1946 Disaster Management Act, 2005
Pre- Post-
Anti-Copying Act, 1992 Consumer Protection Act, 1986 Foreign Exchange Regulation Act Gift Tax Act, 1958 Illegal Migrants (Determination by Tribunal) Act, 1983 Interest Tax Act, 1974 Juvenile Justice (Care and Protection of Children) Act, 2000 Maintenance of Internal Security Act Prevention of Terrorism Act, 2002 Terrorist and Disruptive Activities (Prevention) Act The Gold (Control) Act, 1968 The Muslim Women (Protection of Rights on Divorce) Act 1986 Wealth Tax Act, 1957 Jammu and Kashmir State Land (Vesting of Ownership to the Occupants) Act, 2001
Proposed Lapsed
Indian partnership act 1956
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