Partnership Act-1932

What is Partnership :

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.
Essential elements of partnership agreement

1. There must be an agreement entered into by two

or more persons
2. The agreement must be to share the profit of
business
3. The business must be carried on by all or any of
them acting for all.
Who Can Be a Partner

1. Person
2. Minor
3. Persons of unsound mind
4. Woman
5. Company
6. An alien enemy