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Definition

The term partnership is defined in Sec. 4 of The Indian Partnership Act 1932 as:
 
“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”.
 
The analysis of Sec. 4 reveals that a partnership is the business relationship between two or more persons who have agreed to share the profits of their joint business.
 
Persons who have entered into partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”.




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