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  • The Indian Partnership Act was passed on 1st October, 1932
  • A partnership comes into existence only by an agreement between all the partners and not by status or operation of law
  • According to Sec. 11 of The Companies Act, the maximum limit of partners in a banking business is 10 and in non-banking business is 20
  • A contract to carry on a business at a future time does not result in a partnership unless that time arrives and the business is started
  • Mutual agency is the cardinal principle of The Partnership Law
  • The name under which a partnership business is carried on is called the “firm name”
  • A firm’s name shall not contain any of the following words: ‘Crown’, ‘Emperor’, ‘Empress’, ‘Imperial’, ‘King’, ‘Queen’, ‘Royal’
  • If a partnership continues to carry on the business even after the expiry of the fixed period, the partnership becomes a partnership at will
  • At the time of retirement, a sleeping partner is not required to give a public notice of his retirement but he is internally liable for the acts of the firm
  • A minor can be admitted only to the benefit of partnership, and only with the consent of all the partners
  • Partners are liable for the firm’s liability, jointly and severally
  • Only the Karta is personally liable for the debts of the HUF

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