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According to Section 4 of the Indian Partnership Act, 1932, a partnership is, ‘the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all’.

The Partnership Act applies to the whole of India excluding Jammu and Kashmir.

Persons who have entered into a 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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