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In sole proprietorship, due to the inherent disadvantage of financing, managing and expanding business paved way for partnership as a feasible option as a result Partnership served an answer to the greater needs of capital investment, wide-ranging skills and the risks were also mutually shared among the partners.

The Indian Partnership Act of 1932 defines Partnership as “the relation between persons who have agreed to share profit of the business carried on by all or any one of them acting for all”.

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