What is partnership ACT 1932?
Simply..in.Partnership Act 1932 they have define &amend law relating to partnerships..also it takes help of Indian Contract Act 1872 ;if it is not defined in IPA 1932 .in CPT v r learing at a very basic stage..so refer ICAI study material and read Preface of every Act before starting..U l get idea
oh sorry. litile mistake it is come into force 1932
indian partnership act-1872
w.e.f 1st oct 1872 except sec.69 which come into force after one year 1oct. 1933
apply whole of india excep jammu&kashmir
Acording to sec.4 partnership is an reletionship between person's who agree to share profit of the business carried by all or any of then acting for all
1.Reletion:- by agreemet (oral or written)
2. business:- means trade, occupation, profesion etc.
3. profit sharing (sharing of loss is'nt necessay)
4. business carried by all or any of them acting for all i.e. mitual agency ( it is verry important eliment of partnership )
it is short introduction of indian partnership act 1872.
In short... Two person agree for a combined business with agree according to the partership rules..
Prior to partnership Act 1932 the law of partnership was covered by Indian Contract Act 1872.Due to rapid growth in trade and commerce & growing industialization a need was felt to have a separate law on partnership.This led to enactment of (IPA) 1932, it extends to the whole of India except the State of Jammu and Kasmir.It came into force on 1st day of October,1932, except section 69, which come into force on the 1st day of October, 1933.
And other information is given by Saanvi, in very nice and perticuler manner.
Section 2 of the act defines,
(a) an "act of a firm" means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;
(b) "business" includes every trade, occupation and profession;
(c) "prescribed" means prescribed by rules made under this Act; (c-1) "Registrar" means the Registrar of Firms appointed under sub-section (1) of section 57 and includes the Deputy Registrar of Firms and Assistant Registrar of Firms appointed under sub-section (2) of that section;
(d) "third party" used in relation to a firm or to a partner therein means any person who is not a partner in the firm; and
(e) expressions used but not defined in this Act and defined in the Indian Contract Act, 1872, shall have the meanings assigned to them in that Act.