DD: Indian Partnership Act, 1932
S. 4: Partnership is 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. Elements of Partnership: At least two persons A relationship arising out of an agreement between two or more persons to do a business. The agreement must be to share the profits of a business. The business must be carried on by all or any of them acting for all. Mutual agency can be said to be the true test to determine whether something is a partnership. A partnership firm has no legal existence apart from its partners. It isn't a legal entity, nor does it have a separate personality as does a corporation - it merely represents the collective of its partners. A partnership arises through signing of the partnership deed by all partners. Classification: Particular Partnership: S. 8: When two or more persons agree to do business in a particular adventure or undertaking or for a particular per...