The Indian Partnership Act, 1932

The Indian Partnership Act, 1932
An Act to define and amend the law relating to partnership.
Citation	z No. 9 of 1932
Enacted by	Parliament of India
Date assented to	8 April 1932
Date commenced	1 October 1932 except section 69 which came into force on the 1st day of October 1933.
Committee report	₳
Keywords
extends to the whole of India except for Jammu and Kashmir.
Status: In force

The Indian Partnership Act, 1932 was enacted in India in 1932.

Provisions

Under section 44(d) of the Act, a suit can be filed against the managing partner for dissolution of the partnership firm.^[1]

THE INDIAN PARTNERSHIP ACT’ 1932 Section.4 of the Indian Partnership Act, 1932 defines Partnership in the following terms: “ 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.”

"Section 464 of the Companies Act, 2013 empowers the Centre Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 100.The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014.Thus, in effect, a partnership firm cannot have more than 50 members".

References