Bare Act

The Indian Partnership Act, 1923

The Indian Partnership Act, 1932 governs the creation, operation, and dissolution of business partnerships across India. It applies to individuals who agree to share profits from a joint business venture, as well as third parties doing business with them. The law defines the rights, duties, and mutual responsibilities of partners, establishing that each partner can act as an agent to bind the firm while sharing joint legal liability. It also outlines rules for registering partnership firms, handling incoming or retiring partners, protecting minor beneficiaries, and settling accounts during firm dissolution. This framework ensures clarity, fairness, and legal security in commercial collaborations.

PDF: pending for this language.