Law of Partnerships (Indian Partnership Act 1932)
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PREFACE
From ancient ages, the sole proprietorship was the most popular form of business organisation. The dilating scales and augmenting territories of business brought forth the combination of more than one individual into partnering. Partnership facilitated pooling of resources and efforts and gained prevalence over the sole proprietorship. Law of partnerships emerged at such point of time and has now gained the status of one of the very old mercantile laws.
Partnership is, in fact, a relation which subsists between persons carrying on business in common with a view of profit. As an economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. When there is relationship of partnering, there is needed a code to administer the relationship. Law of partnership is, therefore, a necessary code for regulation of relations between the partners.
In India, the law of partnership is contained in the Indian Partnership Act, 1932, which was enacted to define and amend the law relating to partnerships. Prior to the passing of the present Act in 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to 266) of the Indian Contract Act, 1872. Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian law of partnership.
Over the period of nearly 75 years, the law of partnership has developed and is fairly enriched with the judicial precedents and pronouncements, though it is cumbersome to grasp from the thick volumes on Partnership Act.
iv Law of Partnerships
In order to make this law simple and easily understandable, an effort is made in the present book. The author feels that the law of partnerships so simplified shall make it 'easy to understand' for the readers and the persons to the profession of law. Case laws, important to the understanding of the code, are incorporated at the appropriate places, though restraint has been kept so that the book is not unnecessarily bulky.
The author feels that the readers will find the book useful and looks forward to receive with pleasure any comments and suggestion from the readers towards improving this book further.
2018 Dr. Sanjeev Kumar
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Law of Partnerships (Indian Partnership Act 1932) - INDIA NETBOOKS indianetbooks
Dr. Sanjeev Kumar
M.Com, LL.B., Ph.D., DIPRL, FCMA, FCS,
General Management from Sloan School of MIT, Boston (USA)
Corporate and Legal Advisor and Advocate
india NetBooks
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––––––––
Copyright © - Author First Edition 2018
ISBN : 978-81-934146-0-6
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Price : Rs.250.00/-
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PREFACE
––––––––
From ancient ages, the sole proprietorship was the most popular form of business organisation. The dilating scales and augmenting territories of business brought forth the combination of more than one individual into partnering. Partnership facilitated pooling of resources and efforts and gained prevalence over the sole proprietorship. Law of partnerships emerged at such point of time and has now gained the status of one of the very old mercantile laws.
Partnership is, in fact, a relation which subsists between persons carrying on business in common with a view of profit. As an economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. When there is relationship of partnering, there is needed a code to administer the relationship. Law of partnership is, therefore, a necessary code for regulation of relations between the partners.
In India, the law of partnership is contained in the Indian Partnership Act, 1932, which was enacted to define and amend the law relating to partnerships. Prior to the passing of the present Act in 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to 266) of the Indian Contract Act, 1872. Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian law of partnership.
Over the period of nearly 75 years, the law of partnership has developed and is fairly enriched with the judicial precedents and pronouncements, though it is cumbersome to grasp from the thick volumes on Partnership Act.
iv Law of Partnerships
In order to make this law simple and easily understandable, an effort is made in the present book. The author feels that the law of partnerships so simplified shall make it ‘easy to understand’ for the readers and the persons to the profession of law. Case laws, important to the understanding of the code, are incorporated at the appropriate places, though restraint has been kept so that the book is not unnecessarily bulky.
The author feels that the readers will find the book useful and looks forward to receive with pleasure any comments and suggestion from the readers towards improving this book further.
2018 Dr. Sanjeev Kumar
drsanjeevi@gmail.com
AUTHOR'S PROFILE
––––––––
Dr. Sanjeev Kumar obtained degrees of M.Com., LLB, PGDIPRL and PhD. He did General Management from Sloan School at Massachusetts Institute of Technology (MIT), Boston (USA) and Cobol Programming from IIT, Kanpur. He is a Fellow Member of the Institute of Cost Accountants of India
(FCMA) and the
Institute of Company Secretaries of India
(FCS).
He has over 35 years' rich experience in the field of corporate, business and economic laws, company law, corporate finance, accounts, costing, budgeting, MIS, systems, corporate affairs, merchant banking, capital market, mutual funds etc.
He is currently Managing Director of BPA Advisory Limited
& Director of Bolster Juris IBP Pvt. Ltd. Formerly he was Executive Director with Bajaj Hindusthan Sugar Ltd., the largest manufacturers of sugar and ethanol in the country (4th largest in the world) as In-charge of Group's Corporate and Legal Affairs for more than 12 years. He is also Founder and Chairman of BPA Foundation and President of the India Economic Foundation.
He is prolific Writer for legal and research journals and newspapers, viz. Chartered Secretary, Corporate Law, Advisor, SEBI and Corporate Laws, Tax and Corporate Referencer, Hindusthan Times etc. from time to time. He is also a vivid Speaker and Member of Various Committees and Core Groups in the ICSI, ASSOCHAM and PHDCCI,
Books/e-books authored and edited
Ramaiya's Companies Act, 2013 (17th and 18th Edn), Corporate Criminology-Corporate Offences, Real Estate (Regulation & Development) Act 2016, Law of Benami Property Transactions. Civil Law Manual (MLJ). J.C.Varma's Corporate Mergers Amalgamations & Takeovers. Shonbhague's Company Resolutions Notices Meetings & Minutes. Frequently Asked Questions on Company Law. Mercantile Law Section of the Annual Survey of Indian Laws
2003 & 2004 (ILI). Systematic Approach to Indirect Tax Laws. Law & Practice of Producer Companies. Industrial and Labour Laws Economic Laws & Practice. Legal and Regulatory Framework. Handbook of Company Law. Industrial and Labour Legislations. Corporate Administration. Hand book of Business Laws.
E- books at Amazon
Professional Series: Guidance Notes & FAQs on Real Estate (Regulation & Development) Act, 2016. Law of Partnerships. Law of Industrial Disputes. Law of Maternity Benefits. A to Z on Futures & Options, Lecture Series: Lectures on Law of Contracts. Lectures on Law of Sale of Goods. Lecture on Law of Negotiable Instruments. Lectures on Law of Partnerships. Lecture on Law of Stamp Duty. Lectures on Mercantile Laws. Lectures on Environment Laws. Lectures on Intellectual Property Rights Laws.
INDEX OF CASES
Case
A
Abbashbhai v. R.G.Shah AIR 1988 Bom. 187 Abbott v Crump (1870) 7, BLR 109
Abdul Badsha v. Century Wool Industries Ltd. AIR 1959 Mys. 33 Abdul Latif v. Gopeshwar AIR 1933 Cal 204
Abdul Subhan v. Abdul Ravool AIR 1942 Mad. 707 Ahmed Khan v. Turup Md. Hayat AIR 1953 Mys. 4 Airy v. Borham (1861),
Alwar Iron Syndicate v. UOI_AIR 1970 Raj. 86 Arbuckle v. Taylor (1815).
Ashok Transport Agency v. Awadhesh Kumar 1998(5) SCALE 730 (SC)
B
B.V.Narasimhulu v R. Krishnamurthy AIR 1986 AP 177 Babu v. Gokuldas 1930 Mad 393
Bachubhai v. Shamji ILR (1985) 9 Bom 536 Badri Prasad v Nagarmal AIR 1959 SC 559
Badrimal Ramcharan & Co. v. M/s Gana Kaul-AIR 1971 J&K 109
Badrivehari v. Nursing Rao AIR 1959 AP 116
Bajranglal Maniram v. Anandilal AIR 1944 Nag. 124 Banarsidas v. Kanshi Ram 1963 SC 1165
Bank of Australia v. Breillat(1847) 6 Moo PC 152 Barklie v. Scott, 1 H & Billion 83
Barnes v. Youngs (1898)
Benjamin v. Porteous(1769) 2 FYBL 590 Bentley v Craven1853) 18 Beav.75
Bhagat Ram Mohanlal v. Com of PET AIR 1956 SC 374 Biggs v. Lawrence-(1978)3 R 454
Birdichand v. Harakchand AIR 1940 Nag. 211 Blisset v. Daniel (1853) 10 Hare 493-522
Both v. Parks 1 M 465;
Bource v. Freeth-449 P&C 632
Brijendra Singh Prithvi Singh v. Gyan Chand Kastoor Chand AIR 1965 MP 100
Brown v. De Tastet (1819) Jac 284 Brown v. De Tastet (1819) Jac 284 Burnell v. Hunt(1841) 5 Jur 650
Buta Mal Dev Raj v. Charan Mal-AIR 1964 Punj. 270; Byrne v. Reid(1902) 2 Ch. 735 CA
C
C Assiamma v. State Bank of Mysore AIR 1990 Ker. 157 Campbell v Campbell (1834) 12 Sh 573
Carmichael v Evans (1904) 90 LT 573
Champaran Cane Concern v. State of Bihar AIR 1963 SC 1737 Cheesman v. Price (1865)
CIT v. A W Figgies - AIR 1953 SC 455
CIT v. Dwarkadas Khetan & Co.
CIT v. Figgies and Co (1953) 24 ITR 405-409
CIT v. G Parthasarthy Naidu (1999) 236 ITR 350 CIT v. Jadavji Naridas & Co.; AIR 1963 SC (1947)
CIT v. Jayalakshmi Rice & Oil Mills AIR 1971 SC 1015 Cit v. Kandath Motors AIR 1997 SC 1111
CIT v. S.T. Phool Chand, (1965) 57 ITR 588
CIT v. Seth Govindram Sugar Mills AIR 1966 SC 24. Clark v. Clark (1863) 32 Beav 14
Const v Harris1824 T & R 496
Cook v. Collingridge (1823) Jac 607;
Coope v. Eyre (1788) 1 Hy Bl 37 Cox v. Coulson (1916)
Cox v. Hickman (1860) 8 HLC 268 Cragg v Ford(1842) 1Y & C. Ch. Cas.280
D
De Berkom v. Smith-1 Esp 29 Devis v. Davis(1984) 1 Cd. 393
Dhanbai v Dhanbai AIR 1926 Sind 291 Dickinson v Valpy 10 B &C 128 (1829)
Docker v. Somes 2 M&K 654
Dulichand Laxminarayan v. CIT (1959) 29 ITR 535
Dulichand v. CIT, Nagpur; (1956) 29 ITR 535
Dunne v English (1874) LR 18 Eq 524
Durga Das Janak Raj V. Preeti Shah Sant Ram AIR 1959 Punj. 530
Durgada Janak Raj v. Preete Shah Sant Ram-AIR 1959 Punj 530
Dwarka Prasad Naik v. Shyam Charan Naik AIR 1964 MP 55 Dwarkadas v. Bansilal-AIR 1956 Ajmer 8
Dy. Com. Sales Tax v. K.Kelukurty-AIR 1985 SC 1143
E
Ellice v. Joseph Elilice & Co(1905) 1 KB 324 England v. Curling (1844) 8 Beav 129
Essell v Hayward (1860) 30 Beav 130 Everest v. Williams (1725)
F
Featherstonhaugh V. Turner 25 Beav 382
G
Gappulal Gordhandas v. Chunilal Shyamlal AIR 1961 Raj. 286
Garner V Murrey (1904) 1 CH. 57.
Geddes v. Wallace (1820) 2 Bligh 270
Gherulal parekh v. Mahadeodas AIR 1959 SC 781 Girdhari bhai v. Sd. Md. Madri-AIR 1987 SC 1782 Girdhari Lal v. Dinga Singh & Co AIR 1954 HP 52 Goldberg v. Jenkins(1989)
Gordon v Holland(1913) 108 LTR 385 Grace v. Smith, 2 Wm Blacks 1008 Green V Howell (1910) 1 Ch 495 Greenaway v. Greenaway (1940)
Gujarat Trading Co. vs. Tricumjee, 3, Bom H.C.R. 45
H
Habib Bux v. Samuel fitz 7 Co., 23 All L.J..961 Haji Isa v. Sarnbai-AIR 1938 Nag. 324 Handyside v. Campbell (1901)
Hardern v. Hordern (1910) AC 465
Harijan Boot House v.Registrar of Firms AIR 1988 Guj. 188 Harish Kumar v. Bachan Lal AIR 1991 P&H 130
Harrison v. Tennant (1856)
Hart v. Clarke (1854) 6 De GM & G 232 Hawhsley v. Outram(1892) 3 Ch. 359
Heathcote v. Hulme 1 J&W 122 Helmore v. Smith-(1886) 35 Ch D 436
Heyhoe v. Burge-9 CB 431 and Smith v. Watson-2 Billion&C 401
Hiralal v. Bhagirath & Co AIR 1964 Bom 174 Holme v. Hammond1872 LR 7EX 218 Hudgell, Yeates & Co. v Watson (1978)
I
Inder Singh Sham Singh v. Brahmo Deo Prasad-1958 BLJR 608
J
Jagat Mittar Saigal v. Kailash Chander Saigal-AIR 1983 Del 134
Jagdish Chandra Gupta v. Kajaria Traders (India) Ltd AIR 1964 SC 1882
Jain Nautamal Veni Shanker v. Shri Vivekanand’s Co-op
Housing Society Ltd. & Ors. AIR 1986 Guj 162
Jamal Usman v. Umar Hazi Kari AIR 1943 1943 Nag. 175 Jankidas v Sri Kishen Pershad AIR 1918 PC146
Jatti v. Banwari Lal and Radhakrishandas v. Gangabhai AIR 1927 Sinnd 218
Jayalakshmi R&OM v Income Tax Commissioner AIR 1967 AP 99
Jennings v. Baddeley (1856) 3 K7J 78
Jiwan Singh v. Lakhmi Chand AIR 1935 Lah. 332 Johnstone v. Pedler-(1921) 2 AC 263
Jones v. Lloyd (1874)
K
K.D.Kamath & Co. v. CIT-(1971) 82 ITR 680 SC
Kay v. Jhonson 21 Beav 536,537
Keith Spicer v. Mansell-(1970) 1 WLR 333
Kerala Arecanut Stores v. Ram Kishore AIR 1975 Ker 144 Kerala Roadlines Corp. v. CIT AIR 1964 Ker 251
Keshav Lal v. Chunni Lal AIR 1941 Rangoon 196
Keshavbhai Lallubhai v. Patel Bhailao Narendas-AIR 1968 Guj 157
Keshavji Ravji & Co v. CIT(1990) 2 SCC 231 Kesrimal v. Dulichand AIR 1959 Raj. 140
Khushal Khimgar vs Mrs. Khorshedhanu, AIR (1970) S.C. (147)
Knox v. Gy LR 5 HL 656
Krishnamachariar v. Sankara Sah AIR 1921 PC 91 Krishnarao v.Shankar AIR 1954 Bom. 532
KT Chettiar v. EM Muthappa-AIR 1961 SC 1225
L
Lachhman Das v. Mrs. Gulab Devi-AIR 1936 All 270. Lake v Duke of Argyll (1844) 6 QB 477)
Lakshmibai v. Rashal Lal AIR 1972 Raj, 288 Lancaster v. Allsup (1887) 57 LT 53
Law v Law(1905) 1 Ch.140
Loonkaran Sethia v. Ivan E John AIR 1977 SC 336 Loscombe v. Russell (1830)
Lovell and Cristmas v. Beauchamp (1894) Lovergrove v. Nelson(1834) 3 MY & K 1, 20
M
M.M. Abbas Bros. V Chetandas AIR1979 Mad 272
M/s Luda Ram v M/s Maharani of India AIR 1989 Del 169
M’Neil v. Reid (1832) 9 Bing 68
Madgwick v. Wimble 6 Beav 495 Mair v. Wood (1948)
Malabar Fisheries Co. v. CIT (1979) 120 ITR 49 Maliram Chaudhary v. Jagannath-AIR 1972 Ori.17 Manley v. Sartori (1927) 1 Ch 157;
Maula Bux v. Mohammad Afzal AIR 1922 Nag 96 Mc Donald v. Richardson 1 Giff 81
Mc Leod v. Dowling 43 TLR 655
Md. Hafeez Khan V. State Transport Appellate Tribunal AIR 1978 MP 116
Meenakshi Achi v. PSM Subramanian Chettiar-AIR 1957 Mad 8 DB
Mellersh v. Keen (1861) 27 Beav 236
Mellow, March & Co. v. Court of Wards(1872) LR 4 PC 419 Mercantile Credit Co. Ltd. v Garrod(1962) 2 All ER 1103 Miles v. Clarke (1953
Milliken v. Milliken 8 Ir Eq. 16
Mirza Mal Bhagwan Das v. Rameshwar-AIR 1929 All 536
Mohd. Musa Sahib v. N.K.Mohd, Ghouse Sahib- AIR 1959 Mad. 379
Mohori Bibi v. Dharmodas Ghose(1903) 30 IA 114/ ILR 30 Cal 539
Moss v. Elphick(1910) 1 KB 486
Motilal v Unnao Commercial Bank(1930) 32 Born LR 1571
Mrs. Bacha F Gazdar, Bombay v. CIT-Bombay AIR 1955 SC 74.
Mulchand v. Manekchand (1906) 8 Bom. LR 8 Munton v Rutherford(12 Mich.418)
N
Nagendrier v. Mutui Bhagavathar AIR 1927 Mad 1096 Narayanappa v. Bhaskaia krishnappa- AIR 1966 SC 1300 Nathilal v. Mal & Ors-AIR 1940 1940 All 230
Neel Comul Mookerjee v. Bipro Das Mookerjee(1901) 28 Cal 597
Nemi Das v. Kunj Behari AIR 1928 Oudh 440 Nissar Ahmed v. Nasima Bi., (1970) 1 Mad LJ 512 North Western Rail Co. v. m’ Michael
O
O Balasubramanian v. Registrar of Firm, Trivendrum-AIR 1984 Ker. 20
Oriental Bank v S.R. Kishore AIR 1992 Del 174
P
Padam Singh Jain v. Chandra Bros AIR 1990 Pat. 95 Palmer V. Mitchell 2 M&K 672
Parsons v Hayward (1862) 31 Beav 199 Pathirana v Pathirana(1967) 1 ac 233 PC Peyton v. Mindham (1972)
Pigott v. Bagley Mc CL & Y 569
Pitchiah v. Subramanian-AIR 1934 Mad 404
PK Oswal Hosiery Mills v. Tilak Chand AIR 1969 Punj. 150 Pooley v. Driver(1876) 5 Ch 458
Pratt v. Strick (1932) 7 Tax Cas 459
Prembhai v Brown(1873) 10 Born HC Rep 319 Prithvi Singh v. Hasan Ali(1950) Bom. LR 862
Progressive Financiers v. CIT AIR 1997 SC 2160
Punjab United Bank Ltd. v Muhammad Hussain AIR1934Lah 358
R R. v Kapfer (1915) 112 LT 1138
Rajasthan trading Co. v. Registrar of Firms-AIR 1975 AP 232
Rajkishore Guru Prasad Khatri, Satna v. Jwala Prasad Bhimraj (1976) MPLJ 479
Ram Das v. Mukut Dhari-AIR 1952 VP 1
Ram Kumar Shew Chand Rai v. UOI-AIR 1977 Cal 37 Ram Laxman Sugar Mills v. Cit (1967) 66 ITR 6113 (SC) Ram Prasad v. Kamta Prasad AIR 1935 All 898 Ramnath Gagoi v Pitambar Deb ILR (1915) 43 Cal 733
Rasik Lal & Company v. CIT, Orissa AIR 1998 SC 401, (1998)144CTR(SC)161
Ratanji Bhagwanji & Co. v. Prem Shanker AIR 1938 All 619 Rawligson v. Clarke (1846) 15 M&W 292
Re Lonergan, ex p sheil (1877)
Re Yenidje Tobacco Co. Ltd. (1916),
Regional Director of ESIC v. Ramanuja Match Industries AIR 1985 SC 278
RN Kothare v. Hormasjee AIR 1927 Bom. 187 Ross v. Parkyns(1875) LR 20
RR Sarna v. Reuben AIR 1946 Oudh 68
S
S.K. Bandopadhya v Man Gobinda(AIR 1919 Pat 386)
S.N. Soni vs Taufiq Farooke, AIR (1976) Delhi 63
Sankar Housing Corporation v. Smt. Mohan Devi & Others AIR 1978 Del 255
Sat Pal v R.K.Ahuja AIR 1973 P & H 197 Satyanarayanamurthi v. Gopalan AIR 1939 Mad. 891 Scott v. Raymont 1868,7 Fq.112
Seth Suganmal v. Mst. Umraobi-AIR 1938 Nag. 550
Shankar Housing Corporation v. Mohan Devi,-AIR 1978 del 255
Shankarling Nadar v. Chacko1963 Ker LJ 387
Sharad Vasant Kotak v. Ramniklal Mohanlal Chawda-AIR 1998 SC 877
Shreeram finance Corporation v. Yasin Khan(1989) 3 SCC 476
Simpson v. Chapman 4 De GM&G 154
Singh Amrit Singh v. Dhanna Singh Diwan Singh-AIR 1928 Lah 832
Sitaram Kalani v. Manmal Gattani—Smith v. Everett 27 Beav 446
Snow v. Milford (1868)
Snow White Food Products Pvt. Ltd. v. Sohanlal Bagia AIR 1964 Cal. 209
Spicer (Keith) Ltd. v. Mansell (1970)
Sri Kishan Gupta v. Ram Babu Gupta AIR 1990 ALL 171
Sri Murugan Oil Industries (Pvt.) Ltd. v. A.U. Suryanarayana Chettiar (1963) 33 Comp. Cas 833 (Mad.)
State of Punjab v. Jullender Vegetables Syndicate - 1966 (17) STC 326 (SC)
Stekel v. Ellice (1973)
Stevenson & sons Ltd. v. AG fur Cartonnagen Industrie (1918)
Stocken v Dawson 9 Beav 239
Suresh Kumar v. Amrit Kumar AIR 1982 Del 131 Syres v. Syres (1876) 1 AC 174
T
T Savariraj Pillai v. RSS Vastrad & Co.-AIR 1990 Mad. 198 Tapendra Chunder v. Jogendra Chunder AIR 1942 Cal 76 Thompson Bros. Co. v. Amis-(1917) 2 Ch. 211
Tower Cabinet Co. v Ingram(1949) 1 All ER 1033
U
U. Sein Pov, Phyu, A.I.R. (1930) Rang. 21 Umarani Sen v. Sudhir Kumar AIR 1984 Cal 230
V
Vaiyapurri Mudaliar & Sons v. Sri Arunodhaya Textiles, AIR 1996 Mad. 19
Van Sandau v. Moore (1826) 1 Russ 441 25 RR 100
Virendra Dresses, Delhi v. Virender Garments AIR 1982 Del 482
W
Wainwright v. Waterman 1 Ves Jun 311 Walker v. Hirsch (1884) 27 Ch D 460 Waterer v. Waterer (1873)
Waugh v Carver(1793) 2 HB 235 Wheatley v. Smithers (1906), Whitwell v Arthur(1865) 147 RR 73
Willet v. Blandford, 1 Hare 253 William law v. James Law (1905)
Y
Yates v. Finn 13 Ch D 839 (1819)
CONTENTS
––––––––
Preface...................................iii
Author's Profile..............................v
Index of Cases..............................vii
Introduction....................................1
General Principles of Partnership Contracts...............20
Registration of Partnership Firms.....................43
Formation of Partnerships..........................59
Reconstitution of Partnerships........................79
Relation of Partner-Inter Se.........................95
Relation of Partners With Third Parties.................120
Dissolution of Firms.............................141
Indian Partnership Act, 1932........................155
Model Partnership Deeds..........................185
Appendix-1................................201
Appendix-2................................204
Introduction
1.1 Introduction
Partnership is a fundamental form of business organisation. It is a relation, which subsists between persons carrying on business in common with a view of profit1. As an economic form, the partnership is significant, even after transformation of partnerships into limited companies in the last quarter of 19th Century. In India, the law of partnership is contained in the Indian Partnership Act, 1932.
Indian Partnership Act 1932
Indian Partnership Act, 1932., which came into force on 1st October 1932, except Section 69, which was enforced a year later (i.e. from 1st October 1933). Prior to the passing of the present Act, 1932, law relating to partnerships was contained in Chapter XI (Sections 239 to
266) of the Indian Contract Act, 1872. Indian Partnership Act is one of the very old mercantile laws.
The Preamble to the Indian Partnership Act 1932 sets out its aims as follows:
An Act to define and amend the law relating to partnerships.
The provisions contained earlier in the India Contract 1872 were not exhaustive. The present Act does not purport to alter in any substantial way, the law of partnership; but only to rectify it with a view to avoiding doubts and difficulties and also making it uniform with the law in force in England and other parts of the Commonwealth. It brought about comprehensive provisions
Section 1 of (English) Partnership Act 1890
relating to registration of the partnership firms, which are the most significant provisions in the Act.
Indian Partnership Act is mainly based on the English Partnership Act, 1890 and practically codifies the Indian