The Indian Partnership Act, 1932 is an act enacted by the Parliament of India to regulate partnership firms in India. It received the assent of the Governor-General on 8 April 1932 and came into force on 1 October 1932. Before the enactment of this act, partnerships were governed by the provisions of the Indian Contract Act. The act is administered through the Ministry of Corporate Affairs. The act is not applicable to Limited Liability Partnerships.
(Ps&A) DEALS WITH THE FOLLOWING PROVISION OF THE PARTNERSHIP ACT, 1932
Partnership not created by status.-mode of determining existence of partnership. partnership-at-will.-particular partnership.-general duties of partners.- duty to indemnify for loss caused by fraud.-determination of rights and duties of partners by contract between the partners.-the conduct of the business.-mutual right and-liabilities.-the property of the firm.-application of the property of the firm.-personal profits earned by partners.-rights and duties of partners after a change in the firm.
partner to be agent of the firm.-implied authority of partner as agent of the firm. extension and restriction of partner’s implied authority.-partner’s authority in an emergency.-mode of doing act to bind firm.-effect of admission by a partner.-effect of notice to acting partner.- liability of a partner for acts of the firm.- liability of the firm for wrongful acts of a partner.-liability of firm for misapplication by partners. holding out.-liability of firm for misapplication by partners.- rights of transferee of a partner’s interest.-deletion of entries relating to certain firms by reason of formation of gujarat state.-minors admitted to the benefits of partnership.-chapter v incoming and outgoing partners.-introduction of a partner.- expulsion of a partner.-insolvency of a partner.-liability of estate of deceased partner.- rights of outgoing partner to carry on competing business.-right of outgoing partner in certain cases to share subsequent profits.- revocation of continuing guarantee by change in firm.-dissolution of a firm.- dissolution by agreement.-compulsory dissolution.- dissolution on the happening of certain contingencies.-dissolution by notice of partnership at will.
dissolution by the court.-liability for acts of partners done after dissolution.-right of partners to have business wound up after dissolution.- continuing authority of partners for purposes of winding up.-mode of settlement of accounts between partners.-payment of firm’s debts and of separate debts.-personal profits earned after dissolution.-return of premium on premature dissolution.- rights where partnership contract is rescinded for fraud or misrepresentation.-right to restrain from use of firm-name or firm-property.- agreements in restraint of trade.-sale of goodwill after dissolution.- power to exempt from application of this chapter.-appointment of registrar of firms and deputy and assistant registrars of firms.-application for registration.-registration.-deletion and addition of certain entries relating to certain firms, by reason of reorganisation of states.- late registration on payment of penalty.-deletion of entries relating to certain firms by reason of formation of gujarat state.-recording of alterations in firm-name, nature of business and principal place of business.-noting of closing and opening of branches.-noting of changes in names and addresses of partners.-recording of changes in and dissolution of a firm.-rectification of mistakes.- amendment of register by order of court.- inspection of register and filed documents.- grant of copies.-rules of evidence.- effect of non-registration.-penalty for contravention of section 60, 61, 62, or 63.-penalty for furnishing false particulars.-maximum fees and power to amend schedule -power to make rules.-mode of giving public notice.-repeals.- savings.