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Indian Partnership Act, 1932


2. Definitions

In this Act, unless there is anything repugnant in the subject or context,-

  1. an act of a firm means any act or omission by all the partners, or by any partner or agent of the firm which gives rise to a right enforceable by or against the firm;

  2. business includes every trade, occupation and profession;

  3.  prescribed means prescribed by rules made under this Act;

  4. third party used in relation to a firm or to a partner therein means any person who is not a partner in the firm; and

  5. expressions used but not defined in this Act and defined in the Indian Contract Act, 1872 (9 of1872), shall have the meanings assigned to them in that Act.



Indian Partnership Act, 1932 Back




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