Definition Of Partnership-

Basically, A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. 

Characteristics of Partnership:

2 or More Persons
 Agreement
sharing of Profit
Mutual agency 

The different types of partnership
Partnership at Will
Particular Partnership
Partnership for a Fixed Term

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Rights  & Duties and liabilities of the partners in a partnership firm, accordingly at a glance: 

Section 12(a)- Right to take part in the conduct of the business 
section 12(c)- Right to be consulted
section 12(d)- Right to access books
section 13(a)- Right to take remuneration'
Section 13(b)- Right to share profit
section 13(c)- Interest on capital
Section 13(d)- Interest in advance
section 13 (e)- Right to be indemnified 
section 31- Right to stop admission of a new partner's admission 
Section 32(1)- Right to retire
Section 33- Right to not be expelled
section 36(1)- right to outgoing partners to competing the business 
section 37- Right to have profits after retirement or death
Section 40- Right to Dissolve the firm 

Duties of partner: 
Section 9 - General duties of a partners
Section 10 - To indemnify for fraud 
Section 13(f)- To indemnify for willful neglect
section 13 (b)- to share loses
section 16(a)- to account for any profit
section 16(b) - to account and pay for profits competing for business

Liabilities of partner to third parties :

1. liability of a partner to the act of firm
2. wrongful act of a partner
3. Misutition of a partner
4. As a incoming partner
5. As a retiring partner.

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Dissolution of a partnership firm : 

After the dissolution of partnership firm the existing relationship between the partner’s changes. But, the firm continues its activities. The dissolution of partnership takes place in any of the following ways:

Section 39 of the Partnership Act 1932 states that the dissolution of partnership firm among all the partners of the partnership firm is the Dissolution of the Partnership Firm. The dissolution of partnership firm ceases the existence of the organization.

Following are the ways/ modes in which dissolution of a partnership firm takes places:

• Discussion by agreement 
• Compulsory dissolution
• when certain contingencies happen
• Dissolution by notice
• Dissolution by court 

Effect after Dissolution of Partnership firm:

1. Settlement of accounts in case of dissolution 
2. sale of goodwill after dissolution / section 55(1)