A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.
Partnership is defined in the Partnership Act, 1932 is the relation between persons who have agreed to share all carry the profits of a business or acting for all. Persons who have entered into a partnership with another called individually 'partners' and collectively 'firm.
The Partnership Act helps us to known about following things :-
1. Definition
2. Kinds of Partnership
3. Kinds of Partners
4. Formation of partnership
5. Partnership Deed
6. Registration of Partnership
7. Effects of Non-Registration