Sociology | Mercantile Law | International Law | International Relations

Definition (Article#4)
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”

Who is Partner?
Persons who have entered into partnership with one another are individually called ‘partners’. A partner has the legal status of a person.

What is Firm?
Persons who have entered into partnership with one another are collectively called ‘firm’. As far as the legal status of a firm is concerned, it is neither a person nor a legal entity. It has no existence apart from its members. A firm carries a business under some name, it is called ‘firm name’.

• Essentials of Partnership
• Types of Partnership
• Duties of the Partners
• Rights of Partners
• Checks as to Profits earned by Partners
• Rights and duties of partners after a change in the firm
• Minor
• Minor on attaining the age of majority
• Dissolution of Firm