Note: This electronic version of the statute is reproduced for your convenience and personal use only and may not be copied for the purpose of resale in this or any other form. Formatting of this electronic version may differ from the official, printed version. Where accuracy is critical, please consult official gazette notifications.

An Act to define and amend the law relating to partnership.
Whereas it is expedient to define and amend the law relating to partnership; it is hereby enacted as follows

Chapter I

PRELIMINARY

1. Short title, extend and commencement- (1) This Act may be called the Indian Partnership Act, 1932.

(2) It extends to the whole of India except the Sate of Jammu and Kashmir

(3) It shall come into force on the 1st day of October, 1932, except section 69, which shall come into force on the 1st day of October, 1933.

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

(a) 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:

(b) “business” includes every trade, occupation and profession;

(c) “prescribed” means prescribed by rules made under this Act;

(d) “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

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

3. Application of provisions of Act 9 of 1872- The unrepealed provisions of the Indian Contract Act, 1872, save in so far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms.