Partnership Act, 1932 | Bare Acts | Universal Lexis Nexis | 2025 Edition
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?? Partnership Act, 1932 - Universal Lexis Nexis ??
The Partnership Act, 1932 is a crucial legal framework that governs all aspects of partnership business in India. This act provides a detailed set of rules and regulations that partners need to follow to establish and run a successful partnership.
? Key Features of the Partnership Act, 1932:
?? Clear Definition: The Act clearly defines what constitutes a partnership, distinguishing it from other forms of business entities. It outlines the rights, duties, and liabilities of partners, ensuring clarity and transparency in their roles and responsibilities.
?? Formation and Registration: The Act lays out the procedures for forming a partnership, including the necessary documentation and registration requirements. By adhering to these guidelines, partners can legally establish their partnership and protect their interests.
?? Rights and Obligations: This act highlights the rights and obligations of partners, ensuring fairness and equity within the partnership. It covers various aspects such as profit-sharing, decision-making authority, and responsibilities towards the partnership and third parties.
?? Dissolution and Liquidation: The Act provides guidelines for the dissolution and liquidation of a partnership. Whether due to retirement, death, or other circumstances, partners can follow the prescribed
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Title: |
Partnership Act, 1932 | Bare Acts | Universal Lexis Nexis | 2025 Edition |
Edition | 2025 |
Author: | Universal Lexis Nexis |
Publisher | Universal Lexis Nexis |
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