The Indian Partnership Act, 1932, is a legal statute in India that governs the formation and operation of partnerships. Enacted on October 8, 1932, the act provides a comprehensive framework for the rights, duties, and liabilities of partners involved in a partnership business.
The objective of the Indian Partnership Act is to define and regulate the structure and functioning of partnerships in India. It aims to provide a legal foundation for the formation of partnerships, the conduct of their business, and the rights and obligations of partners to ensure fairness and transparency in business relationships.
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