Section 2 of the Indian Partnership Act, 1932 – Definitions

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Section 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.

Source: official text of The Indian Partnership Act, 1932 as published on India Code (PDF). All sections of the Indian Partnership Act, 1932.

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