Amendment status not verified — confirm the current text below against the official source.
Definition of " Partnership", "partner", firm" and "firm name"- "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. Persons who have entered into partnership with one another are called individually " partners" and collectively " a firm" , and the name under which their business is carried on is called the " firm name" Short Note' -Sec.4- Partnership is an association of persons carrying business & in law the firm name is compendious method of describing partners- Deoha F.Guzdar Bombay us C.I.T. Air, 1955 SC 74. 5- Partnership not created by status- The relation of partnership arises from contract and not from status: and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such, are not partners in such business.