Meaning and Definition of Partnership :
Partnership is an organisation where there is an association of two or more persons coming together to carry on a business with a view to share Profit or Losses of a firm.
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| Meaning and Definition of Partnership : |
Definition :
Indian Partnership Act 1932 Section 4 defines the partnership as, "It is the relation between persons who have agreed to share the profits of a business carried on by all or anyone of them acting for all."
According to Prof. Handy, "Partnership is the relation existing between persons competent to make a contract, who agree to carry on a lawful business in common with a view to earn private gain.