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Here are the notes on the Partnership Act from the Ipleader website, with proper headings,

numbering, and sub-numbering of topics:

_Partnership Act, 1932_

_1. Definition and Types of Partnership_

1.1 _Definition of Partnership_


1.2
- 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.

1.3 _Types of Partnership_


1.4
- Partnership at will: a partnership that can be dissolved by any partner at any time.
- Particular partnership: a partnership formed for a specific venture or project.
- Limited partnership: a partnership where the liability of the partners is limited.

_2. Essential Elements of Partnership_

2.1 _Agreement_

- An agreement is essential for a partnership.


- The agreement may be oral or written.

2.2 _Sharing of Profits_

- Partners must share the profits of the business.


- Sharing of profits is a essential element of partnership.
2.3 _Business_

- The business must be carried on by all or any of the partners acting for all.
- The business must be carried on with the intention of making a profit.

2.4 _Mutual Agency_

- Partners are agents of the firm and of each other.


- Each partner is liable for the acts of the other partners.

_3. Rights and Duties of Partners_

3.1 _Rights of Partners_

- Right to share profits and losses.


- Right to participate in management.
- Right to access accounts and books.

3.2 _Duties of Partners_

- Duty to carry on business with utmost good faith.


- Duty to account for profits made in competing business.
- Duty to indemnify the firm for losses caused by their negligence.

_4. Liability of Partners_


4.1 _Unlimited Liability_

- Partners have unlimited liability for the debts of the firm.


- Partners are personally liable for the debts of the firm.

4.2 _Joint and Several Liability_

- Partners are jointly and severally liable for the debts of the firm.
- Each partner is liable for the entire debt.

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