The Partnership Act (XI of 1932) (as amended upto date). Book Recommended: 1. The Partnership Act, 1932, by M. Anwar Ghuman. Definition: Partnership is a relationship among specific persons who have agreed to share the profit of business carried on by all or any one of them acting for all. Essential elements of partnership in relation to its definition: It has five essential elements, lack of one renders it defective. They are stated as under: 1. An association of persons of two or more: Minimum membership is two. In case of banking business maximum association is ten whereas
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