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Definition, Meaning and Nature of a Partnership & Relations of Partners to One Another & Relations o
What is the statutory definition of 'partnership' under the Indian Partnership Act, 1932?
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.
Under which Act are partnerships in India primarily governed?
Indian Partnership Act, 1932
What is the minimum and maximum number of partners allowed in a banking partnership firm in India?
A minimum of 2 partners is required; for banking business the maximum is 10 partners, while for other businesses it is 20 partners under the Companies Act.
What is the minimum number of persons required to form a partnership?
At least two persons are required
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