The Indian Partnership Act, 1932 was enacted in India in 1932. [1]
Provisions
Under section 44(d) of the act, a suit can be filed against the managing partner for dissolution of the partnership firm.[2]
Section 4 of the Indian Partnership Act, 1932 defines Partnership in the following terms:<
Section 464 of the Companies Act, 2013 empowers the Central Government to prescribe maximum number of partners in a firm but the number of partners so prescribed cannot be more than 50. The Central Government has prescribed the maximum number of partners in a firm to be 50 by rule 10 of the Companies (Miscellaneous) Rules, 2014. Thus, in effect, a partnership firm cannot have more than 50 members.
General duties of partners
The partners shall run the business of the firm to the highest level of common advantage by being true to each other. They have to be accountable to one another and provide complete information of all the aspects of the firm, to any other partner or their legal representatives.[3]