Partnership as a concept has evolved over a period of centuries now. In the nascent stages of the concept, faith and trust amongst the partners was the corner-stone of the partnership and need for a written instrument was not felt necessary. However, with the passing times and changing values, even the written instruments were being flouted with impunity. This is borne out from the fact that initially the law with regard to partnership was contained in Sections 239-266 of the Indian Contract Act, 1872, but the same proved to be insufficient and defective to meet the exigencies thrown by changing times, values and needs. The business community was not satisfied with the provisions, which impelled the legislature to enact a separate law relating to partnership. This led to the enactment of the Indian Partnership Act, 1932. The English law, on which the provisions of the Indian Contract Act were founded, also underwent changes, leading to the English Partnership Act, 1890. The author has extensively and comprehensively covered the various aspects dealing in the Partnership Law.
• Contains exhaustive notes, commentary on case-law, Indian & Foreign, and State Amendments on the Indian Partnership Act, 1932 (Act 9 of 1932).
• The book also incorporates full text of the Limited Liability Partnership Act, 2008 and Limited Liability Partnership Rules, 2009.
• Case law, both Indian and foreign, as well as excerpts from commentaries of celebrated authors have been included in the book.
• Each Section has been divided into various heads along with a critical analysis of various provisions of the Act for the facility of the readers.
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