Partnership Act 1890

Partnership Act 1890

1. Unless the contrary intention appears, property that is bought with money belonging to the firm is deem to have been bought on account of the firm.

2. A partnership is in every sense dissolved with the occurrence of any event which makes it unlawful for the business to be carried on, or for members to carry it on in partnership.

3. A person who becomes a partner within an existing company does not become liable to the creditors for anything done before he became a partner.

4. A partnership is defined as the relation which exists between persons carrying on a business in common with a view of profit.

5. No majority of the partners can expel any partner unless a power to do so has been conferred by express agreement between the partners.