The partnership is defined as in Partnership Act, 1932, the relationship between two or more persons that are contracted to divide the earnings from the business carried out by any one of them or all of them. The partnership is not recognized as legal concern on itself and it is only expression of interest as partners by more than one person. A new partner can be admitted only with the consent of other partners and at the same time, any existing partner can retire or move out of partnership only with the consent of all other existing partners and even after retiring from the partnership, the retired person will still be liable to third party and the existing partners will cover him/her to that degree. Insolvency partners will also cause retirement of himself/herself. A partnership agreement is executed on e stamp paper fulfilling the necessary of a valid contract. There are types of partnership that are between individuals, individual and a individual representing HUF, 2 partnership firms, individual and other partnership firm, partnership and HUF, HUF and person part of HUF.
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