1. Definition of partnership

Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.

But the relation between members of any company or association which is —

registered as a company under the Companies Act 1967 or under any previous corresponding law; or

formed or incorporated by or in pursuance of any other Act of Parliament,is not a partnership within the meaning of this Act.

Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.

But the relation between members of any company or association which is —