Section 2 of IPA : Section 2: Definitions
IPA
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Explanation using Example
Consider a scenario where three friends, Aarav, Bhavika, and Chetan, decide to start a business together by forming a partnership firm called 'ABC Textiles'. They all agree to contribute capital and share profits equally.
- (a) Aarav, acting on behalf of 'ABC Textiles', enters into a contract with a supplier to purchase raw materials. This action is considered an "act of a firm" because it is done by a partner in the name of the firm and binds the firm.
- (b) The term "business" in this context refers to the trade of textiles which 'ABC Textiles' i...
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