“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.
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