Under section 4 of the Indian Partnership Act partnership is a ........

Indian Partnershoip Act (IPA) 1930 Introduction and Definition

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Under section 4 of the Indian Partnership Act, partnership is a

compulsory legal relation

creation of the choice and voluntarily agreement between the concerned parties

a relation arising from status

either (a) or (b) or (c)

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Explanation:

Section 4 of Partnership Act –

4. Definition of “partnership”, “partner”, “firm” and “firm name”- ’’Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are called individually “partners” and collectively a “firm”, and the name under which their business is carried on is called the “firm name”.