The Indian Partnership Act, 1932 defined partnership as :
1
"A partnership is a form of business organization in which two or more persons up to a maximum of twenty join together to undertake some form of business activity".
2
"The relation between persons who have agreed to share the profits of business carried on by all or any of them acting for all".
3
"As an association of two or more persons to carry on as co-owners a business for profit".
4
"A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests".