In a partnership from of organisation, a trade agreement is made by one owner on the others. The Indian Partnership Act 1932, defines partnership as "the relation between persons who have agreed to share the profit of a business carried on by all or any one of them acting for all." The definition of partnership highlights the fact that it is a business carried on by all or anyone of the partners acting for all. The partners share amoungt themselves the responsibilty of decision making and control of day activitis.
