Q.Which of the following is the governing statute for a Partnership Firm in India?
(A) The Companies Act, 2013
(B) The Indian Partnership Act, 1932
(C) The Hindu Succession Act, 1956
(D) The Indian Contract Act, 1872, exclusively

Partnership in India has its own dedicated statute, distinct from the general law of contract and from company law.

Work through each option against the rule stated above; Section 4 of the Indian Partnership Act, 1932 is the very definition this chapter is built around.

Section 4 of the Indian Partnership Act, 1932 defines partnership and the Act as a whole governs the rights, duties, and liabilities of partners, registration, and dissolution.

Option-by-option analysis:

• (A) Incorrect — the Companies Act governs companies, a different, separate-legal-entity form covered in Part II.
• (B) Correct — partnership is governed specifically by the Indian Partnership Act, 1932.
• (C) Incorrect — the Hindu Succession Act governs the Joint Hindu Family Business, not an ordinary partnership.
• (D) Incorrect — general contract principles underlie a partnership agreement, but partnership itself has its own dedicated Act.