How to - Partnership and other bodies of Individuals

Partnership and other bodies of Individuals

A partnership is distinguishable from several other associations or bodies of individuals. A partnership is different from co-owners in several respects. The distinguishing features are stated by the Supreme Court in Champaran Cane Concern Corporation v. State of Bihar. It is different from a club which is an association of persons formed for the purpose other than carrying on business and therefore there is no object to earn profit. Partnership is differentfrom a company or any other corporate body which is a legal entity. Partnership is also different from Hindu Joint family firm, the latter being a creation of law while the former is a creation of contract. It is not necessary to discuss the subject in more detail as each of these bodies are dealt with separately elsewhere.