1. By
BRIG(R) MUHAMMAD SALEEM SI(M)

2.  The relationship of partnership arises from
contract and not from status;
 And in particular, the members of Hindu
undivided family carrying on a family
business as such, or
 A Burmese Budhist husband and wife carrying
on business as such are not partners in such
business
Section -5

3.  Partnership is result of Voluntary Agreement
 Contact between 2 or more persons without it
no relation of partnership is established
 Sharing of profit being member of family
does not give rise to creation of relation of
partnership
 Will be joint owner of business
 Quasi- partnership created by operation of
law
Section - 5

4.  Act of each partner will usually bind others
but in joint family firm only manager can act
 Manager has larger rights than other
members
 Manager can contract, give receipts,
compromise, and discharge claims arising out
of business
 Female can not be partner being not a
coparcener
Section-5