CHAPTER II

THE NATURE OF PARTNERSHIP

Definition of "partnership", "partner", "firm" and "firm name"

4. "Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

Persons who have entered into partnership with one another are called individually "partners" and collectively a "firm", and the name under which their business is carried on is called the "firm name".