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<h1>Understanding Partnerships: Key Terms Defined under Section 4 of the Indian Partnership Act, 1932.</h1> The Indian Partnership Act, 1932, Section 4 defines key terms related to partnerships. A 'partnership' is a relationship between individuals who have agreed to share the profits of a business carried on by all or any of them acting for all. The individuals involved are called 'partners,' collectively referred to as a 'firm,' and the name under which their business operates is known as the 'firm name.' These definitions are crucial for understanding the legal framework governing partnerships and their implications under the Income-tax Act, 1961.