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of <h1>Key Definitions in the Indian Partnership Act, 1932 Explained: Act of a Firm, Business, Prescribed, Third Party & More</h1> In the Indian Partnership Act, 1932, several key definitions are outlined. An 'act of a firm' refers to actions or omissions by partners or agents that create enforceable rights for or against the firm. 'Business' encompasses all trades, occupations, and professions. 'Prescribed' denotes rules established under the Act. A 'third party' is any individual not part of the partnership. Terms not defined in this Act but defined in the Indian Contract Act, 1872, retain their meanings from the latter.
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