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of <h1>Partners Must Share Personal Profits with Firm Under Section 16, Indian Partnership Act 1932; Competing Business Profits Included.</h1> Section 16 of the Indian Partnership Act, 1932, addresses personal profits earned by partners in a partnership firm. It mandates that any profit a partner earns from firm-related transactions or using the firm's property, business connections, or name must be accounted for and paid to the firm. Additionally, if a partner operates a competing business of a similar nature, they must also account for and pay all profits from that business to the firm. These provisions are subject to any contract between the partners.
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