Partnership Act, 1932 governs the law on Partnerships in Pakistan. This Act, commonly known as the Partnership Act, 1932, was passed to establish and amend the law relating to partnerships. It covers the whole of Pakistan. The Act defines the characteristics of a partnership and prescribes how a partnership may be registered and dissolved. It also describes the relationship between partners and with third parties, the risks to the partnership and the partners, and the status of minors as partners. In Pakistan, partnerships (except for banking partnerships) are generally limited to 20 partners. The share of a partner cannot be changed without the prior consent of the other partners. However, a partner’s right to a share of the partnership income may be acquired by another person in trust.
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