Partnership is legal business relationship of two or more people who share responsibilities, resources, profits, and liabilities. In other words, it is a Legal entity formed by a contract between two or more people or firms to join in an enterprise, pool their funds and talents and share in its profits and losses.
“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”. ….. [S.4 of the Partnership Act, 1932]
Refusal to meet on matters of business, continued quarrelling and a state of animosity as precludes all reasonable hope of reconciliation and friendly co-operation are sufficient to justify a dissolution. ….. [Rahimuddin vs. Bengal Water Ways (1979) 31 DLR 29]