“EK SE BHALE DO” A partnership is a relationship between individuals who have agreed to share the profits of a business carried on by all or any one of them acting for all as stated in Indian Partnership Act. Therefore, a partnership consists of three essential elements.

1. A partnership must be a result of an agreement between two or more individuals.
2. The agreement must be built to share the profits obtained from the business.
3. The business must be run by all or any of them representing the rest.

All these conditions must coexist before a partnership can come into existence