The correct answer is: D. 1956
The Indian Partnership Act, 1956 is an Act to regulate the relationship between partners and to provide for the registration of firms. It came into force on 1st April 1957. The Act applies to all partnerships formed after the commencement of the Act, whether registered or not.
The Act defines a partnership as “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”. A partnership is not a legal person and cannot sue or be sued in its own name. The partners are jointly and severally liable for the debts of the partnership.
The Act provides for the registration of firms. A firm is required to be registered with the Registrar of Firms if it has a place of business in India. The registration of a firm is not compulsory, but it is advisable to do so as it provides certain benefits, such as the right to sue and be sued in the firm’s name.
The Act also provides for the dissolution of partnerships. A partnership may be dissolved by the agreement of all the partners, by the death or insolvency of a partner, or by the court on the application of a partner.
The Indian Partnership Act, 1956 is a comprehensive and well-drafted law that regulates the relationship between partners and provides for the registration of firms. It is a valuable resource for anyone involved in a partnership.
The other options are incorrect because:
- Option A is incorrect because the Indian Partnership Act was not passed in 1930.
- Option B is incorrect because the Indian Partnership Act was not passed in 1932.
- Option C is incorrect because the Indian Partnership Act was not passed in 1950.