Indian partnership act 1932

In a way they are partner
reason read the act of partnership act 1932

Yes

Main Feature of Partnership Firm is sharing of Profits by partners

Yes X & Y can be regarded as Partners in a Partnership Firm...

As per the Provision of Section 4 of the Indian Partnership Act 1932, "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."

Always remember that the TRUE TEST OF PARTNERSHIP is "MUTUAL AGENCY".

Yes, Partnership is the sharing of profits of firm partners, which falls under the provisions of the Indian Partnership Act 1932.

 Indian Partnership Act, 1932 defines Partnership in the following terms: “ 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.” 

The Indian partnership act of 1932 provides for a general form of partnership which is the most prevalent form in India, but, over time the general form of partnership has lost its charm because of the inherent disadvantages in it, the most important is the unlimited liability of all partners for business debts

 

four types of partnerships.

• General partnership. A general partnership is the most basic form of partnership. ...
• Limited partnership. Limited partnerships (LPs) are formal business entities authorized by the state. ...
• Limited liability partnership. 
• Limited liability limited partnership.