What is the difference between partnership and co-ownership as per the Indian Partnership Act, 1932?

Partnership Vs. Co-Ownership or joint ownership i.e. the relation which subsists between persons who own property jointly or in common. Basis of difference | Partnership | Co-ownership Formation | Partnership always arises out of a contract, express or implied. | Co-ownership may arise either from agreement or by the operation of law, such as by inheritance. Implied agency | A partner is the agent of the other partners. | A co-owner is not the agent of other co-owners. Nature of interest | There is community of interest which means that profits and losses must have to be shared. | Co-ownership does not necessarily involve sharing of profits and losses. Transfer of interest | A share in the partnership is transferred only by the consent of other partners. | A co-owner may transfer his interest or rights in the property without the consent of other co-owners.