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What is Partnership Firm?
A firm or company established between two or more partners with the goal of earning profit is called as a Partnership Firm.It is not compulsory to register a partnership firm but there are added advantages if a partnership firm is registered.Partnership deed is the legal document which is created to form a partnership firm.
Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India.As per the act “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”. Maximum number of members in a partnership is 10 for a banking business and 20 for other businesses to enter into a partnership firm.
Partnership firms are not separate legal entity while the partners are.A partnership firm can not be debtor or creditor and can not own a property.The property, debit or credit of a partnership firm is actually for the partners in the eyes of law.The manner in which profits or losses are to be shared amongst partners must be explicitly mentioned in the partnership deed to avoid any confusions in the future.Every partner can carry on business on behalf of others.A partnership firm would be dissolved if the number of partners reduces below 2 in case of death,incapacitation or resignation of a partner.
Additional Read : Check Company Name Availability
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Partnership Firm Registration FAQs
How can I register my partnership firm?
Visit LegalDocs Website
Fill up a simple form on our website providing basic information about proprietor and business to get Partnership Deed
Get this Deed printed on Stamp paper of specific value and get it registered with the help of any nearby Advocate/Registrar.
What are the documents required for partnership registration?
ID Proof of all partners
Address proof of all partners
Address proof of Business place