Registration procedure for Partnership Firm :- A Partnership is one of the most important forms of a business organization, where two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to companies. Name given to the Partnership firm :- Any name can be given to a partnership firm as long as you fulfill the below-mentioned conditions: • The name shouldn’t be too similar or identical to an existing firm doing the same business, • The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government. How should be the agreement between partners formed? Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned. Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future. Following details are required in a partnership deed: A. General Details: 1. Name and address of the firm and all the partners 2. Nature of business 3. Date of starting of business Capital to be contributed by each partner 4. Capital to be contributed by each partner 5. Profit/loss sharing ratio among the partners B. Specific Details: Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage: 1. Interest on capital invested, drawings by partners or any loans provided by partners to firm 2. Salaries, commissions or any other amount to be payable to partners 3. Rights of each partner, including additional rights to be enjoyed by the active partners 4. Duties and obligations of all partners 5. Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm. 6. Other clauses as partners may decide by mutual discussion