Partnership

 A type of business organization in which two or more individuals join together & contribute money or money worth - money, skills, IP and other resources, and share profit and loss in accordance with their contribution or in terms of the partnership agreement. The rules and regulations for partnership firm registration is controlled and maintained under Indian Partnership Act 1932.

Partnership Firm
Partnership firm can be formed by Two or more persons and Not more than 20 persons. Partnership firms are quite easy to start, the partners will have Partnership deed that sets forth how decision and activities to be carried out in the firm. The partnership firm entered between partners by written to avoid misunderstanding in future. The partnership deed generally contains name of the firm, Objects of the business, Number of Partners and their names and addresses, amount of capital contributed etc. The profit and loss sharing ratio will be mentioned in the partnership deed.

The partner’s liability in the Partnership firm is unlimited. All the partners are liable for the act of Partnership firm. Partnership firm are easy to establish and raising fund also become easy. The disadvantage of partnership firms are, the partners jointly and individually liable for the actions of the other partners. Profits need to be shares as per the partnership deed. Partnership firm is of two type - One is registered partnership and other is unregistered partnership. Unregistered partnership firm has some limitations, it is desirable to register partnership firm. The partnership firm has to file the necessary forms with the registrar of partnership firms of the respective district under respective state government in a prescribed form. We helps you in setting up partnership firm - registered or un-registered anywhere in India.