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A partnership is a type of business in which two or more people enter into a formal agreement to be co-owners, distribute responsibilities for running an organization, and share the income or losses generated by the business. The Indian Partnership Act 1932 governs all aspects and functions of the partnership in India. In commercial usage, terms like "firm's property," "employee of the firm," "suit against the firm," and so on are used for convenience, but in the eyes of the law, that simply means "property of the partners," "employees of the partners," and "a suit against the partners of that firm."
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Since there are partners the liability does not lie on any single person it gets divided.
Partnership fir can easily raise the fund by increasing partner bank also easily give loan.
There is no need of statutory audit
To initiate the business there is just need of partnership deed with very less formalities to follow
Passport size photograph of Partners
Copy of PAN and Aadhar card of Partners
Copy of PAN and Aadhar card of Partners
Electricity Bill/Water Bill (Latest)
If Rented: Rent Agreement and NOC from the Property owner
If Owned: Copy of Property Papers
A Partnership Firm is required to file an annual return with the Registrar of Firms and maintain proper books of account. In addition, the firm is required to get its accounts audited if its turnover or capital contribution exceeds certain thresholds.
A Partnership Firm requires a minimum of two partners.
Yes, a Partnership Firm can convert into a private limited company by filing the necessary documents with the Registrar of Companies and obtaining a fresh certificate of incorporation for the private limited company.
The managing partner is the partner appointed by the firm to take care of the day-to-day management of the business. He/She is responsible for making decisions, signing agreements, and ensuring that the firm is in compliance with the laws and regulations.
The limit on the number of partners in a partnership firm is 20.
Yes, it is necessary for partnership firm to have a registered office where all the communications and notices can be sent.
Yes, a foreign national can become a partner in a partnership firm provided they have a valid visa and comply with the FDI policy of India.