| Partnership Firm Registration |
A partnership stands as one of the fundamental structures for conducting business. It materializes when two or more individuals collaborate to establish a business venture, sharing profits according to an agreed-upon ratio. This form of business encompasses a broad spectrum of trades, occupations, and professions. A notable advantage is that partnership firms entail relatively fewer regulatory requirements than companies.
Law Governing the Partnership Firms Registration
In India, the operation of partnership firms is governed by the Indian Partnership Act of 1932. Those who unite to create a partnership firm are referred to as partners, and the formation of the partnership firm is based on a contractual agreement among these individuals. The agreement among partners is commonly referred to as a “partnership deed.”
Partnership Deed
A partnership deed is a legal document that outlines the terms and conditions of a partnership. It includes details such as the rights and duties of partners, the distribution of profits, individual capital contributions, and the partnership’s duration.
Partnership Firm Certificate (Sample)
