Partnership is type of business vehicle for doing business vehicle among other like Company, LLP, Proprietorship etc. In India Partnership is governed by The Indian Partnership Act and can be defined as follow " 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" all the persons forming part of partnership are called partners and the partnership collectively known as FIRM.
Partnership agreement can be oral or written but its always advisable to have a written partnership deed and it being registered to form a valid written contract between the parties. The registration of partnership dont make it a separate legal entity from its partners, however assist partnership firm in enforcing their legal rights in case of any business dispute with third party. The partnership can be for a single assignment, for a fixed period or a partnership at will. Certain responsibilities and duties of partners are provided in the act itself.
Requirements to constitute a partnership:
More than one person at least two and limited to max 20
Purpose is to make profit
Object of sharing profit among partners
Business carried out by all of one of them on behalf of all.
Our team of experts assist you in drafting and getting the partnership registered as per registration act with the registrar our team also provides following services also
Drafting of partnership Deed
Registration of Partnership Deed
Novation of Partnership
Rendition of Account among partnership
Compulsory dissolution of partnership
Dissolution of partnership by court
Transfer of shares in partnership
Induction of partner in the partnership
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