Partnership could be registered or unregistered. Partnerships are ideal for small business in the unorganised sector having multiple promoters.
A Partnership firm is a popular form of business entity. Partnership is an arrangement where parties, known as partners agree to working together to share the profit. The term 'partnership' is defined under Indian partnership act 1932 as under "Partnership is an agreement between two or more persons who have agreed to share profits of the business carried on by all or any one of them acting upon all". The persons who have entered such an agreement are called partners and give their collective business a name, which is necessarily their firm name. This relation between partners arises out of a contract or an agreement.
There are two types of Partnership firms, registered and un-registered Partnership firm. Registration is not compulsory for Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by a deed amongst the Partners.
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In the Partnership, there should be at least two persons subject to a maximum of ten persons for banking business and twenty for non-banking business to form a partnership firm.
There is an agreement among the partners to share the profits earned and losses incurred in partnership business According to their contribution.
Partnership is formed by an agreement it can be oral or written-among the partners. This agreement must be sign by all partners and send to them. It’s also called Partnership deed.
Partnership is formed to carry on some lawful, legal business and share its profits or losses. If the purpose is to carry some charitable works, for example, it is not regarded as partnership.
Like proprietorship, each partner has unlimited liability in the firm. This means that if the assets of the partnership firm fall short to meet the firm’s obligations, the partners’ private assets will also be used for the purpose.
No partner can transfer his share to any outside person without seeking the consent of all other partners.
The partnership firm may be run on by all partners or any one partner may act for all. For dealing with firm’s transactions, each partner is entitled to represent the firm and other partners. In this way, a partner is an agent of the firm and of the other partners.
Unlimited personal liability for debts, loss other business liability.
Capacity to raise capital is limited.
The business life is limited.
Investors won’t usually invest in sole proprietorships.
PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.
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Basic partnership deed drafting by a Lawyer.
Partnership deed drafting by a Lawyer along with deed registration.
Partnership deed drafting by a Lawyer, deed registration and trademark registration.
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