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Partnership

Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the 'partners' and collectively as a 'firm'. Its main features are:-

A partnership is formed by an agreement, which may be either written or oral. When the written agreement is duly stamped and registered, it is known as 'Partnership Deed'. Ordinarily, the rights, duties and liabilities of partners are laid down in the deed. But in the case where the deed does not specify the rights and obligations, the provisions of the The Indian Partnership Act, 1932 will apply. The deed, generally contains the following particulars:-

Advantages

Disadvantages

Partnership is an appropriate form of ownership for medium sized business involving limited capital. This may include small scale industries, wholesale and retail trade; small service concerns like transport agencies, real estate brokers; professional firms like charted accountants, doctors' clinic, attorney or law firms etc.