If you want to start a business with one or more persons where you will be sharing the responsibilities and ownership of the company with one or more than one partners, you can opt for registering your business as a partnership firm. A partnership firm includes businesses which have two or more than two people sharing the responsibilities and ownership of the business and its operations.
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Partnership is an agreement in which entities, known as business partners, agree to collaborate in order to advance their mutual interests. All partnerships were established in India under the Indian Partnership Act, 1932. If your company is owned and managed by a few people, you want to take a look at formulating your business as a partnership.
There are two types of Partnership Firms, Registered and Un-registered Partnership Firm. It is not mandatory to register a partnership firm but it is always advisable to register it. A partner in an unregistered firm cannot file a suit against said firm or his/her partners to enforce any rights arising from the contract. But on the other hand, if the partnership firm is registered then every partner must have right to sue against said firm or his/her partner.
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Five essential elements of a business partnership are stated as follows:
Bank statement/Electricity Bill/Mobile Bill
Rented- Rent Agreement
Own- Electricity Bill
A partnership deed is a written agreement among all partners specifying rules and regulations and is signed by all partners who are willing to engage in business jointly to prevent possible disputes and disagreements among partners in future.
It comprises of the following:
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|Partnership||Proprietorship||Limited Liability Partnership||Private Limited Companies||One Person Company|
|Registration||Optional||No formal Registration||Registered with MCA||Registered with MCA||Registered with MCA|
|Minimum Members||Two person||One person||Two person||Two person||Two person - One Director, One Nominee|
|Maximum members||Twenty||One person||Unlimited||Two Hundred||Two person - One Director, One Nominee|
|Foreign Ownership||Not allowed||Not allowed||Allowed||Allowed||Not allowed|
|Know More||Know More||Know More||Know More|
The Partnership Act does not state anything about the total number of persons who may be partners in a partnership company. Section 11 of the Companies Act, 1956 states that a partnership formed of more than 10 people for banking business and 20 individuals for any other business would be unlawful.
Where a conflict occurs between the partners or between the partner and the company or between the partner and the ex-partner, and the dispute is based on the rights arising from the contract (i.e. the partnership act) or the rights granted by the Partnership Act, the registered partner may always bring a case before the court. That authority is not available to a partner of an unregistered company.
Annual compliance for a collaboration company requires, in general, the reporting and auditing of the income tax return. Certain compliances include TDS Regulations ,GST filings and others.
No, a partnership company does not have a separate legal entity, as the private property of the partners may be used to subtract the liability of the firm in accordance with the law.
The partnership agreement may be published orally. Registration is not compulsory. Partnership is therefore very easy to establish. Nevertheless, the terms and conditions of business or regulations may compel the partnership to be formed by means of a partnership document in writing.
A person who is qualified to enter into a contract may become a partner in a partnership corporation. When there are more than two partners in a company, an individual may be a partner in either his or her person capacity and representative ability.