Definition of Partnership

The term ‘partnership’ is defined as the abstract legal relation between the persons. It is the form of business operation; wherein the partners agree to pool their capital and resources, to run a business carried on by all the partners or any one partner on behalf of all the partners and share profits and losses in the manner prescribed in the agreement called ‘partnership deed’.
Partnership refers to an arrangement wherein two or more person agree to carry on a business and share profits & losses mutually.
  • Governed By Indian Partnership Act, 1932
  • Minimum 2 Partners & Maximum 100 partners
  • Property cannot be held in the name of firm.
  • Relationship Partners are agents of firm and other partners as well

Documents required for Registration of a Partnership Firm:

  • Partnership Deed
  • Attested photocopies of Address Proof & Id proofs of all Partners
  • Rental agreement if rented premises
  • NOC for own premises
  • Authorisation letter given by partners to authorise a professional
  • Original Signed Copy of Form-1 (After online registration)
  • Payment acknowledgement of Government fees