Recent News
Contact us
-
Intime Business (Sydney)
1 Epping Road
North Ryde, NSW 2113 - info@example.com
- +61 2 9870 7689
-
Mon to Sat - 9:00 to 6:00
(Sunday Closed)
A partnership firm is formed when two or more persons join forces to create a business and share its profits and losses. In India, a partnership firm is governed under the Indian Partnership Act, 1932. A cooperation agreement might be for a single assignment or project. It might be a limited partnership agreement that lasts until it is terminated or a general partnership arrangement that lasts indefinitely.
Under the Partnership Act, a partnership firm can be registered or unregistered as a firm in India. An unregistered partnership business, on the other hand, cannot sue anyone since it lacks a legal identity.
In India, forming a partnership firm is a straightforward process that necessitates a set of compliance requirements for all other types of businesses. In India, however, unlike other businesses or LLPs, a partner in a partnership company has unlimited liability to the partnership firm’s creditors and debt. In a partnership firm, all partners are jointly accountable for the firm’s debts and losses. All of the partners also have a principal and agent relationship.
Benefits With Our Service:
- Legal Compliance Dashboard
We provide a Legal Compliance Dashboard that acts as your secretary for legal work. It intimates you about the upcoming compliances and hence makes sure that you do not miss any of it. - Work Handled by Experienced Professionals
Our team of trained and experienced graduates takes care of your registration process. Independent qualified professionals further verify the process. We follow a strict concept of Maker and Checker.
Frequently asked question:
A partner has the following rights in the partnership firm:
(I) To take part in the day to day business of firm.
(II) To share profit and loss of the firm.
(III) To inspect and verify the books of firm and contracts.
(IV) To receive remuneration and Interest on capital as per the partnership deed of the firm.
