A partnership is governed by Indian Partnership Act 1932. A partnership is formed by executing a partnership agreement between two or more persons joined together to commence business with the objectives specifically mentioned in the agreement. It is a contract between the partners with rights and liabilities specified in the agreement subject to the provision of the Indian Partnership Act who share the profit or loss among themselves as per the profit sharing  ratio as per the deed.

A partnership is not a body corporate and it is acting through its partners. The liability of the partnership is individually bearable by the partners  depending the partners  ability to share it agreed as per the deed. A partnership firms identity is  limited and is  only for the purpose of tax laws. Two or more persons capable of entering into a contract as per the Indian contract act 1872 can execute a partnership deed. It is not mandatory to register a partnership deed, but only registered partnership can file a suit against a third party and can participate in legal tenders.

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If you want our support for registering a partnership Firm in a cost effective and professional way 

please click here for Registered Partnership

please click here for Un-Registered Partnership