All you need to know

The law of partnership firm in India is under the Indian Partnership Act of 1932. This Act tells the rights and duties of the partners between them and other legal relations between partners and other third persons, which are incidental to the formation of a partnership. 

Essential Elements of a Partnership

1. Partnership Deed  / Agreement
2. Profit loss sharing ratio
3. Easy to start and run business
4. Convenient to Dissolve the Business
5. No much more Compliances
6. Less cost to Set-up
7. No Annual Returns and Statutory Audit

Disadvantages of Partnership

1. Unlimited Liability
2. Number of Members limit
3. Lack of a Central Figure
4. Less Trust of the General Public

Documents Required For Partnership Deed:

1. PAN card of all partners

2. AADHAR Card of all partners

3. Mail & mobile number of all partners

4. Photo of all partners

5. Rent Agreement of the place of business, in which

the Plot number must be mentioned.

6.To Satisfy the plot number there must be an utility

bill ( ROR/Electricity bill/PATTA of the rented Place).

DEED Content:

1. Name of the partnership

2. Profit sharing ratio between partners

3. Capital contribution by partners

4. Nature of busines