Partnership Registration
Advantages:
1) Formation is easy and not much legal formalities.
2) Not require to file Annual Returns like the Companies.
3) Sharing of Risk among the partners.
Question Section
Frequently Asked Questions
A Partnership Firm is a popular form of business constitution for businesses that are
owned, managed and controlled by an Association of People for profit carried on by all
or any of them acting for all.
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A minimum of two Persons is required to start a Partnership firm. A maximum number of 20
Partners are allowed in a Partnership firm.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and
Persons of Indian Origin can only invest in a Proprietorship with prior approval of the
Government of India.
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a
Partnership firm can be started with any amount of minimum capital.
Partnership firms are registered by the Registrar of Firms, under the Indian Partnership
Act, 1932.
Only a registered Partnership firm can file a suit in any court against the firm or
other partners for the enforcement of any right arising from a contract or right
conferred by the Partnership Act. Also, only a Registered Partnership firm can claim a
set off (i.e. mutual adjustment of debts owned by the disputant parties to one another)
or other proceedings in a dispute with a third party. Hence, it is advisable for
Partnership firms to get itself registered sooner or later.
Liability of the Partners is unlimited, and the partners are said to be jointly and
severally liable for the liabilities of the firm. This means that if the assets and
property of the firm is insufficient to meet the debts of the firm, the creditors can
recover their loans from the personal property of the individual partners.
No, a Partnership firm has no separate legal existence of its own i.e., the Partnership
firm and the partners are one and the same in the eyes of law. Liability of the Partners
is also unlimited, and the partners are said to be jointly and severally liable for the
liabilities of the firm. This means that if the assets and property of the firm is
insufficient to meet the debts of the firm, the creditors can recover their loans from
the personal property of the individual partners.
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