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According to Sec 4 of the Partnership Act 1932, “Partnership is the relation between 2 or more persons who have agreed to share profits or losses of a business carried on by all or any them acting for all”.
Persons who have entered into a partnership with one another are called individually ‘Partner’ and collectively a ‘firm’
A Partnership Firm is a business entity that is controlled by an association of people. The sole purpose of forming a partnership firm is to make profits. In a partnership firm, the partners share the liability of profit and loss of the company. Indian Partnership Act 1932 is the law that governs the partnership firm in India.
A partnership deed is an agreement between the partners in a partnership firm which states the rights, duties, profits, shares and other obligations of each partner.
There are two types of Partnership firms, one is a Registered Partnership and Unregistered Partnership. The only criteria to start and execute the partnership business is via Partnership deed, it does not require to be registered. There are many Partnership businesses that exist as an unregistered firm.Registered Partnership – Partners need to execute the agreement known as Partnership deed and stamp duty needs to be paid based on the state act, such deed executed and an application along with the prescribed fees is submitted to the Registrar of Firms of the state.Unregistered Partnership – Partners execute the deed and start the business without submitting or registering it in the Registrar of firms.The consequences of not registering the firm are as follows:
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