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Partnership, according to the Indian Partnership Act, 1932, is ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. It is agreement between two or more persons who have decided to commence a business with an intention to make and share profits. The agreement can be oral or written and as per the partnership act the business is carried jointly by all partners o one partner acting for all.
The partnership arises out of an agreement between two or more persons.Profit sharing
There should be an agreement among the partners to share the profits of the business.Lawful business
The business to be carried on by a partnership must always be lawful.Membership
There must be at least two persons to form a partnership. The maximum number is 20. But in case of banking business the maximum is 10 members.Unlimited liability
The liability of every partner is unlimited, joint and several.Principal-agent relationship
Every partner is an agent of the firm. He can act on behalf of the firm. He is responsible for his own acts and also for the acts done on behalf of the other partners.
1. Partnership Firm registration application in Form 1
2. Certified Copy of notarized Partnership Deed on stamp paper
3. Specimen of Affidavit
4. Ownership documents in case property are owned.
5. If the property is on rent then rental agreement as a proof of principal place of business
6. ID Proof and address proof of all the partners (PAN/ Aadhar Card/ Driving License/ Copy of voter ID/ Passport)
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