A Partnership firm consist of minimum of 2 partners who has agreed to undertake a business with predefined terms in relation to capital, profit ratio etc. Partnership firm is a separate legal entity which has a brand name and a separate existence. Liability of all partners are joint and several in case of partnership firm. The Indian Partnership Act, 1932, regulates all partnership firms registered in India. Partners can be added or removed anytime during the term of business after mutual understanding of all partners.
Steps involved for setup:
- Drafting and getting partnership deed notarized
- Application for PAN card
- Registering firm with ROF
Time involved: 30 days