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What is a Partnership Firm ?

Section 4 of the Indian Partnership Act, 1932 defines a partnership as “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all”. The Partnership Act outlines the partners’ rights and responsibilities in their interactions with one another, as well as those legal connections with third parties that emerge incidentally from the formation of a partnership. Thus, in legal relationships emerging from and in the course of a partnership firm’s activity, the act regulates the status of a partner and a partnership firm concerning third parties.

Registration for partnerships is optional. However, a firm has to bear certain consequences for non-registration of a Partnership Firm. Under Section 69, non-registration of partnership gives rise to several disabilities. These include:

Consequences of Non-Registration of Partnership Firm

No civil court action by the firm or its co-partners against a third party:

No relief for partners for claim set-off:

An unhappy partner cannot sue the other partner or the firm:

A third party may sue the company:

Exceptions: The following rights are not affected by a firm’s failure to register:

Third-party lawsuits against the firm or any of its partners.

The right of partners to litigate for the firm’s dissolution

The authority of an Official Assignee, Receiver of Court, to release the bankrupt partner’s property and bring an action.

The right to sue or seek a set-off if the value of the litigation is less than $100.

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Documents Required for Partnership Firm Registration in India

The documents required to be submitted for registration of a Partnership Firm are:

  1. PAN Card – A self-attested copy of PAN Card of all partners

  2. Partners Address Proof – Self-attested copy of Aadhar Card and Voter ID/ Passport/ Driving Licence of all partners

  3. Business Address Proof – Utility Bill (Electricity Bill) of the place of business

  4. Rent Agreement – Rent Agreement and NOC from the owner of the place of business, if rented.

*Other relevant data as per case!

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Frequently Asked Questions (FAQ)

A partnership firm’s partners are the proprietors/owners and hence are not a distinct entity from the firm. Any legal problems or liabilities incurred by the business are the responsibility of its owners, the partners. The partners have unlimited liability.

The Partnership Firm tends to have numerous benefits. A few of them are mentioned below:

  • Shared Responsibilities
  • Operating Flexibility
  • Pre-defined Period
  • A plethora of Financial Returns to the Partners

Generally, there are two types of partnership.

  1. Partnership at will

It is a kind of partnership in which there is no contractual arrangement between the partners for the duration of the partnership or the determination of their partnership.

  1. Particular Partnership

It is when one person associates with another individual for a particular business enterprise, business, venture or undertaking, such as the construction of a road, laying a railway line, etc. Once the stated purpose of the partnership has been achieved, the partnership ends.

Yes, regardless of the amount of revenue or loss, every partnership firm is required to submit an income tax return.

No minimum sum is required for the formation of a Partnership Firm. It can begin with any capital investment from the partners. The contributing quantity could be in any manner, whether physical (cash, property) or intangible (goodwill, intellectual property). The Partners may inject funds in any proportion, equal or unequal.

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