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Get your Partnership Firm registered with us. Whether you are 2 partners or 20, we’ll take good care of the intricacies involved!
A Partnership Firm is an arrangement between two or more people who have agreed to share the profits of a business carried on by them. In simple terms partnership is a relation between two or more people who have agreed to carry on a common business with a view to earn profit. A partnership firm unlike registered companies is not a separate legal entity from its member. The document in which respective rights and obligations of members are mentioned is known as partnership deed. A partnership deed needs to be executed and registered as per the state Stamp Act for a partnership to be established. All partners are individually and wholly liable for the debts of the partnership firm, it means that all the partners bind each other by their official acts and are liable for each other’s acts.
The business of a partnership can be carried on by all or by any one of them acting for all. A person can either be a silent/sleeping partner or an active partner. All the partners of a partnership firm are jointly and personally liable for the firm’s liabilities regardless of the kind of partner they are.
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