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A partnership firm is a business structure where two or more individuals come together to carry on a business with shared profits and losses. It's governed by the Partnership Act of 1932 and offers flexibility in management while allowing partners to combine their skills, resources, and expertise for business success.
Understanding the fundamental features of partnership business structure
Multiple partners share ownership, responsibilities, and profits
Partners contribute capital and share financial burden
Legal document defining terms and conditions of partnership
Faster setup process compared to company registration
Choose the right partnership structure for your business needs
All partners have equal rights and unlimited liability
Combination of general and limited partners
No fixed term, can be dissolved by any partner
Formed for specific business or venture
Compare the benefits and limitations of partnership firm structure
Complete guide to register your partnership firm legally
Choose partners and define roles, responsibilities, and profit sharing
Prepare comprehensive partnership deed with all terms and conditions
Gather required documents from all partners
Register the partnership firm with concerned authorities
Obtain PAN, GST, and other required tax registrations
Open partnership firm bank account and start operations
Minimum 2 partners required
No maximum limit under Partnership Act
Written partnership deed on stamp paper
Stamp duty varies by state (₹100-₹1000)
Unique firm name
Should not be similar to existing firms
Nominal registration fee
Varies by state and capital amount
Get answers to common questions about partnership firm registration and operations
Ready to register your partnership firm? Our legal experts provide complete assistance with partnership deed drafting, registration, and compliance requirements.