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Partnership Firm Registration

Partnership firm is one of the most popular form of business in India as well as abroad due to its simplicity in starting a venture. Partnership refers a form of business between two partners in order to carry out the business for profits. Partnership registration is vital for these organizations as there are large numbers of people are depending on these businesses. Partnership registration act came into existence in India in 1932 in order to administer and manage all partnership firms. There are many advantages to run a partnership firm as one can start this type of firm at minimum cost and within few days one can start the whole business. Partnership business is growing in these days and in can be the next big thing after sole trade business in all over the world. In a partnership firm, all business and profits or losses are shared between two partners equally or as per their contribution.

How To Form A Partnership Firm?

To start a partnership firm, the minimum requirement is two partners and their capital contribution as per their wish. Though, registration is not mandatory for all partnership firms but most of the partners go for registration mode because to avoid many future obstacles or issues. As this a business between two individual, one can't claim to other partner if any dispute arises in future out of the whole business or profit or losses. Partnership registration act, 1932 defines all rules and regulations relating partnership formation and registration in order to avoid any business disputes between these two members. In order to register a partnership firm, one partner needs to apply with an application form to the Registrar by mentioning all details regarding their business and name and address of their partnership firm and location of their business.