A partnership firm is a form of firm in which two or more people cooperate to run a company under the conditions specified in a partnership deed. Partners divide the gains and losses and provide resources like cash, real estate, or talents. It is prevalent for partners' personal and corporate assets to be legally combined. Partnerships provide infinite personal liability for debts, shared management obligations, and usually individual partner taxation on earnings. Outlining duties, obligations, and profit-sharing agreements among partners requires a well-defined Partnership Deed.
Registration of Partnership Firm
Even after it has been formed, a partnership business may register under Section 58 of the Indian Partnership Act at any point. A partnership firm registers by approaching the Registrar of the Firm where the partnership firm is based. A record of the inclusion of the statement is made in the Register of Firms and a Certificate of Registration is provided if the Registrar of Firms is satisfied that the conditions of Section 58 have been fulfilled.
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