A Partnership firm comprises two or more partners coming together to carry out the business to share profit and to run the business collectively on mutually agreed terms and conditions. These firms are governed by the Indian Partnership Act, 1932.
Section 4 of the Indian Partnership Act,1932 defines “Partnership” as the relationship between partners who have agreed to share the profits of a business carried on by all or any of the partners working for all.
The registration of a partnership firm helps to take complete advantage with respect to legal rules. If a Partnership firm is not registered under the Indian Partnership Act 1932, then it cannot claim against violation of acts by the other partner or third party. It is very easy to set up a partnership firm with less compliance with statutory procedures. Contact us for more info.