Partnership

Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all

Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is partnership-at-will

Cost of maintaining Partnership Firms is very low in comparison to LLP or Ltd companies. Very low requirements in terms of compliance make it easier to carry the business with partners

PAN of partners
Address proof of partners: Adhaar or Driving license or passport or voter ID card
PAN Card of Firm

Can other people invest in a Partnership firm?
Indian Residents and citizens can invest in a Partnership firm without any government approval.

Contract, Contract and only Contract (Also called partnership deed)
Sharing of profit
Conducting the business

It is not mandatory to register the partnership. It is the sole choice of the partners and business owners. The firm can be registered any time after it is formed.

a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of the law

There is a flat rate of 30% on profit along with cess and surcharge as applicable under Income tax act. Further, Partners will be taxed separately with individual slab rates. However, there are adequate provisions in the taxation laws to avoid the double taxation of the same income.