top of page

Partnership

Definition
Formation
Types of partnership
Registration
Advantages
Disadvantages
Documents required
Taxation
FAQs

FAQs

  • Can other people invest in a Partnership firm?

Indian Residents and citizens can invest in a Partnership firm without any government approval.

  • Is the audit required for a Partnership firm?

It is not necessary for Partnerships to prepare audited financial statements each year and undergo audit by a CA. However, a tax audit may be necessary based on turnover and another criterion.

  • Can I later convert my Partnership firm into a Company or LLP?

Yes, there are ways for converting a Partnership business into a Company or an LLP at a later date

Definition

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


who have entered into a partnership with one another are called individually, "partners" and collectively "a firm".


 A minor can be admitted to share only the profits of a partnership.


the name under which their business is carried on is called the "firm-name".

bottom of page