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Author Topic: What is Partnership as par Indian law?  (Read 2445 times)

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Offline advamrita

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What is Partnership as par Indian law?
« on: October 12, 2013, 10:48:00 PM »
Partnership is an agreement between TWO or additional individuals to share the profits of a business.

The business is carried on along by all the partners or anybody partner representing the others. A partnership is for a set amount of your time or it should be restricted to a particular project or it should be dissolved at can.

Offline Philip1234

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Re: What is Partnership as par Indian law?
« Reply #1 on: August 06, 2014, 05:39:09 AM »
i agree with advamrita and for more information people can also refer The Indian Partnership act 1932.

Offline IndiaStartup

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Re: What is Partnership as par Indian law?
« Reply #2 on: June 18, 2015, 01:05:31 AM »
The term 'partnership' is defined under section 4 of Indian partnership act 1932 as under "Patnership is an agreement between two or more persons who have agreed to share profits and loses of the business carried on by all or any one of them acting upon all.Partnership firms are not a separate legal entity; hence the partners and the partnership firm are the same. However, for income tax purposes, partnership firms are treated as a separate entity and hence need to obtain PAN from the income tax dept and file income tax returns." For more details visit:http://www.indiastartup.in/partnership-firm-registration/

Offline sunshine

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Re: What is Partnership as par Indian law?
« Reply #3 on: June 24, 2015, 05:20:47 AM »
LLP or limited liability partnership is a new way of registering a partnership business in india. It has got its on advantages and disadvantages over private limited company registration. One of the feature of LLP is it is cost effective. Limited Liability Partnership (LLP) is a body corporate formed and incorporated under the LLP Act, which defines the role of a limited liability partnership in India. It is a special legal body separate from that of its partners. Here, some or all partners have limited liability.

You can find more details in the link http://sunshinecorp.biz/faq_limited_liability_partnership.docx.php?id=faq , it is a faq page where general questions regarding registering of partnership firms is answered.

 

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