A partnership is the easiest way to form a business as the legality issues in this form of business is less. The registration is not essential but this might keep away the business from getting any legal benefits. Partner for this business can be up to 20. The minimum number of member of partner should be two. While the agreement formed will be known as the Partnership Deed and the provisions of The Indian Partnership Act 1932 will be applied.
For Unregistered Partnership Firm
A Partnership deed is formed on a suitable non-judicial stamp paper duly signed by each member of the firm.
For Registered Partnership Firm
QusWhat are the criteria of Audit for the Partnership Firm Registration?
AnsThere are no specified criteria but in case the turnover is more than the limit.
QusWhat are the criteria to become the partner?
AnsThe partner should be an Indian Citizen. The NRIs can only invest on the business.
QusHow much capital does it need to start the partnership business?
AnsThere is no minimum capital to start a partnership business.