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A partnership is a relationship between individuals who have agreed to share the profits of a business carried on by all or any one of them acting for all as stated in Section 4 of the Indian Partnership Act. Therefore, a partnership consists of three essential elements.


A partnership is the result of an agreement between two or more persons. It should be noted that this sort of a deal can arise only from a contract and not from status.

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Benefit of Parntership

It is easy to form a partnership firm and it involves very few legal formalities. Except in Maharashtra, it is not mandatory to register a partnership firm. This allows your partnership firm to begin its business right away after you and your partners enter into the partnership deed. However, owing to the benefits a registered partnership firm receives.
You and your partners can choose any name for your firm. However, you need to be vigilant so that your chosen name is unique enough so as not to infringe on the copyright of any other person or any trademark. You should also get a trademark of your chosen name for the partnership firm so that no other people can use the same name for their business.
Partners manage their business very well in a partnership firm as they show interest in the day-to-day affairs of their business because of ownership control and profits.
As per the act, all the partners of a partnership firm have the same managerial rights. But as per your convenience, you can have some partners as managing partners while others can willingly give in their managerial rights to the managing partners. The partners have shared and numerous other responsibilities.
As a partnership firm, it is not necessary for you to file audited financial statements with the registrar of firms. This leaves your partnership firm free from getting your books of accounts from being audited. However, under the Income Tax Act, it may be necessary for you to get tax audits if your income surpasses the agreed limits.
As compared to a company or an LLP, a partnership firm does not have too many annual or event-based compliances and regulations to follow.
To end a partnership firm all you need to execute a dissolution deed and in case the firm is a registered one necessary intimation is required to be given to Registrar of Firms (ROF). Unlike a company or an LLP, a partnership firm needs very few legal processes to wind up a business.

FAQ of Partnership

It is not mandatory to get a partnership firm registered except in the state of Maharashtra. But it is always advisable to get it registered so that you can enjoy the benefits that come with it.
In a partnership firm, a minimum of two partners and a maximum of twenty partners are allowed.
The Indian Partnership Act, 1932 governs all the partnership firms in India.
30% of total income is the rate at which a partnership firm needs to pay income tax. Income tax surcharge is added on the amount of income tax at the rate of 12%, if your income is more than 1 crore. A partnership firm must also pay education cess and secondary higher education cess at 4%, apart from income tax and surcharge.
In a partnership firm, the capital is the initial sum of money contributed by each of the partners in cash or kind to begin the business. However, it is not mandatory for each partner to pay an equal amount. The amount of contribution depends on the agreement between the partners.
You can decide your profit-sharing ratio with your partners at the time of forming the deed irrespective of your capital contribution.
You can become a partner in a partnership firm if you are an Indian citizen residing in India. If you are a non-resident Indian or a person of Indian origin, you may also become a partner, if you meet the FEMA Regulations. However, if you are an NRI or a person of Indian origin, your investment amount will not be reparable.
Yes, since the registration of a partnership is not a prerequisite to open a bank account. Your partnership deed will be sufficient for you to open a bank account in nearly any of the banks.
Yes. You must apply for a separate Permanent Account Number (PAN) under Income Tax Law for your partnership.
In a partnership firm, the liability of the partners is unlimited. In fact, when it comes to meet the business liabilities, the partners’ personal assets are also legally exposed.
Yes the existing partnership firm can be converted into an LLP. VMC shall help you with the same.
A person may sue a partnership firm but has to disclose the name of all the partners who constitute the firm. Under the Income Tax Act, a firm can be assessed to tax independently of its partners. A partnership firm therefore enjoys a quasi independent status.
Yes, any address can be provided as the registered office address. However the consent of the owner is must for the using the property for business purpose.
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