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To start a Partnership business, partners need to enter into an agreement which is popularly known as Partnership Deed. Different states impose stamp duty on the partnership deeds, it means while creating a partnership instrument (Deed) the partners must purchase stamp paper of appropriate value to be annexed with the agreement which is further be notarized. To bring more credibility to the document which is admissible under the law without any doubt the same can be registered as a document by filing the same before the registrar of documents. Minimum 2 person is needed to become partner of the firm. There is no minimum capital prescribed.
Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.
The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.
Initial Capital Contribution is the initial amount in cash or kind contributed by the partners to start the business. Each partner doesn't need to contribute equally to the capital. Contribution is based on the agreement between the parties.
It is not compulsory for a partnership deed to be in writing. Partnerships can also be oral.
Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.
Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.
A partnership firm can be dissolved in any of the following ways:
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