Partnership Firm – Highly Demanded Corporate in Indian Business Market, especially for a medium-scale commercial enterprise. A partnership is a business that has two or more members joined together to run the same business under an agreement. The partners share the profits, losses, and are equally liable for any of the liability. The Registration of Partnership Firm in India is completed and controlled under section 58 of the Indian Partnership Act, 1932. After registering, you'll start your business together with your partners.
First, creating a partnership deed is very important and it has to be done to register that deed with the Registrar. To create a partnership deed follow the steps below:
Perfect name for your partnership
Select an easy and short name that represents your business and most significantly select a singular name. Avoid the name which very similar or a very familiar name which already created a mark in the market.
It is better to register the trademark soon after choosing your partnership name for further legal protection like misleading the purchasers or public with similar fake names.
Basic partnership deed
The partnership deed is that the list of basic duties and rights of every partner within the company. Here are some such duties and rules which must be included within the partnership deed:
Following specific details can also be mentioned
The above additional clauses are going to be useful during a hypothetical situation or if any dispute arises among the partners.