Partnership Firm Registration is a popular form of doing business. Partnership Firm is an association of two or more persons to carry on business as co-owners. Partnership FirmRegistration has no separate legal entity status. Partners of the firm are liable for the Acts of the Partnership Firm.
Partnership firms are governed through the Indian Partnership Act, 1932. Section 4 of the Indian Partnership Act 1932 defined partnership as under:
the relation between persons who have agreed to share profits of the business carried on by separately or jointly acting on behalf of all.
Partnership firms in India can be run as Registered Partnership Firm and Unregistered Partnership Firm. Partnership Firm Registration is not mandatory with the Registrar. However, due to some additional advantages, it is advisable to register your Partnership Firm Registration.
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