Partnership firm is put together by two or more individual in the interest of sharing the resources to initialize the business and share the resultant profit generated by the business by the mutual effort of the people involved or to reap the benefits of one person who has acted on behalf of the others. The above is established in terms of written agreement marking the commitment of the individuals involved by “Partnership deed” is governed by Partnership Act, 1932. The thus established agreement would signify business, politics, knowledge or individual level relationship professionally.
The deed would imply basis of complex negotiations and how they are addressed. An individual part of the set agreement is referred to as a partner and the members are collectively addressed as partners in official terms thus the agreement in turn is “Partnership deed” which signifies all the above in legal terms for the benefit of the partners.
A silent partner is an individual that is a member of the deed, but does not directly involve in the functional and decisional point of view in the management, but reaps just the profit generated by the actual business setup.
At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 8-10 working days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.
The written agreements are legally enforceable meaning they are valid as long as they go by Contract Act of Indian Government under Partnership Act of 1932.
All individuals in the deed can act to bind the firm or one individual can act to represent the team.
The firm would have limited tax exposure identity apart from the actual individuals involved in the deed.
In-order to establish a partnership firm, the minimum there must be 2 individuals involved to maximum of 50 individuals can be the part of the firm to be established.
In this scenario the partners would proceed with the operations of the business as stated in the agreement and the firm is not established i.e registered with the registrar.
In this scenario we are looking at a setup where the actual firm is registered under the registrar and falls under the rules of the jurisdiction hence the total set up is legally for the place of business of the firm.
It is not mandatory according to Indian law to register a partnership firm but, it is advisable as the benefits are there for functioning as a registered partnership firm, this does not directly mean that it discredits the transaction being done in unregistered agreement basis establishment.
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