A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit carried on by all or any of them acting for all.
Click on Get Quotation tab above and fill the details, you will receive required documents list & quotation in few seconds in your mailbox.
No charges for requirement list and Quotation.
A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.
Partnership firms are registered by the Registrar of Firms, under the Indian Partnership Act, 1932.
Only a registered Partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. Also, only a Registered Partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for Partnership firms to get itself registered sooner or later.
Liability of the Partners is unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.
No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.
I literally had my company registered in about 5 days. I am very happy with the services I received!Dr.Santosh Kakade
Core India Institute of Legal Medicine Pvt Ltd
Their services are beyond anything I could have imagined. It gets my highest recommendation!Mr. Nikhil Gunjal
VERTEX SAFETY PRODUCTS PRIVATE LIMITED
For the past few years, I was having issues on focusing on my Core Business. But CorpAid helped me with focus and now we are not only growing but more importantly working with our ideal clients!Sachin Malpani
Bake-lite Food Processing Pvt Ltd
You can forgot about all compliance once you choose CORPAIDCS.COM. Prompt & professional services, will definitely recommends to others.Mr. Amol Turkhade
Highly Professional service, I will recommend to anyone!Mr. Yash Rane
CHIZEL PRINTS MANUFACTURING PRIVATE LIMITED