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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.

PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.

A Filing Duniya Associate will understand your business requirements and help you start a Partnership firm by drafting the Partnership deed. Based on the requirements, Filing Duniya can also help register the Partnership deed with the relevant Authorities to make the Partnership Firm a Registered Partnership firm. If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

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. If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided. If there is one, check its status. If it is either approved, applied, objected or opposed, it makes sense to pick another name. Do also check for phonetic similarities with other registered names. To do this, you need to select the dropdown at the top of the page. While the phonetic search isn’t very accurate, you can say with certainty that your trademark will be approved if there aren’t any relevant matches here either.

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.

If the Partnership firm is registered, the Partnership deed will be registered and a Registration Certificate will be issued by the Registrar of Firms.

Partnership firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Partnership firm. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.

There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.

Indian Nationals and Indian Residents are allowed to invest in a Partnership firm without any approval. Usually those who invest in the Partnership firm become a Partner of the firm and in the absence of any agreement to the contrary, all partners will have a right to participate in the activities of the business. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.

Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.

It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.

Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm. A patent is a right granted for a product or process to an individual or enterprise. This right grants its owner the ability to exclude others from making, using, selling or importing the patented product or process without prior approval. In exchange for this right, the applicant must fully disclose the invention. A patent is valid for 20 years, after which it falls into the public domain.