Principal LegislationThe Indian Partnership Act, 1932A Partnership is governed by the provisions of The Indian Partnership Act, 1932.
Separate Legal EntityNoA Partnership firm does not have a separate identity from that of its Partners.
RegistrationOptional Registration is optional but is recommended as registered firms have more advantages over unregistered firms.
Number of MembersMinimum – 2
Maximum – 50
Requires a minimum of 2 Partners but the maximum number of Partners is limited to 50.
LiabilityPersonal Liability All the Partners are solely and collectively liable for the obligations of the firm.
Transfer of SharesRestrictedComposition of the Partners can be modified subject to the consent of all the Partners.
ComplianceMinimalCompliance is minimal as compared to that of companies and Limited Liability Partnerships
DirectorNoneA Partnership has no concept of Directors. This form of entity has Partners.

Documents Required

  1. Copies of PAN Card of all the Partners (Self Attested).
  2. Proof of address (POA) of all the Partners.
  3. Address Proof of the Registered Office.
  4. Rent Agreement of the Registered Office if applicable.
  5. Any other documents based on the specific requirements if any.