Features
| Principal Legislation | The Indian Partnership Act, 1932 | A Partnership is governed by the provisions of The Indian Partnership Act, 1932. |
| Separate Legal Entity | No | A Partnership firm does not have a separate identity from that of its Partners. |
| Registration | Optional | Registration is optional but is recommended as registered firms have more advantages over unregistered firms. |
| Number of Members | Minimum – 2 Maximum – 50 | Requires a minimum of 2 Partners but the maximum number of Partners is limited to 50. |
| Liability | Personal Liability | All the Partners are solely and collectively liable for the obligations of the firm. |
| Transfer of Shares | Restricted | Composition of the Partners can be modified subject to the consent of all the Partners. |
| Compliance | Minimal | Compliance is minimal as compared to that of companies and Limited Liability Partnerships |
| Director | None | A Partnership has no concept of Directors. This form of entity has Partners. |
Documents Required
- Copies of PAN Card of all the Partners (Self Attested).
- Proof of address (POA) of all the Partners.
- Address Proof of the Registered Office.
- Rent Agreement of the Registered Office if applicable.
- Any other documents based on the specific requirements if any.