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Partnership Registration

Partnership Registration

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations thereof.

Advantage

1- Easy Formation

2- Larger Resources

3- Flexibility in operation

4- Better Management

5- Sharing of Risk

Disadvantage

1- Instability

2- Unlimited Liability

3- Lack of Harmony

4- Limited Capital

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Registration

Ordinarily a partnership is formed by an agreement, which may be either written or oral. This written agreement duly signed by all the partners, Stamped and registered is known as “Partnership Deed”.

Ordinarily, the rights, duties and liabilities of partners and other matter regarding the functioning of the Firm are mentioned in the deed. But in case if the deed is silent about any specific point, the provisions of THE INDIAN PARTNERSHIP ACT, 1932 will apply.

Some of the important clauses to be included in a partnership deed are as follows :-

Name of the firm and Its Address

Name and Address of Partners

Nature of Firm’s Business

Duration of Partnership

Partners’ Capitals

Interest on Capital & Drawing

Division of Profit

Partners’ Salary and Commission

Rights and Duties of Partners

Admission and Retirement of Partners of partner, it should be stated in it.

Death of a Partner

Valuation of Goodwill

Revaluation of Assets and Liabilities

Accounts and Audit

Dissolution of Partnership

Arbitration Clause

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