A business form that allows minimum two persons to have ownership of business. It allows sharing of profits as agreed upon by the persons forming the partnership. Partnership firm can be established by preparing a partnership deed.
Partnership deed is prepared on judicial stamp paper, signed by all the partners and then notarized. Partnership deed governs the partnership firm as it contains all the details regarding partners, profit sharing ratio, capital clause, address and business to be carried out. In case of any conflicts, the clauses laid down in the deed are final and must be settled accordingly.
A partnership firm may be registered with Registrar of Firms for its legal security. However, it is not mandatory but at the discretion of partners.
In case place is owned by any of the partners - Latest utility bill clearly showing name of partner and NOC from partner allowing to use the place for running partnership business
In case place is rented -Rent agreement, latest utility bill clearly showing name of owner and NOC from owner allowing to use the place for running partnership business
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