You don`t need to register your partnership company. This is generally accepted for partners who bring specific skills, skills or contacts to the partnership organization. A partnership can distribute its initial finances through external loans, but such borrowing will be based on the security of the company`s ownership and the private rebates of the partners. A partnership is an association of two or more people. The maximum limit varies from country to country. In India, there is no cap under the Partnership Act; but the Companies Act of 1956 indirectly set the limit. As a result, the maximum membership for a commercial enterprise is 20; For the bank, there are 10. Although each partnership agreement differs according to business objectives, the document should detail certain conditions, including ownership, profit and loss sharing, duration of partnership, decision-making and dispute resolution, partner identity and resignation or death of a partner. Registration of a social society is not compulsory under our legislation and there are no penalties for non-registration.
However, the law introduces certain handicaps that require registration at some point. Indeed, the law effectively guaranteed the registration of companies without making them mandatory. The first obstacle is that an unregistered company cannot take legal action or initiate other legal proceedings to assert a contract right. The name under which the partnership operation is managed is called Firm Name. Although a partnership is established through a contract between the partners, no legal formality is required for their incorporation. An oral contract is enough to bring him into life. However, it is advisable to reduce the agreement to the letter and to prepare a well-developed partnership or partnership settlement, defining the terms and conditions of the partnership, as well as the rights, obligations and obligations of the partners. The objective of a partnership company should be the desire to make a profit by carrying out only legitimate business activities. Partnership activities should be under land law. The association created to commit illegal acts, such as theft, black marketing and smuggling, cannot be characterized as a partnership.
1. Simple creation: A partnership company can be created without formalities and legal expenses. Even if the Fum is to be registered, the expenses are not much compared to the business form of the organization. Thus, in every partnership company, there is always a senior agent relationship. Exclusive ownership suffers from limited resources, hasty decisions and temporary existences, etc. As a remedy, partnership was born as a form of corporate organization. There is a limit to transferring the action from one partner to another person without the consent of existing partners. The investment in the partnership therefore remains in a few hands. The partnership is formed to conduct legitimate business, professions or professions that generate profits or profits. The partnership cannot therefore make businesses prohibited by law, illegal and illegal activities.