Partnership form of business has its own pros and cons; it’s mainly suitable for small level business. Two or more person agreed to share the profit of a business carried on by all or any of them acting for all can form a partnership firm.
Partnership Act, 1932, deals with all affairs relating to partnership firms , for instance dissolution of firms, retirement and death of partners and auxiliary issues.
Partnership as stated in the Partnership Act 1932, defines it in the following terms:
“the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.” Minimum two and maximum twenty persons in any partnership business mutually decide to run a business collectively where they
Some cases companies also form partnerships. Companies can form a partnership to achieve common objectives through merger of resources in pursuit of long. This type of partnership may be termed as joint venture and taxed as AOP.
Normally people mix up term partnership with Association of Person (AOP) , however AOP is broader concept and used in tax law to deal with tax matters relating to joint ventures , profit sharing ventures and alike group of persons.
Our services relating to partnership registration are as follows:
Drafting Partnership deed/agreement
Legal opinions and Litigation support.
Tax Planning and Tax Advisory