Head Automation & Dev Ops at Thomson Reuters
Bankok169 Restaurant Chain
Director-CR, ICFAI Business School
Oregon Health & Science University, USA
Anuradha Timbers International
A comprehensive list of frequently asked questions on Partnership Firm Registration .
Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others.
Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.
Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.
No, A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF. But kartha or any other person in HUF can enter into partnership.
No, a partnership firm cannot become a partner of another firm because it is not a legal person. But the partners may be partners in another firm in their individual capacity.
A partner can nominate a successor to take his place in the event of death or retirement of the partner. The mode of introducing a new partner or successor is based on provisions in the partnership deed. A new partnership deed is required once the new partner is admitted into the firm.
Partnership can be dissolved according to the contract between the partners. The partnership deed should contain the provision of dissolution. Or a partnership firm can be dissolved at any time if all the partners decide to dissolve it.
No it is not required to visit registrar office, but all the partners need to sign on the application.