Partnership
Partnership registration is a form of business organization for businesses that are owned, controlled and managed by a alliance of people or partners for gain of profits . Partnership companies or firms are relatively easy to get and are popular among small and mid size businesses. It is not considered a separate and legal entity. Partners shall share all profits and losses of the business they are associated in.
There are two types of partnership firms, registered and un-registered. They are created by drafting a deed between partners and can be registered or un- registered firms in India.
The Indian Partnership Act of 1932 governs Partnership firms. This Act outlines the rights and duties of the partners between two or more persons who agree to carryon business with the object of profit sharing , provided business must be carried on by all or by any of them representing for all.
Companies Act, 2013 does not permit registration of similar names of business.