Partnership
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Key Features
Partnership
A partnership is
the relationship between persons who have agreed to share the profits
of a business carried on by all or any of them acting or all. In India
it is governed by the Indian Partnership Act 1932 which extends to
the whole of India except the State of Jammu and Kashmir . It came into
force on 1 st October 1932.
ELIGIBILITY
A partnership
agreement can be entered into between persons who are competent to
contract. Every person who is of the age of majority according to the
law to which he is subject and who is of sound mind and is not
disqualified from contracting by any law to which he is subject can
enter into a partnership.
The following can enter into a partnership
INDIVIDUALFIRMHINDU UNDIVIDED FAMILYCOMPANYTRUSTEES
INDIVIDUAL: An individual who is competent to
contract can become a partner in the partnership firm. If there are
more than two partners in a firm an individual can be a partner in his
individual capacity as well as in a representative capacity as Karta of
the Hindu undivided family.FIRM: A partnership firm is not a person and
therefore a firm can not enter into partnership with any firm or
individual. But a partner of the partnership firm can enter into
partnership with other persons and he can share the profits of the said
firm with his other co-partners of the parent firm.HINDU UNDIVIDED FAMILY: A Karta of the Hindu
undivided family can become a partner in a partnership in his
individual capacity provided the member has contributed his self
acquired or personal skill and labour.COMPANY: A company is a juristic person and
therefore can become a partner in a partnership firm if it is
authorised to do so by its objects.TRUSTEES: Trustees of private religious trust
family trust and trustees of Hindu mutts or other religious endowments
are juristic persons and can therefore enter into partnership unless
their constitution or objects forbid.
NUMBER OF PARTNERS
The number of
partners in a firm shall not exceed 20 and a partnership having more
than 20 persons is illegal. When there is partnership between two
firms all the partners of each firm will be taken into account. If the
partnership is between the karta or member of Hindu undivided family
the members of the joint Hindu family will not be taken into account.
Company Details
STRAIN BRAIN Established in 2004 at New Delhi in Delhi is a leading service provider of Legal and Public Notary Services in India. STRAIN BRAIN is one of Trade India's verified and trusted names for listed services. With extensive experience in the field of Legal and Public Notary Services STRAIN BRAIN has made a reputed name for itself in the market with satisfactory Air Pollution Arrest By-Will etc.
Focusing on a customer-centric approach STRAIN BRAIN has a pan-India presence and caters to a huge consumer base throughout the country. Get Legal and Public Notary Services from STRAIN BRAIN at Trade India quality-assured services.
Focusing on a customer-centric approach STRAIN BRAIN has a pan-India presence and caters to a huge consumer base throughout the country. Get Legal and Public Notary Services from STRAIN BRAIN at Trade India quality-assured services.
Business Type
Service Provider
Employee Count
10
Establishment
2004
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Seller Details
New Delhi, Delhi
Proprietor
Mr. Raj Pal Kapil
Address
Plot No. 2 Pocket A Sector 17 Dwarka. New Delhi Delhi 110075 India
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