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Partnership is when two or more parties sign a formal agreement to share their profit and loses in a business that are carried on by any ingle one of them or by all of them as mentioned in Section 4 of the Indian Partnership Act.

The agreement is use to show the mutual understanding and cooperation of the partners. The agreement can be done in oral or in paper. IT is better if the agreement is on a paper in case in future any kind of misunderstanding or dispute arises between the partners this agreement can be used as a proof to show their partnership. There must be an agreement for sharing the profit and losses also, because there must be no borne in profit sharing ratio. No charitable institution or club can be called a partnership because they don’t want to gain any acquisition or share any profit. The agreement or partnership deed mention distribution of profits among the partners

The people who have agreed to share their profit and losses are called Partners individually, these partners altogether can be called as a Firm. Partnership can be also called as a legal relationship between the partners. Partnership is the invisible bond that holds the partners together. The partnership must be proceeded or carried on by all the partners or any one of them who is acting for all. The whole firm is responsible for the act of any one of them. Partnership is also considered as a mutual agency rather than sharing of profits.

There are two types of Partnership

-Partnership at will

It is where there is no amount of supply made by the contract between the partners for the duration of their partnership.

-Particular partnership

This sort of partnership will come to an end when there is a completion of task which was already mentioned or informed.

Documents which are required to register Partnership Firm:

Any of the following documents can be submitted as identity proof and address proofs.

1.PAN card

2.Passport

3.Driver License

4.Aadhar Card

5.Voters ID

Proof of Business premise can be established by submitting the following documents:

1.Sale Deed in case if the Partner owns the place

2.Rental agreement copy if the office is on rental basis

3.Copy of the latest electricity bill or the tax bill receipt

We at AAATechs help Entrepreneurs to start their own business as a single person or a group of people who want a partnership and guide them. AAA Techs Services Pvt. Ltd. also provides counseling services to our clients about necessary things.