What is a Partnership Firm registration?

A co-operation establishment or partnership firm is one of the most important forms of a business association. It's a popular form of business structure in India. A minimum of two persons are needed to establish a cooperation establishment. A co-operation establishment is where two or more persons come together to establish a business and divide its gains amongst themselves in the agreed rate. The co-operation business includes any kind of trade, occupation and profession.

The three different types of partnership are: 1. General partnership 2. Limited partnership 3. Limited liability partnerships

The Indian Partnership Act, 1932 governs and regulates cooperation enterprises in India. The persons who come together to form the cooperation establishment are knowns as mates. The cooperation establishment is constituted under a contract between the mates. The contract between the mates is known as a cooperation deed which regulates the relationship among the mates and also between the mates and the cooperation establishment.

Features of Partnership:

• Agreement between Partners
• Two or More Persons
• Sharing of Profit
• Business Motive
• Mutual Business
• Unlimited Liability