Is it necessary to register a partnership firm ?
No, it is not necessary to register, a partnership firm can be registered or unregistered.
What are the benefits of registering a partnership firm ?
There are many benefits like- 1. Power to file case in a court by a partner against the firm or other co-partners 2. Power to file case in a court by firm against 3rd party
what is the minimum and maximum limit of partners ?
A partnership must have atleast 2 partners. A partnership firm in the Banking business can have upto 10 partners, while those engaged in any other business can have 20 partners.
What is the need of setting up a Partnership Firm ?
A partnership firm is best for small business that plan to remain small, low cost, ease of setting up & minimal compliance requirement make it a sensible option for such busines.