There must be an agreement between the partners to carry on the business of the partnership firm

Aim of the formation of the partnership should be to earn profits and share them among partners. The sharing of profit and losses can either be according to the ratio of the capital contributed by each partner

The partners can be held liable jointly for any debts of the firm.

There must be a minimum of two and the maximum number of partners must not exceed 100 in case of a partnership

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For income tax purpose, firm is liable for payment of income tax and share of its partners in partnership firm is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to Partnership firm.

Basic information about all partners , addresses and type of business

Minimum number of two partners before applying for registration of the Partnershp Frim. Identity and address proof of all the Partners is required.

Address proof of all Partner's is required.

Name of the partnerhip firm is not required to approved from any authority

Amount of capital introduced in Firm

Profit/Loss sharing Ratio

Details of scope of business to be carried by firm