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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.
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
- HINDU UNDIVIDED FAMILY
- 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.
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.
Established in 2004 , STRAIN BRAIN has made a name for itself in the list of top service providers of Legal and Public Notary Services in India. STRAIN BRAIN is listed in Trade India's list of verified companies offering wide array of Registered Court, Hindu Marriage Law, Consumer Protection etc. Contact here for Legal and Public Notary Services in New Delhi, Delhi.
- BUSINESS TYPE Service Provider
- EMPLOYEE COUNT 10
- ESTABLISHMENT 2004