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To start a partnership firm, the minimum number of partners is two, whereas the maximum number of partners can be 20. The partners must come together to carry on any business with the motive of earning profits.
There is no minimum capital requirement, it does not mean you don't have to invest anything. You and your partner/partners would be required to infuse capital into the partnership firm; however, the amount can be decided amongst yourselves. There are no minimum requirements.
The Act does not prohibit a non-citizen from participating as a partner, subject to certain clearances from the Government.
The act prohibits a minor from entering into a partnership contract. However, a minor can be admitted to advantage from the profits with the consent of all the partners.
You and all your legal partners would be directly liable for the liabilities of Partnership Firm in the ratio of profit sharing. Having said that the business structure that comes with a partnership registration has a robust architecture. Things are well defined and noted on stamp paper. Capital contribution is also clear and so are the responsibilities of the directors. Everything is noted legally and mentioned in the partnership deed registration document. Partnership Firm is a separate legal entity entitled to acquire assets and liable for its liabilities.
Yes. Generally, a partner nominates the successor in case of retirement or death of that partner. The terms of the admission of a new partner are usually mentioned in the Partnership Deed. A new agreement entailing the new profit-sharing ratio is required to be made.