What is Partnership Firm Registration?
Partnership is a company where two or more people decide to share the profits of a corporation carried out by them all and by any of them working for all. It is generally done in legal terms. The percentage of ownership varies and depends on some factors.
As a result, the partnership arrangement is a company that enables joint ownership of a corporation. In short, a partnership is a firm that allows joint ownership of a business.
Some certain rules and regulations must be followed when a partnership firm is incorporated. The registration of a partnership firm is not compulsory under the Indian Partnership Act, 1932, but only Maharashtra has made its registration compulsory.
A partnership may be registered at any time, i.e. several years after its formation. Registration or not registration of a partnership firm has its own advantages.