1) What do we mean by partnership firm?

A firm established between two or more partners with the goal of earning profit is called as a Partnership Firm.

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2) Is it compulsory to register partnership firm?

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It is not compulsory to register a partnership firm but there are added advantages if a partnership firm is registered. It is advisable that a partnership firm should register itself.

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3) What is partnership deed?

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Partnership deed is the legal document which is created to form a partnership firm.

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4) What are the basic information that a formal partnership deed should contain?

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The partnership deed shpould contain the following details.
1. The name and business address of partnership firm.
2. The names and address of each partner.
3. The profit sharing ratio of each partner
4. Main business activity of partnership firm
5. Date of starting of business
6. Capital contributed by each partner
7. Duties and responsibilities of each partner
8. Terms and conditions of partnership firm

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5)How to register partnership firm?

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An application form along with fees is to be submitted to Registrar of Firms of the State in which firm is situated. The application has to be signed by all partners or their agents

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6) Which act is govering law of partnership firm?

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Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India.

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7) Can we dissolve partnership firm at anytime?

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If the partners of a firm wants to end the partnership, they can do so by dissolving the partnership by notice, if it is a partnership of will. A partnership can be dissolved as per the terms laid down in the Partnership Deed, or they can do so creating a separate agreement.