TAX DESTINATION

Hello Everyone! Today's blog is about Partnership form of Business. In the last blog we talked about Sole Proprietorship and whether it is a suitable form for your Business. Similarly in this blog we will discuss about Partnership form of Business in detail so that you can conclude whether it is a perfect match for your Business. So without further ado, let's get started. What is Partnership? Partnership is the relation between persons who have agreed to share the profits and loses of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are individually called Partner. The name under which their business is carried on is called the "firm-name".  For eg, Mr A and Mr B started a business and named the business as AB & Co. So in the case Mr A and Mr B will be the partners in the Partnership firm AB & Co. In India, partnership is governed by the act Partnership Act 1932. According to section 5 of t

Hello Everyone! Today's blog is about Partnership form of Business. In the last blog we talked about Sole Proprietorship and whether it is a suitable form for your Business. Similarly in this blog we will discuss about Partnership form of Business in detail so that you can conclude whether it is a perfect match for your Business. So without further ado, let's get started. What is Partnership? Partnership is the relation between persons who have agreed to share the profits and loses of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are individually called Partner. The name under which their business is carried on is called the "firm-name".  For eg, Mr A and Mr B started a business and named the business as AB & Co. So in the case Mr A and Mr B will be the partners in the Partnership firm AB & Co. In India, partnership is governed by the act Partnership Act 1932. According to section 5 of t