The least number of partners under a partnership firm is two. The partners must be of sound mind and not disqualified by law unless he is minor or of unsound mind. According to the Companies Rules, 2014, Rule 10, no more than 50 persons can form partners of a partnership firm.
It is an agreement/deed between partners that partners sign in order to constitute the terms and conditions of this partnership.
Partners are entered into the partnership to carry out lawful business, such as trade, vocation, or profession. Non-profit-generating charitable organisations cannot be considered a firm.
The terms of the profit-sharing percentage among partners are agreed upon while drafting the partnership deed.
Both partners will act as agents and principals whereby all or any one partner can conduct the business on behalf of others.
A partnership has no identity that is independent of its partners.
Each partner bears unlimited liability like that of a sole proprietorship.
One partner cannot transfer his interest in the firm without all other co-owners' consent.
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