Minimum Legal Requirements Following are the minimum legal requirement to incorporate a partnership firm: a. There must be at least two partners to form a partnership firm. b. There must be an agreement between the partners. The agreement can be written or oral. c. The agreement must be with a motive of Sharing of profits. The agreement must be made with a motive to share profits, however, it is advisable that the agreement should clearly define the ratios in which profits and losses of the firm will be shared amongst the partners.
Advantages of Partnership a. Easy to setup b. Minimum compliance to be fulfilled c. Profit and loss is shared between two or more person d. Division of Risk and liability between partners. e. Two heads are always better than one. f. Greater borrowing capacity g. Freedom to choose the name of your business h. Partnerships are easy to manage and enjoy liberal compliance requirements
The newspaper should contain following information: ➲ Issue number ➲ Volume number ➲ On cover page title should be displayed promptly ➲ Dateline ➲ Numbering of page ➲ An imprint containing the following Publisher name Printer Editor or owner Publication place address Printing press address
Naming of a Partnership Firm Any name can be given to a partnership firm, as long as the following conditions are fulfilled: a. the name should not be too much similar or identical with the name of an established company doing the same business. b. The name does not include terms such as emperor, crown, empress, empire, or anything other than government approval or permission.
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