Partnership business entities are quite similar to a sole proprietorship. The basic difference between partnership and sole proprietorship is that more than one individual is involved in a partnership. There is a legal partnership agreement where the roles, responsibilities and the share of each partner are specifically defined. Therefore, profit earned by the business is shared between partners according to the legal partnership agreement, and if there are losses, each of the partners is personally responsible (Partner’s personal assets may be used to compensate the losses incurred) It’s not compulsory to register a Partnership form, however it’s advisable to register a partnership form due to the added advantages.
Form No.1 : Application for registration under Partnership
Partnership deed signed by the Partners
Affidavit declaring intention to become a partner
Rental or lease agreement of the property on which business is set.
