In this two or more individuals make a business firm to get profit. To form a business in partnership, two persons have to join hands and sign an agreement. The choice of this type of business is quite good because it is easy and straightforward formation for small enterprises. These firms should have minimum 2 members and maximum 50. The business is registered Under Partnership Act.
When should we apply for registration?
This type of firm can be registered at the time of its formation. Moreover, the application registration is to be made to the registrar of firms of the city in which the business is located. It is suggested the business should be registered as soon as it starts.
Is there any guideline on choosing a name for the firm?
The business name should not be those words which indicate the support or approval of the government. It should not be matched with some other business. Accordingly, the name should not contain words like Crown, Emperor, Empress, Empire or any other word indicating government approval.
What will be the government fee for firm registration?
Even though, the government fee varies from state to state and is also based on the partner contribution. Mostly, the fee is between Rs.1000-1500 with stamp duty.