Question

Assume you are starting a partnership firm with your friend/friends.

Develop a business plan covering the following aspects:

-Formation of this partnership firm- rules and steps that would be

followed including the partnership deed.

-Choice of types of partners involved and your justification for the

same.


HEY HELP ME OUT WITH THIS.....(only relevant answers)​

Answer 1

Answer:

In India, the two most common types of business organisations are partnership and proprietorship. These two types of organisations are popular because they are relatively simple to establish and the amount of statutory compliance required of them is less than that required of LLPs and corporations.

A partnership agreement can be either written or oral. However, an oral agreement is practically worthless for tax purposes, so the partnership agreement should be written.

The following are the essential features of a partnership agreement:

• Firm name and address, as well as all partners
• Nature of the business to be carried out Date of business start-up
• Partnership Duration (whether fixed or project-based)
• Each partner contributes capital.
• Profit sharing percentage among partners

Along with the application, the following documents must be submitted:

• Form No. 1 Application for Partnership Registration
• Affidavit specimen duly completed Certified True Copy of the Partnership Deed Ownership proof of the principal place of business or rental/lease agreement

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