preparation of partnership agreement is ( compulsary or voluntry)
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As per the Partnership Act 1932, it is not compulsory to register a partnership firm. The firm does not have a separate legal identity and registration will not alter this fact. However, registration is the definite proof of the existence of the firm and its legality.
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Preparation of partnership agreement is voluntary.
- According to the Indian Partnership Act 1932 forming the partnership agreement is not compulsory.
- Partnership is an agreement in which two or more people come together to share profit and loss.
- Partnership agreement is a written document in which all the rules and regulations are written.
- It contains details like Interest on capital is allowed, salary, profit sharing ratio of the partners etc.
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