WHO CAN START A PARTNERSHIP?
To start a #Partnership in India, you need to be an #Indian national above the age of 18. That's it! No other qualifications.

WHAT IS THE MINIMUM INVESTMENT NEEDED TO START A PARTNERSHIP?
There is no minimum investment needed to start a partnership. A Partnership can be started even with Rs. 1 as the initial investment.

WHAT POINTS DO I INCLUDE IN THE PARTNERSHIP AGREEMENT?
Now, in your partnership #agreement You need to include a few basic points. Let me list them out for you. You need to include:

a. The names, age and address of the Partners
b. The contribution which each Partner is going to make
c. Whether the Partners will be active or sleeping Partners
d. What will be the name of the Partnership firm
e. What will happen in case there is a dispute or fight between the Partners"

SHOULD I FORM A PARTNERSHIP OR START AN LLP / PVT LTD COMPANY?
If you want to start a #business which will scale up and expand, it is better to start a Private Limited Company or a LLP. For a more detailed discussion of that, do watch our video on starting a Pvt. Ltd. Company or LLP.

Partnerships, on the other hand, are suited to #smallbusinesses or household businesses. For instance, if you are going to start a small chocolate making business from home, it is best to start as a Partnership.

For most other businesses, it makes more sense to start as an LLP or a Private Limited Company

WHAT IS THE DIFFERENCE BETWEEN A PARTNERSHIP AND AN LLP?
A Partnership suffers from "unlimited liability". So if the Partnership incurs a debt, the personal assets of the Partners like their house or jewellery can be used to pay the debt.

The main advantage of an LLP is that the liability is limited. So if the firm faces any losses, only the money belonging to the firm will be taken away, but the personal assets of the Partners will not be touched. For this reason, it is called a "Limited Liability Partnership""

DOES A PARTNERSHIP HAVE TO BE REGISTERED?
No, it is not necessary for a Partnership to be registered unless the firm is buying immovable property in its name. For example, if you intend to buy a house, factory or warehouse in the name of the Partnership, you should register it.

What is the partnership?

A partnership is simply a group of people who come together to start a business. All you need to do is sign an agreement called the partnership agreement or a partnership deed which is drafted by a legal expert. It is one of the easiest ways to start a partnership.

What kind of qualifications need to meet to start a partnership?

In India, all you need to do is be an Indian national above the age of 18 to start a partnership. There are absolutely no more qualifications required for this.


What is the minimum investment required to start a partnership?

There is no minimum investment required to sign a partnership. You could sign a partnership with an initial investment of even rupees one. Now you might want to know what kind of points you need to include in your partnership agreement.

In your partnership agreement, you need to include very few basic points. Let me list them out for you.
A)The Names, Ages, and Addresses of the partners.
B) The contribution each partner is going to make to the firm.
C) Whether the partners will be active or sleeping.
D) The Names of the partnership firm and
E) What would happen in cases there is a dispute between any of the partners.


Which should choose, a partnership or private limited company or LLP?

Some of you might want to know if you should start as a partnership on a private limited company or LLP. If you want to start a business that is going to scale up and expand it is best to start as a private limited company or LLP.

For a more detailed discussion of that please watch out our videos on starting a private limited company or LLP. Partnerships, on the other hand, are suited to small businesses or household businesses.

For example, if you're going to start a chocolate business from home it is best to start as a partnership for most other businesses it makes more sense to start as a private limited company or LLP. Which brings us to the difference between a partnership and an LLP.

A partnership suffers from unlimited liability which means that the partnership in case of a debt. The personal assets of the partners like the House or the jewelry can be used to pay away this debt.

Advantages of LLP over the partnership:

The main advantage of an LLP over here is that there is limited liability. So if the firm is incurring losses only the assets belonging to the firm would be taken away but the personal assets of the partners would be left untouched. Hence it has got a limited liability partnership or LLP.