General Partnership Registration
In a General Partnership firm, the Partners collectively own and manage the business and share their responsibilities and liabilities with each other.
In a General Partnership firm, the Partners collectively own and manage the business and share their responsibilities and liabilities with each other.
A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed that may or may not be registered. In such a business, the members are individually partners and share the liabilities as well as profits of the firm in a predetermined ratio.
The partners in a partnership firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.
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