Tag: All about Partnership Firms

Can a minor become a Partner in a Partnership Firm?

Section 30 of the Indian Partnership Act, provides that though a minor cannot be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership...

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Section 40b: Interest & Salary paid to Partners by Partnership Firm

As per Section 40(b) of the Income Tax Act 1961, Interest & Salary paid to the Partners by the Partnership Firm are allowed to be deducted as an expense only in case all the specified conditions are being adhered to....

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Income Tax on Partnership Firms & LLP’s in India

Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Partnership Firms whether registered or unregistered are therefore required to register with the Income Tax Dept. and...

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Benefits of Registering a Partnership Firm in India

Partnerships in India are governed by the Indian Partnership Act, 1932 and as per this act a partnership deed may be registered or unregistered. However, there are certain benefits of registering a partnership firm which have been explained in this...

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Procedure to create Partnership Deed & Register a Partnership Firm

Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively easy to set-up and the no. of statutory compliance required...

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What is a Partnership Firm and 5 Essential Elements of a Partnership

Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their business is carried on is called the “Firm Name” A...

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