A public limited company is required to have minimum 7sharehodlers.
ID proof, Residence proof and PAN card of all the partners along with a Partnership deed signed by all the partners.
Only a registered Partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. A Registered Partnership firm can claim a set off or other proceedings in a dispute with a third party.
A partnership deed is a written agreement entered into by all the partners of the firm which specifies the terms under which partnership is to be carried on.
Tax audit under Income Tax Act is required for only few assessees.
There is no minimum capital required to start a partnership firm. A partnership firm can be started with any amount of capital.
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners should be provided.
A partner cannot transfer his interest in partnership to an outsider without the consent of all other partners.
Yes. A sole proprietorship concern can be converted into LLP or Company by following procedures laid down in respective Acts.
A partner must be an Indian citizen and resident of India.