Yes, you can register your partnership firm online. The government has made a registration portal under the Companies Act 2013. You can conduct the registration process virtually and can also track every step thoroughly
A partnership is an agreement between two or more people to share profit and loss in a business & they have all decision-making powers.
A partnership firm enjoys this leverage that they don't have to abide by any particular rules or regulations. They can make their own and work accordingly with the consent of each other.
No, it is not necessary to have a partnership deed if you want to come under a partnership, but it is advised to do so because it will make things clearer and in case of any dispute it can work as a guideline or proof.
Partnership firms do not have to pay any income tax however whatever the profit they generate they have to report separately for the filing of tax.
The main difference between the both is that in the partnership firm the liability of the partners is not limited so they have to pay the liabilities through their assets if they are unable to pay it through the profit while the liability of a limited liability partnership is limited.
No, in the partnership firm the partners are the ultimate owners of the business and do not have the leverage of having a separate legal entity from the form which means if there is any legal notice against the form then the partners have to face the consequences of it.
There should be a minimum of two partners in a partnership firm to form an agreement and share the profit and losses. A maximum of 20 partners can make a partnership firm.
