Question

Based on Partnership topic.

Name your Partnership. Briefly discuss the nature its business activities. Outline the document needed to legally register this partnership. Discuss among partners, how much money each partner is going to put in into this business. How are you going to share your profit later need to be decided as well. Finally, how this business is going to be administer.

Answer 1

Sollution:-1)Partnership firm means:- Two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to companies

2)Name of parnership:-  that partnership Firm Name owner must follow while naming their Company or nameof partnership firm. As you Know the Basic rule is that A trade or firm name shall not be approved if the same or similar or nearly similar name is already used by a Company or Partnership Firm. that   partnership Firm Name owner must follow while naming their Company or nafe of partnership  firm   As you Know the Basic rule is that A trade or firm name shall not be approved if the same or similar or nearly similar name is already used by a Company or Partnership Firm.

3)Nature of buusiness activities:-People who have entered into a partnership with one another are independently termed as ‘partners’ and comprehensively termed as ‘firm’. The name under which the trade is carried is called the ‘name of the firm’. A partnership enterprise has no distinct legal entity, apart from the partners comprising it. Hence, the vital features of the partnership are:

A)Two or More Persons

B)Agreement

C)Sharing of Profit.

4)Document needed to legally register partnership firm :-The first step for registration is to collect the documents required for making an application.You folloeing documentas need
a. Address Proof of your firm, e.g. - current account details or any other licence applied in the name of your firm.
b. Identity proof of partners - PAN Card, Voters' ID card, Passport etc.
c. Address proof of partners - electricity bills, ration cards, Aadhaar Card, Passport etc.
d. Attested Partnership Deed
e. Stamp Duty of appropriate value etc.

5) How much money each partner is going to put in into this business-Contributions by partners may vary in type and amount -- including cash, ideas, and "sweat equity" As a result, partner equity does not necessarily involve equal cash contributions from each partner. Instead, partners may make equal contributions to the business and have equal ownership rights, but the contributions themselves may take a number of different forms.

6) Sharing profits:-Partners can agree to share in profits and losses in line with their percentage of ownership, or this division can be allocated to each partner equally regardless of ownership stake. It is necessary these terms are detailed clearly in the partnership agreement in an effort to avoid conflicts throughout the life of the business.In accordance with the provisions of the partnership deed, the profits and losses made by the firm are distributed among the partners. However, sharing of profit and losses is equal among the partners, if the partnership deed is silent.

7)Administration of partnership busuiness:- A winning business partnership capitalizes on the strengths and skills of each partner. Divide business roles according to each individual's strengths. For example, if one partner is strong in marketing, operations, and finance and the other partner excels in sales, human resources and leadership then split tasks accordingly.If your partner is responsible for procurement, they could enter a contract with a supplier without needing to confer with you. By agreeing who can make these kinds of decisions.