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A: A minimum of two partners are required to form a Partnership Firm. However, the maximum number of partners allowed is 20.
A: No, it is not mandatory to register a Partnership Firm in India. However, it is advisable to register the firm for various legal benefits and to avoid disputes in the future.
A: Yes, a Partnership Firm can own property in its name.
A: A Partnership Firm is not taxed as a separate entity. The profits of the firm are divided among the partners, and each partner is taxed individually on their share of the profits.
A: Yes, a Partnership Firm can be converted into a Private Limited Company by following the necessary procedures under the Companies Act, 2013.
A: The advantages of a Partnership Firm include ease of formation, flexible management structure, shared risks and responsibilities, and better access to resources.
A: The disadvantages of a Partnership Firm include unlimited liability of partners, lack of perpetual existence, and limited access to capital.
A: A Partnership Deed is a written agreement between the partners of a firm that outlines the terms and conditions of the partnership, such as profit sharing, duties and responsibilities of partners, etc.