The registration of a partnership firm in India can take up to 10 to 12 working days. However, the time taken to issue a certificate of incorporation may vary as per the regulations of the concerned state. The registration of a partnership firm is subject to government processing time which varies for each state.
Often, if the partnership agreement is not registered, the court may deem a partnership invalid. If the object of the business is illegal, the court may consider the partnership invalid and dissolve the partnership.
Every partner is jointly and severally accountable for any acts/activities of the firm committed throughout the course of business while he or she is a partner. This means that if a third party is injured or a penalty is imposed during the course of business, all partners will be held accountable, even if one of the partners caused the injury or loss.
There is no minimum capital requirement for the registration of a partnership firm in India.
Minimum of 2 persons and maximum of 20 is required for the formation of a partnership firm.
The partners in a partnership firm are the owners, and thus are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.