Introduction The limitation period in legal terms refers to the maximum time allowed under law within which a person can bring a legal claim or file a suit. In the context of partnership disputes in India, the Limitation Act, 1963, governs the timeframes within which...

Introduction Auditing is a key compliance function that helps partnership firms maintain transparency, accuracy, and accountability in financial reporting. Although partnership firms are not governed by the Companies Act, they are subject to audit requirements under...

Introduction In a partnership firm, the legal and financial implications extend beyond the partners themselves to third parties who interact with the firm. A key aspect of partnership law, governed by the Indian Partnership Act, 1932, is the principle of mutual...

Introduction A partnership firm is one of the most traditional and widely used business structures in India, particularly among small and medium enterprises. Governed by the Indian Partnership Act, 1932, a partnership firm is formed when two or more individuals agree...

IntroductionIncome tax filing is a critical compliance requirement for all business entities, including partnership firms in India. A partnership firm, whether registered or unregistered under the Indian Partnership Act, 1932, is treated as a separate taxable entity...

Introduction The sharing of losses in a partnership firm is a critical aspect of the business relationship among partners. Just as profits are distributed according to mutually agreed terms, losses must also be allocated fairly and transparently to ensure financial...

Introduction In a partnership firm, the law recognizes each partner not only as a co-owner but also as an agent of the firm. This agency relationship allows a partner to act on behalf of the firm and bind it through their actions. One of the most important concepts...

Introduction An exit policy outlines the rules, procedures, and obligations related to a partner leaving a partnership firm. This process can occur through retirement, resignation, expulsion, insolvency, death, or mutual agreement. A well-defined exit policy is vital...

Introduction Maintaining accurate and well-organized accounting records is vital for the financial health, legal compliance, and internal control of a partnership firm. Proper accounting ensures transparency among partners, facilitates smooth audits and tax filings,...

Introduction In a partnership firm, active partners play a central role in the management and administration of business affairs. Unlike sleeping or dormant partners who only contribute capital and share in profits, active partners are involved in the daily...