A partnership firm is a business entity where two or more individuals come together to manage and run a business based on the terms and objectives specified in a partnership deed. It is important to note that the partnership deed may or may not be registered, depending on the circumstances.

Any individual who is eligible to enter into a contract can become a partner in the partnership firm. In order to enter into a contract, a person must be at least 18 years old, ensuring that they have surpassed the minimum age requirement. Only individuals residing in India have the opportunity to become partners or members in a partnership firm. Foreign individuals seeking to establish their businesses in India have the option to opt for private limited companies.

The partners in a partnership firm are the owners, and thus are not a separate entity from the firm. The owners of the firm, the partners, bear the responsibility for any legal matters or debts that arise.

A partnership is required to consist of a minimum of two partners. If the partnership is involved in the banking business, it can have a maximum of 10 partners, while partnerships engaged in any other business can have up to 20 partners. These partners have the flexibility to distribute profits and losses in equal or unequal proportions.

The process of registering a partnership firm in India typically takes around 10 to 12 working days. However, the duration for issuing a certificate of incorporation may vary depending on the regulations of the specific state involved. It's important to note that the registration timeline for a partnership firm is subject to the processing time set by the government, which varies across different states.

To establish a partnership firm, a minimum of two individuals and a maximum of twenty individuals are required.

No, it is not compulsory to register a Partnership firm but it is recommended to register as an unregistered firm will not be able to recover its cost in case of any dispute.

There is no minimum capital requirement for the registration of a partnership firm in India.

If a partnership agreement is not registered, it's possible for the court to declare the partnership as invalid. Additionally, if the business objective is unlawful, the court may also consider the partnership invalid and dissolve it.

Each partner within the firm is collectively and individually responsible for all actions and activities undertaken by the firm during their tenure as partners. This implies that in the event of any harm caused to a third party or the imposition of penalties during the course of business, all partners will be held liable, regardless of which partner was directly responsible for the harm or loss.