Choosing a partner
Shared values, complementary skills and clear expectations matter more than friendship. Agree early on roles, money, decision-making and what happens if someone leaves.
Partnership firm or LLP?
- Partnership firm: governed by the Indian Partnership Act, 1932. Simple to set up, but partners have unlimited personal liability.
- Limited Liability Partnership (LLP): governed by the LLP Act, 2008. A separate legal entity with limited liability, with annual filings with the Registrar.
Put it in writing
A partnership deed or LLP agreement should cover capital contributions, profit sharing, duties, admission and exit of partners, and dispute resolution.
Coming soon
Templates, checklists and a guide to registering your partnership.