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Showing posts from April, 2025

Can I Start a Partnership Firm Without a Formal Partnership Deed?

  Can I Start a Partnership Firm Without a Formal Partnership Deed?" 🤝📄❓ Client question of the day: 👉 “Me and my friend are starting a small business... do we really need a written partnership deed?” #PartnershipFirmIndia #BusinessStartupLaw #PartnershipDeed #StartupQueriesIndia #BusinessLawIndia 📢 Short Answer: Technically YES, but practically it's a BIG NO! 🚫😂 While Indian law recognises an oral partnership under the Indian Partnership Act, 1932 , operating without a formal written deed is like riding a bike with no brakes— thrilling until you crash! 🏍️💥 #IndianPartnershipAct #OralPartnershipIndia #BusinessRisksIndia 📚 Legal Explanation: The law does not make a partnership deed mandatory for forming a partnership firm. However, without a written agreement: Disputes can become messy. Profit sharing can become controversial. Ownership rights can get confusing. Courts have no clear proof of terms if fights arise. #DisputeRisks #Partnership...
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How Different Are Partnership Firms and LLPs in India?

  How Different Are Partnership Firms and LLPs in India? 🤝🏢 “We’re two best friends starting a business — should we register a Partnership or an LLP?” Bestie goals! 👫 But when it comes to business, it’s smart to be BFFs and legally covered! Let’s find out which setup won't break your friendship over a tax notice! 😅📃 #PartnershipVsLLP #StartupLawIndia #BusinessSetupIndia #LegalEntitiesIndia #EntrepreneurshipIndia ✅ Short Answer: LLPs are Partnership Firms with a superhero cape! 🦸‍♂️ Partnership Firms are easier to start, but LLPs (Limited Liability Partnerships) offer personal liability protection, legal status, and way more professionalism. 💼✅ 📋 Key Differences You Need to Know: 1️⃣ Legal Identity 🔹 Partnership Firm = No separate legal entity from its partners. 🔹 LLP = Separate legal entity under LLP Act, 2008. #SeparateEntity #LLPLawIndia #LegalIdentityMatters #BusinessStructures 2️⃣ Liability 🔹 Partnership Firm = Unlimited liability. Your personal a...
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Can a Minor Start a Business in India?

  Can a Minor Start a Business in India?" 🧒🏽🏢🚀 Client question of the day: 👉 “My child has a genius business idea! Can a minor legally start a business in India?” #MinorEntrepreneurs #StartupLawIndia #BusinessLawIndia #ChildBusiness #EntrepreneurshipIndia 📢 Short Answer: NOPE, not directly—but there’s a smart way around it! 🧠✨ Under Indian law, a minor (below 18 years) cannot independently enter into valid contracts or run a business. However, smart structuring (with parental/legal support) can make the dream happen! #IndianContractAct #MinorContractsIndia #BusinessWithMinors 📚 Legal Reasoning: According to the Indian Contract Act, 1872 , minors are not competent to contract. Any contract entered into by a minor is void ab initio (invalid from the start). Thus, they can't sign documents, open bank accounts, or be personally liable in business matters. #ContractLawIndia #MinorityContracts #LegalCapacity 🛠️ Workarounds to Launch a Minor’s Business: 👨‍...
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