Disadvantages of a partnership include that: the liability of the partners for the debts of thebusiness is unlimited. each partner is 'jointly and severally' liable for thepartnership's debts; thatis, each partner is liable for their share of the partnershipdebts as well as being liable for all thedebts

A minimum of two Persons is required to start a Partnership firm. A maximum number of 20Partners are allowed in a Partnership firm.

The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians andPersons of Indian Origin can only invest in a Proprietorship with prior approval of theGovernment of India.

Liability of the Partners is unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient
to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.

PAN card of partners – All partners are required to submit their PAN number as identity proof.  Address proof of partners – Partners can submit Aadhar Card, Driving License, passport or Voter ID card as address proof. Name and other details on address proof should match PAN card details.

Documents of Firm
PAN card of the firm – Partners need to apply for the PAN of the firm. Form 49A has to be filed to
apply for a PAN.

Address Proof of the firm – If the registered office place is rented, rent agreement and one utility bill (electricity bill, water bill, property tax bill, gas receipt etc.) have to be submitted. Also, NOC from the landlord will be submitted.

If the registered office place is own, utility bill has to be submitted mentioning the name of the owner. Also, a NOC from the owner (owner as mentioned in utility bill) has to be submitted.

No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.

In case partners wish to register the partnership firm, they need to submit partnership deed, IDand address proofs of the firm as well as the partners to the Registrar of Partnerships. With it,an affidavit is also required to be submitted certifying that all the details mentioned in deed anddocuments are correct.