. Minimum Two Person : Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business)
2. No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital .
3. Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.
4. Unique name: Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.