(12) `Any company set up under a partnership deed defining the individual shares of the members may, on request, register with the ITO, on request, the information contained in that deed, in accordance with the provisions of section 26A of the Indian IT Act, 1922 (hereinafter referred to as the Act in those rules). Unlike a limited liability company [note 45], there is no legal obligation to prepare accounts for a partnership, although there is always an indirect accounting obligation under tax rules and there may be an accounting obligation in the social contract. Partners are required to provide each other with accounts [note 46]. The objective of the implementation of a partnership company must be to share the benefits between the partners concerned. As mentioned above, any philanthropic work that does not involve profits is not considered a partnership. In addition, profit-making may decide in the report which the partners concerned prefer. Unlike a company, a partnership does not have a legal identity (the personality of the company) separate from that of its partners [note 18]. The partnership is the company and the partners are the partnership [note 19] and there is no legal distinction between the parties. The rights and commitments of a partnership are also those of the partners and any responsibility is applicable individually to each of the partners. A partnership is the result of a contract and is not made on the basis of a certain status, operation, law or any type of inheritance. To explain this, suppose a father (who is also a partner in a business) dies. In such a case, his/her son/daughter may claim a share of the partnership property, but can only become a partner if he has concluded a contract with the other existing partners. A contract is at the heart of a partnership enterprise (read the partnership company agreement).
Apart from the fact that a partnership does not have a separate legal identity from its partners (see paragraph 53.19), the other essential difference between a partnership and a partnership is that, unlike the members of a company whose liability is limited to unpaid shares, the members of a partnership are held to be unlimited liable. The types of partners are listed below depending on the extent of their commitments in the partnership: unless the partnership name (company) is composed of the surnames (or names) of the partnership partners, all business documents, such as orders, receipts, letters and invoices, must contain the names of the partners [Note 24], unless the partnership has more than 20 members – in this case, the corresponding documents must contain a declaration of access to the list of partners and the address at which the list is kept [note 25]. If the activity of an enterprise is not carried out for the purpose of making a profit (even if that profit is not actually realized), that activity cannot be a partnership. This would exclude, for example, associations and associations that, on the whole, are not created with the will to make a profit – even if they can make one. The main elements that constitute the main necessity of any partnership enterprise are the following: the next step is to establish an act of partnership. The conditions to be recorded in an agreement are left to the discretion of the partners and it is up to the partner to deposit them orally or in writing. . . .