Legal Question in Business Law in India

Re: Association

In business law , there are concepts of sole proprietory concerns , partnerships ( registered and un-registered as per Indian Partnership Act,1932 )and Company ( under Indian Companies Act , 1956 ) . Essentially , sole proprietory concern is "one" man show ,partnerships are associations of two or more persons and Companies is a corporate body . As of today the lawyers, as are other businsses are also forming sole / proprietory concerns/organisations . Similarly they are forming associations ie partnerships ( Registered or Un-registered ) . For unregistered partnerhips , one has to draw up a partnership deed on requisite non judicial paper and if one wants to register it this partnership deed is registered with approriate authority under the Indian Partnership Act .

Let me add , the concept of Limited Liablity Partnership is likely to be introduced in India but as of now LLP is not there as understood in western countries .

Re: Association

Dear Friend,

firstly, the difference between teh two is of sole proprietorship concern and a partnership firm.

however, presuming that u r a lawyer and want to launch a firm of your own,

in india, Bar Council does not allow advocates on its roll to venture into any business activity. As long as you are running the office in accordance with the norms of bar council, there is no problem in with a sole proprietorship or a partnership.