There is no legal obligation to register a company deed, but it is in the interest of the partners to register the deeds. This means the trust of the partners in one another. Each partner must work in the best interests of the firm. It must strive to achieve and maintain the good faith of its partners. The partner must not make a secret profit and must disclose any information directly or indirectly related to the company. A partner is not free to transfer his stake in the company to anyone. In other words, if a partner wants to leave the partnership firm and wants his friend to take his place in the partnership firm, he cannot do so unilaterally. He must obtain the consent of the other partners before such a transfer, as the partnership is a contract between individual partners. The Indian Partnership Act of 1932 was silent on the question of the maximum number of partners, but this disease was eliminated by the Indian Companies Act of 1956, where section 11 emphasized that there could be a maximum of 20 members in the case of ordinary transactions, while in the case of banking and insurance transactions, this number could not exceed 10. A partnership is formed to conduct business with the aim of making profits and sharing them among all partners.
Unless otherwise agreed, winnings must be shared equally by all partners. It may be noted that the sharing of losses by the partner is implicit, but a partner may join a company provided that he does not share the losses; however, this does not mean that he is not personally liable without limitation. While industrial partnerships strengthen mutual interests and accelerate success, some forms of cooperation can be seen as ethically problematic. For example, if a politician cooperates with a company to promote its interests in exchange for a certain advantage, a conflict of interest arises; Therefore, the common good can suffer. .