I have two questions regarding partnership firm incorporation. My firm was incorporated on 25.02.2019.
1. The incorporation expenses of Rs. 80000/- incurred (say for example Deed drafting, stamp purchase etc.) paid by one partner on behalf of firm. Whether the expense be written off fully or do i need to write off 1/5th every year. And can the expense incurred by one partner be considered as capital contributed by him/ her in the firm?
2. Is it necessary to distribute profit of the firm at the end of the year, can the profit be kept in the firm even if no remuneration or interest is provided to the partners.
