Partnership firm

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Partnership firm

Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act, 1932, “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. A Partnership is a small business structure that is owned by two or more people for profit. This form of business can be easily start and most prevailing in the unorganized sector. A step ahead the pure entrepreneurs now start their business under form of LLP. With Introduction of Limited Liability Partnership Act.2008 now people preferring to register their business as LLP and get an incredible response from the market.

Documents required from Partner of the firm

  • Copy of Election ID Card
  • Copy of PAN Card or Passport.
  • Copy of latest bank statement
  • Copy of telephone or electricity bill.
  • Passport-sized photograph of all partners
  • Copy of Notarized Rental Agreement/ registered lease deed
  • NOC from owner/landlord.

Merit of Partnership Firm

  • Easy to start and dissolve
  • Higher capital
  • Higher innovation
  • Reduction of work load
  • Better decision
  • Harmonization of different ability
  • Credit facility
  • Close supervision
  • Flexible
  • Reduced risk

Demerits of Partnership Firm

  • No Business secrets
  • Uncertain existence
  • No Personal contact
  • Unlimited liability
  • Delay in decisions
  • Danger of conflict
  • Difficulty in transfer of shares
  • Limited resources

Our services for establish your Partnership Firm

  1. Partnership Deed Drafting
  2. Stamp Fees.
  3. Notary Expenses
  1. PAN No.
  2. Business Idea corroboration.
  3. GST Registration
  1. VAT & CST Registration.
  2. ESIC & PF Registration
  3. SSI Registration.
  1. Provident Fund Registration.
  2. Import-Export Code Registration.
  3. Lease Deed drafting and registration.