Partnership Firm.

Easy Incorporate your Partnership Firm. Partnership deed drafting along with PAN, GST Registration, Udyog Aadhar & GST Billing Software.

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What is Partnership Firm?

A partnership is an agreement where parties, known as partners, agree to cooperate to advance their mutual interest. A partnership firm is an organization that is more than 1 person to run a business with a view to loss & earn profit. The Partnership based organizations, school governments, or combinations. Organizations may partner to increase the likelihood of each achieving their mission.

According to section 4 of the Partnership Act of 1932, “Partnership is defined as the relation between two or more persons who have agreed to share the profits of a business carried on by all or any one of them acting for all”. This definition superseded the previous definition given in section 239 of Indian Contract Act 1872 as – “Partnership is the relation which subsists between persons who have agreed to combine their property, labour, skill in some business, and to share the profits thereof between them”. The 1932 definition added the concept of mutual agency.

A Partnership Firm is a Business entity created by persons who have agreed to share profits or loss of the Business. A partnership firm is a very good choice of entity for small business enterprises where 2 person or more person decides to contributes to a business and share the profit and loss. The Partnership based organizations, school governments, or combinations. Organizations may partner to increase the likelihood of each achieving their mission.

Following are the characteristics of a Partnership Firm:-

  • Number Of Partners
  • Contractual Relationship
  • Sharing Profit & loss
  • Voluntary Relationship
  • Unlimited Liability

  • Legal Status
  • Competence of Partnership & etc

Advantages.

1.

Large Resources:- Due to more number of member in a partnership firm is the biggest resources for the business field as compared to a sole proprietorship.

2.

Flexibility in work:- Due to the limited number of partners there are many types of flexibility in the operations of the business as the partners can amend any objectives or change any operations at any time by mutual consent.

3.

RISK:- In partnerships, every partner bears the risks individually as it is easier compared to the sole proprietor ship.

4.

Easy Formation:- Registration is not mandatory in Partnership Firm. They are simple & economical to operate. It can be run without any legal formality & expenses.

What documents Required for Proprietorship in India?

  • Firm Name

  • Date of Commencement
  • Nature of Business
  • Registered Office Address
  • Profit or Loss Sharing Proportion
  • KYC of Partners
  • Capital contribution, if any
  • Remuneration to Partners, if any

Key Registration for Proprietorship India

Basic

5546
  • Partnership Deed
  • GST Registration
  • Udyog Aadhar
  • Company PAN
  • Bank Current Account

Basic

6018
  • Partnership Deed
  • GST Registration
  • Udyog Aadhar
  • Company PAN
  • Bank Current Account
  • GST Invoice Software 1

Premium

13688
  • Partnership Deed
  • GST Registration
  • Udyog Aadhar
  • Company PAN
  • Bank Current Account
  • GST Invoice Software 1
  • Website Design 2
  • Trademark Filing 3
  • GST Invoice software valid for 1 year, Available for Desktop & Android.

  • Domain & Hosting Charges extra, website design from our side.

  • Trademark Filing including Government Fees, DSC & Professional Fees.

FREQUENTLY ASKED QUESTIONS

ALL YOU NEED TO KNOW ABOUT A PARTNERSHIP FIRM BEFORE APPLYING…!

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