Partnership Firm
How to register a Partnership Firm Online?
One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in India in the following ways.
Gathering Details
We Study your Business requirement
Overview
What is a General Partnership?
A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships. Contact our Vakilsearch experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.
6 Essential Facts on Partnership
What is a partnership firm?
Why should I set up a partnership firm?
A partnership firm is best for small businesses that plan to remain small. Low costs, ease of setting up and minimal compliance requirements make it a sensible option for such businesses. Registration is optional for General Partnerships. It is governed by Section 4 of the Partnership Act, 1932. For larger businesses, it has lost its relevance with the introduction of the Limited Liability Partnership (LLP).. This is because an LLP retains the low costs of a partnership while providing the benefit of unlimited liability, which means that partners are not personally liable for the debts of the business
Is a partnership firm a separate entity?
How many partners can there be?
Is partnership firm registration necessary?
What are the main aspects of a partnership deed?
Document Required
- Form No. 1 (Application for registration under Partnership Act)
- Original copy of Partnership Deed, signed by all partners
- Affidavit declaring intention to become partner
- Rental or lease agreement of the property/campus on which the business is set
Benefits of a Partnership
Minimum Compliance
For General Partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or incase unregistered, annual accounts filing with the registrar is not necessary either. When compared to LLP, annual compliances are also fewer. Further, taxes depending on turnover, service and sales tax also need not be filed in General Partnerships.
Simple to Begin
General Partnerships can begin simply with an unregistered deed of the partnership within 2-4 business days. However, having registration for the same has its own perks and advantages. The primary advantage for having a registered firm is that it will allow you to book lawsuits in courtrooms opposing another business or the business associates in the firm for the administration of rights addressed in the Partnership Act.
Comparatively Economical
In comparison to LLP, a General Partnership is much cheaper to begin. Even in the longer run, it will still work out inexpensive as the compliance requirements are very minimal. For example, there is no need for an auditor. Therefore, Home businesses still opt for this, although it offers unlimited liability.
Process Duration
4 Business Days
Once we receive your request, our representatives will contact you to better grasp your specifications. Additionally, If other information is needed, we will reach out to you once again. Our lawyers and legal experts will carry out your requests. Once they are done, it will be sent for your viewing and verification within 4-5 business days. However, you can always contact us if there are changes needed.
If there are any changes required to the agreement, our experts will have them altered. As agreed upon iteration changes twice is covered in the original cost.
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Our FAQ
Answers To Your Questions
Partners have unlimited liability, which means their personal assets can be used to settle business debts and obligations.
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Our Location
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