Partnership Firm

IN A GENERAL PARTNERSHIP FIRM, THE PARTNERS COLLECTIVELY OWN AND MANAGE THE BUSINESS, SHARING RESPONSIBILITIES AND LIABILITIES AMONG THEMSELVES.

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A partnership firm offers an excellent solution for small businesses looking to maintain their size and operations. The key advantages include affordability, easy establishment, and minimal compliance obligations, making it an ideal choice for these enterprises. General Partnerships have the flexibility of optional registration, operating under the regulations outlined in Section 4 of the Partnership Act, 1932. However, larger businesses have shifted away from this structure due to the emergence of Limited Liability Partnerships (LLPs) which provide enhanced benefits, including greater liability protection. As a result, LLPs have become the preferred option for larger enterprises, reducing the relevance of general partnerships in their context.

GATHERING DETAILS: We thoroughly examine your business requirements.

DRAFTING: Within 4 working days, we prepare the initial draft and share it with you.

FOCUSING ON PERFECTION: We offer up to two rounds of iterations, if needed, at no additional cost, to ensure the final outcome is flawless.

A minimum of two people are necessary to form a partnership firm. A partnership firm can have a maximum of 20 employees.

1) Partnership deed

2) Partnership firm PAN card.

3) Address Proof of the partnership firm.

4) Identity proofs of all the partners.

5) Partnership registration certificate (if partnership has been registered)

6) Any registration document issued by central or state government (normally GST certificate is submitted)

There is no minimum capital requirement.