Partnership Firm
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About Partnership Firm
A partnership is a formal arrangement between two or more persons to manage and operate a business and share its profits by entering into a partnership agreement which can be registered with the Firm registration department. Registered partnership has more benefits and safety with the prosecution when compared to unregistered partnership deed.
Advantages of a Partnership Firm
- With many partners, a business has a much richer source of capital
- With multiple people with diverse skill sets to. run a business, which can enhance its overall performance
- partnership firm exercise joint responsibility and meet frequently. This enables them to take decisions promptly, which is conducive to taking advantage of sudden opportunities
- Minimal registration costs
- Few business compliance requirements
Disadvantages of Partnership Firm
- Unlimited Liability
- Limited Business expansion
- Difficulty in large scale Capital raising
Documents Required
It is very easy to register this type of business as very few documents are needed. The required documents include:
- PAN card (Copy) of all the partners
- Adhaar card (Copy) of all the partners
- Partnership Deed
- Passport size photo of all the partners
- Proof of Address(Power bill, Municipal tax bill, Sale deed copy)
- Rental Agreement or NOC
Registration Duration
Registration of Partnership firm takes the shortest time and can be completed within a min. of 3-4 days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.
Registration Fee
The Government’s registration fee starts at Rs.900 while professional fees start at Rs.3500 and the variance would depend based on the type of business, number of employees and location of the business and even the requirements to be met while registering your particular business.