Even God needed a Partner to create this world, in the same way, to create a Partnership the firm you required a partner to start your business. A Partnership is a type of Business Entity in which minimum 2 partners and maximum 10 partners for Banking Business and 20 partners for Non-Banking businesses are allowed to be partners. Partners introduce their capital as a contribution to the business and in the same way, they share profit & Loss of Business as they have agreed and there is no restriction on minimum share capital contribution.
To start partnership firm, partners agree to enter into an agreement is called partnership deed. Partnership deed determines the Roles, Rights, Duties, Responsibilities and Liabilities of the Partners.
If you want to Start your Partnership Firm than VS IPR & LEGAL ADVISORS will help you in Registration and in all the Compliance after Registration.
There are two types of Partnership Firm
1. Registered Partnership Firm
2. Unregistered Partnership Firm
REGISTRATION BENEFITS OF PARTNERSHIP FIRM
· Easy Formation
Partnership Firm begins with simple entering into an agreement with the partners and it is not compulsory to be registered as it is optional but it is advisable to register it as it has some advantage over the unregistered firm.
· No Restriction in Name Reservation
A Partnership Firm can be started with Any name by mentioning the same in the agreement. However, while designing the name, caution should be taken that no trademark has been registered done by another person.
· Flooded resources
More capital can be brought to the firm as number of people involvement increases.
· More talents, ideas & skill
Partner brings new skill & ideas to expand the business to take it at a global level.
· Better Decision
Effective Decision making can be made as more brain are introduce to think about a problem.
The firm need not required to file annual accounts with the registrar as compare to the Corporate entity.
· Diffusion of risk
In a proprietorship firm, entire losses are borne by the proprietor but in the case of a partnership, the losses are shared by all the partners of the firm at agreed profit and loss sharing ratio.
REQUIRED DOCUMENTS AND INFORMATION FOR PARTNERSHIP FIRM REGISTRATION