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Partnership Firm

Original price was: ₹5,500.00.Current price is: ₹4,990.00. (incl. of taxes)

Summary

We will provide:

  • Partnership Deed
  • PAN
  • TAN
  • MSME Registration
  • GST Registration

Documents Required:

  • PAN Card

    A self-attested copy of PAN Card of all partners.

  • Partners Address Proof

    Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners

  • Business Address Proof

    Utility Bill (Electricity Bill) of the place of business

  • Rent Agreement

    Rent Agreement and NOC from the owner of the place of business, if rented

Note :- Payment of Stamp Duty is not included in the price. It Varies from State to State. 

Description

A partnership firm is a business entity formed by two or more people who agree to share the profits and losses of the business. The partners are jointly liable for the debts and obligations of the business.

Partnership firms are governed by the Indian Partnership Act, 1932. The Act sets out the rights and obligations of partners, as well as the procedures for dissolving a partnership firm.

Here are some of the key features of a partnership firm:

  • Two or more persons: A partnership firm must have at least two partners.
  • Common intention: The partners must have a common intention to carry on a business for profit.
  • Mutual agency: Each partner is the agent of the other partners. This means that each partner can bind the partnership firm by their actions.
  • Joint liability: The partners are jointly liable for the debts and obligations of the business. This means that if the business cannot pay its debts, the creditors can sue all of the partners for the full amount of the debt.
  • Profit sharing: The partners must agree on how the profits of the business will be shared.
  • Dissolution: A partnership firm can be dissolved by agreement of the partners, by the death or bankruptcy of a partner, or by court order.

Partnership firms can be a good way to start a business, as they offer a number of advantages, such as:

  • Ease of formation: Partnership firms are relatively easy to form.
  • Flexibility: Partnership firms are flexible and can be adapted to the needs of the partners.
  • Tax benefits: Partnership firms can benefit from certain tax breaks.

However, there are also some disadvantages to partnership firms, such as:

  • Joint liability: The partners are jointly liable for the debts and obligations of the business.
  • Limited life: A partnership firm can be dissolved by the death or bankruptcy of a partner.
  • Lack of continuity: A partnership firm may not be able to continue to operate if one or more of the partners leave the business.

If you are considering forming a partnership firm, you should carefully consider the advantages and disadvantages before making a decision.

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