A "Partnership Firm" is a type of business where two or more people join together and make a formal agreement called a partnership deed to run the company and share its profits and responsibilities.
Each person brings something to the business, like money, skills, or hard work, and they all share both the benefits and the risks. Unlike a sole proprietorship, where one person is in charge, a partnership lets everyone make decisions and share resources. However, all partners are personally responsible for any debts or legal problems the business has. It’s a simple way to start a business with others and use everyone’s strengths, but it needs trust and clear agreements between the partners. It’s governed by the Indian Partnership Act, 1932.
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Simple to Set Up: Starting a Partnership Firm is straightforward and involves less paperwork and regulatory requirements compared to other business structures.
Shared Responsibility: Partners share responsibilities and make decisions together. This can improve management and bring in a wider range of skills to the business.
Flexibility in Operations: Partnerships offer flexibility in managing the business and distributing profits. Partners can agree on how to run the business and share earnings according to their partnership agreement.
Cost-Effective: Running a Partnership Firm usually costs less than other business types. There are fewer rules and less paperwork, which helps save money.
Minimum 2 partners and maximum can be 50
Partnership deed original copy
Identity proof such as Aadhar, PAN, and Passport of the partners
Office address proof such as rental agreement or sale deed
NOC from the Landlord
1. Submit all the document and draft a partnership deed
2. Payment of stamp duty
3. Notarization of partnership deed
4. Apply for PAN and TAN
5. Apply for registration with RoF
6. Open a Bank Account on the Company Name
Partnership Agreement Draft
Partnership Deed
Registration Certificate from RoF
PAN Number
TAN Number
Bank Account Opening Document Support
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A Partnership Firm is a business structure where two or more people come together to run a business and share its profits and responsibilities. Each partner contributes to the business and shares in its risks and rewards.
A Partnership Firm is formed by drafting a partnership agreement that outlines the roles, responsibilities, and profit-sharing ratios of the partners. This agreement is not legally required but is highly recommended for clarity and to avoid disputes.
Benefits include shared responsibilities, flexibility in management, cost-effectiveness, simpler setup compared to other business structures, and the ability to pool skills and resources among partners.
Profits and losses are shared according to the terms specified in the partnership agreement. If no agreement is made, profits and losses are usually shared equally among partners.
Yes, a Partnership Firm can be converted into a Private Limited Company or a Limited Liability Partnership (LLP) if the business needs to expand or require more structured legal protection.
If a partner leaves, the remaining partners can continue the business. The partnership agreement should outline how the departing partner’s share is handled and how the remaining partners will manage the business.
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