EazyBahi Solutions

tagline
tagline
tagline

Partnership

Get your Partnership deed drafted along with GST registration and related services

    partnership

    Partnership Firm

    A Partnership firm is an association of two or more persons formed in order to carry on a business in the capacity of co-owners. The co-owners are referred to as partners of the business and share the profits and losses in the proportion of their respective ownership, or as agreed between them.

    It is not mandatory though advisable to have a written agreement between partners explaining their roles and responsibilities as well as terms and conditions relating to their profit sharing and remuneration.

    Advantages of Partnership Firm:

    • Ease of Formation
    • Pooling of resources and skills
    • Balanced Judgment and decision making
    • Secrecy maintenance
    • Economies in management
    • Easy dissolution
    • Risk sharing among partners

    Limitation of Partnership Firm:

    • Unlimited Liability
    • Restriction on transfer on interest
    • Inadequacy of Capital
    • Mutual Conflicts
    • Uncertain Continuity
    • Lack of public confidence
    • No independent legal status

    Steps for Registration of Partnership Firm:

    1. 1. Choose a suitable name for the Partnership Firm
    2. 2. Create a Partnership Deed
    3. 3. Apply for registration under the “Indian Partnership Act, 1932” and obtain a “Certificate of Registration”

    Documents required for registration:

    1. 1. PAN Card of all Partners
    2. 2. Address Proof of all Partners
    3. 3. PAN card of Firm
    4. 4. Address Proof of Firm
    5. 5. Copy of the Partnership Deed
    6. 6. Affidavit certifying that all the detail mentioned in the deed and documents are correct.