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Introduction To Partnership Firm
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exist where the participants in an enterprise agree to share the associated risks and rewards proportionately. Registration of Partnership firm is optional and not mandatory. However certain non consequences are there if the firm is not registered. ”
The persons who own the partnership business are individually called ‘partners’ and collectively they are called as ‘firm’ or ‘partnership firm’. The name under which partnership business is carried on is called ‘Firm Name’. In a way, the firm is nothing but an abbreviation for partners.
Advantages of Partnership Firm
Formation of partnership is very easy as compared to other entities. It can be formed without any legal formality and expenses and are simple and economical to form and operate.
Business of a partnership firm is very well managed by all the partners as they take interest in the daily affairs of business because of the ownership, profit and control.
Due the more number of members the partnership firm has larger resources for the business operations as compared to sole proprietorship.
Sharing of Risk
In partnership every partner bears the risks individually as it is easier compared to sole proprietorship
Flexibility in operation
Due to the limited number of partners there is flexibility in the operations of business as the partners can amend any objectives or change any operations any time by mutual consent
In a partnership firm interest of every partner is protected against any fraud.
- Self Attested Copy of Eevry Partners
- Business Description on the Proposed partnership Firm
- Self Attested Copy of Address Proof like Adhaar. Voter ID, Copy of Passport and Driving License
- Mobile no. /Telephone No and Email id of the Partners
|Get Partnership registration@Rs. 3999* (All Inclusive)|
|Get your partnership deed drafted along with its registration with Unilex at a very reasonable cost.|
Procedure For Registration
Prepartion of Partnership Deed(1-2 Working Day)
- In order to register the Partnership Firm, Prepare partnership deed. by putting proper clauses.
Submit Application(2-3 Working Day)
- Once the Partnership Deed finalized, submit application for registration along with the Partnership Deed before the concerned Registrar of Societies and Firms where the business address of business entity is situated.
Issue of final Certificate(2-10 Working Day)
- Registrar after Checking of Documents register firm and shall certificate of registration Certificate.
Frequently Asked Questions
What is Partnership and how do i create one?
A type of business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement.
Is a written partnership agreement is required for every partnership?
Not mandatory. However, it recommended for partners to work out the details of the partnership and create a written agreement.
How Partnership Firm Taxed?
A partnership does not pay any income taxes, although it may be required to file a tax return. Instead, partnership income “passes through” the business to the partners. Each partner then reports his or her share of business profits or losses on an individual federal tax return.
What is Capital of Partnership Firm?
“Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.”
Who can be partners?
“Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.”