A Partnership Firm is a business structure where two or more individuals come together to manage and operate a business based on a mutual agreement. Unlike a sole proprietorship, a partnership firm allows multiple people to share responsibilities, profits, and risks. It is governed by the Indian Partnership Act, 1932 and is widely used by small and medium-sized enterprises.
Key Features of a Partnership Firm
- Minimum two partners required; maximum 50 partners allowed.
- Governed by the Partnership Deed, outlining profit-sharing, responsibilities, and operational guidelines.
- No separate legal entity, meaning partners are personally liable for business debts.
- Simple registration process with fewer legal formalities.
- Easy to manage and dissolve compared to corporations.
- Profit and loss are shared based on the partnership agreement.
Benefits of Partnership Firm Registration
- Easy Formation & Minimal Compliance
- Shared Responsibilities & Decision-Making
- Tax Benefits
- Operational Simplicity
- Enhanced Credibility & Business Growth
Documents Required for Partnership Firm Registration
- PAN Card
- Aadhaar Card
- Passport-sized Photographs
- Proof of Address (Utility Bill, Bank Statement)
- Proof of Registered Office Address
- Rent Agreement or
- Ownership Deed
- Utility Bill
- No Objection Certificate (NOC) from Property Owner
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