A Partnership Firm is a popular form of business where an association of people join hands to carry out a business for profit. In a Partnership Firm, the partners are joint business owners and the business operations are carried out in accordance with the terms and objectives set out in the partnership deed. With least regulations to follow, Partnership firms are relatively easy to start and is a desirable option amongst small and medium sized businesses in the unorganized sectors. However, in the event of debt of the firm the partners are jointly and individually liable and hence it is an ideal option if there are no/less requirement of external funds and low risk of bad-debts like consultancy firms.
There are registered and unregistered partnership firms and it is not mandatory to register a partnership. It is advisable to register a partnership firm due to the added advantages like:
- Partner(s) can file a case in any court against the firm/ other partners once the firm is registered.
- The registered firm or its partners can file a case against third party on breach of a contract.
- In case of a dispute with a third party, the registered firm or any of its partners will be able to claim a set off.
Partnership firms are created by drafting a partnership deed amongst the partners. Bizpole offers reliable services to start a registered or unregistered partnership firm in India.
Benefits of Registering a Partnership Firm
- Simple to Begin Formation of partnership firm is easy as compared to other business forms.
- Comparatively Economical Cost of partnership is low as compared to other business forms due to low compliance requirements and no auditor appointment is necessary.
- Minimum Compliance Compliance are minimal in comparison with other forms of business.
- Tax Benefits In partnership firms enjoy more tax benefit as compared to proprietorship.
- Address proof of partners
- Photo ID proof of partners
- No objection certificate from the owner of the property
- Ownership proof
- Rent agreement of your registered office
Operating a company where multiple partners decide the terms of business operation comes with a lot of legal and compliance issues. It is better to leave such matters to the experts. Bizpole’s company incorporation plans provides end to end services right from registering as a partnership firm to preparation of documents involved. Our experts are with you at every step of the way.
- We gather details to understand your business requirements
- We provide help to draft all the required documents.
- We do follow up with the government agencies until the registration is completed.