A Partnership is a association of person where two or more person will work together and share the profit and loss derived from the firm:
It is a low cast and minimum legal requirement form of business
Give information about your business like Name of partner, address, and business detail.
We required 2 days for forming deed
Changes would be done if client want to customaries the deed according to there specification
Partnership is a form of business where at any time 2 or more person can form a partnership with each other with minimum legal requirements,
There are two types of partnership one is LLP and other is general form of partnership
General form of partnership have some disadvantage like a partner have unlimited liability over business loss but there are some advantages which make attracts to form partnership these are
Minimum cost form of business.
Easy to formation
No extra-legal annual cost compare to LLP and other form of business
Good for small entrepreneur
STEP-1: FIRST YOU GIVE YOUR ALL PARTNER DETALS LIKE NAME, ADDRESS, BUSINESS DETAILS, SOME OTHER POINT TOU WANT TO ADD IN YOUR DEED.
STEP-2: WE REQUIRE AT LEAST 2 DAYS FOR FORMING THE DEED:
STEP-3: WE WILL SEND YOU THE DRAFT COPY OF DEED FOR YOUR APPRVAL, IF WANT TO CHANGE ANYTHING YOU CAN SUGGEST AND WILL DO ACCORDING TO IT.
STEP-4: WE WILL ALLOW 2 TIMES ITTERATIONS ANY NOW COST.
Form No. 1 (Application for registration under Partnership Act).
Original copy of Partnership Deed, signed by all partners.
Affidavit declaring intention to become partner.
Rental or lease agreement of the property/campus on which the business is set.
1. What is a partnership firm?
A Partnership is an association of two or more person who work together towards common goal and objectives and shares the profit and losses in accordance to the partnership deed.
All roles and responsibity are to be done in accordance to the partnership deed, basically Partnership deed is a charter of the company.
2. Why should I set up a partnership firm?
It a close ended form of business under firm only Partners can only work, it a low cost model and lesser legal requirements of business in comparison to Company and LLP. It also include privity concept that only partners have right over entity.
3. Is a partnership firm a separate entity?
No, under Partnership, there is no separate legal entity both partners and firm are seen same, unlike company where members and company are treated to separate legal entity.
4. How many partners can there be?
Under Partnership there is minimum 2 partners and maximum no partners is 10 in case of banking business and 20 in case of any other business.
5. Is partnership firm registration necessary?
No, under Indian Partnership act 1932, for forming partnership there is no requirement of registration of partnership, however there are some disadvantages:
Firm cannot sue outsider
Outsider can sue firm
Partners cannot sue each other.
6. What are the main aspects of a partnership deed?
The Partnership is a statue or charter of the company it contains name of firm, address of the firm, objects of the firm, and rules and bye laws of the company.
Basically all the work and process are governed according to the partnership deed.