Partnership Firm Incorporation
About Partnership Firm Incorporation
A Partnership Firm is registered under the Partnership Act 1932. Partnership Firm is ideally for small and medium business as two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to other organisational structures.
Some of the features of Partnership Firm
- Its easy start, it doesn’t have any mandatory registration, we can start Business from Day one.
- Unlimited Liability for partners
- Minor also can become partner (Sleeping Partner, with Representative)
- Business can manage either by all partners or any one of them as they agreed In Partnership Deed
- No requirement of minimum capital
- Registration of firm (it’s not mandatory, but suggested)
- No requirement of compulsory Audit
- Can take Interest on partners capital
- Lower Registration Cost & Compliance
- Any Body corporate can become the Partner
- No Restrictions on Name, however it should not contain certain common words.
- Drafting & Review of Partnership Agreement
- Registration with Registrar of Firms
- PAN Application
- TAN Application