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

1. Its easy start, it doesn’t have any mandatory registration, we can start Business from Day one.
2. Unlimited Liability for partners
3. Minor also can become partner (Sleeping Partner, with Representative)
4. Business can manage either by all partners or any one of them as they agreed In Partnership Deed
5. No requirement of minimum capital
6. Registration of firm (it’s not mandatory, but suggested)
7. No requirement of compulsory Audit
8. Can take Interest on partners capital
9. Lower Registration Cost & Compliance
10. Any Body corporate can become the Partner
11. No Restrictions on Name, however it should not contain certain common words.

Scope