Partnership Firm Registration

Partnership Firms are ideal for very small businesses. We at MYDBIZ offer Partnership Firm Registration at Rs 5,999/- all-inclusive.

A Partnership firm is a registered or an unregistered entity which is formed with two or more persons to run the day-to-day activities of the business and share the profits or losses as per their Profit Sharing Ration (PSR) mentioned in the Partnership Agreement.

Types of Partnership:

As per the Indian Partnership Act, 1932, there are two types Partnership entities, namely:

1. Registered Partnership and

2. Unregistered Partnership

Advantages of a Partnership Firm:

Partnership Firms have very few requirements in terms of filings and compliances. Some of the other advantages are as follows:

1. Partnership firms are one of the easiest to start. The only requirement for starting a partnership firm in most cases is a partnership deed.
2. Decision making in a partnership firm could be faster as there is no concept of the passing of resolutions.
3. When compared to a proprietorship firm, a partnership firm can easily raise funds.
4. Every partner owns and manages the activities of their firm.

Disadvantages of a Partnership Firm:

1. Every partner is liable personally for the losses of a partnership firm.
2. The maximum number of members a partnership firm can have is restricted to 20.
3. A partnership firm would be dissolved due to the death or insolvency of a partner.

MYDBIZ is the market leader in Partnership Firm Registration services in India. Before we get started with the engagement, all the required information and documents are collected. An engagement manager would be assigned who will also advice you on the type of registrations to be obtained. The average time required to complete a proprietorship registration is 6-7 working days depending on the government processing time and client document submission. Once the necessary registrations are obtained, an application is also submitted to the bank for current account opening.

For more information, feel free to contact us at info@mydbiz.com or call us at +91 9632 993 993.