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.