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About Partnership Firm Registration
A partnership is an association of two individuals to attain a common goal. In a partnership agreement, all partners are held accountable for fulfilling their obligations. We guarantee speedy company registration at LegalSalah, and we’ll have your firm registered within 7-10 days.
Advantages of a Partnership Firm
Registration Process Flow
2 WORKING DAYS
2 WORKING DAYS
2-3 WORKING DAYS
2-3 WORKING DAYS
Documents required for Partnership Firm Registration
Pre-requisites for Partners
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A partnership is a legal agreement wherein two or more individuals give their approval to work towards a common goal, such as building a business.
A partnership firm has an informal structure, which is why partners are not entitled to follow any detailed rules. This makes this kind of company incorporation quite common in the start-up world.
It is not mandatory, but it is certainly suggested as you can then enjoy a range of advantages. Speak to our team at LegalSalah to know more.
A partnership does not pay any income taxes. Instead, the profits that are generated pass through the business to the partners who are involved. Each person then reports his or her share of the business profits individually while filing taxes.
The main difference between an LLP and a partnership firm is that the partners are personally liable for any business debts in the last. This implies creditors can go after the partner’s personal assets if required.
If you are encountering a dispute, you can try solutions such as mediation and arbitration. However, if these don’t function, then you can take the case to court.
It is generally suggested to have all necessary documents pertaining to your business notarized. This is because it delivers an acknowledgment that the signature appearing on the document is that of the person whose signature it purports to be. As a consequence, if you encounter a dispute with your partner in the future, the case can be settled in court, with the notarized document confirming that the partner is defaulting on the agreement.
Some of the disadvantages of going forward with the company registration as a partnership firm contain:
- Partners are individually responsible for business debts
- Partners are subject to the actions of other partners
- If one partner leaves, the partnership can end
- Shared decision-making implies you do not always have full control over internal affairs. This can direct to disagreements or paralysis of the partnership.
The partners in a partnership firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the obligation of its owners, the partners.
A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those employed in any other business can have 20 partners. These partners can split profits and losses equally or unequally.
The deed should include the names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, the type of partnership, any capital invested by each partner, and the profit-sharing matrix, rules, and regulations to be followed for the input of partners or removal.
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