A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit.
Quick & Easy100% AccuracyGet Expert AdviceComplete services under one roofA partnership firm is an organization which is incorporated with an opinion to earn profit by two or more persons. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932
Super CA is here to assist you in preparing/drafting partnership deed with your given terms and conditions. Our team comprises of drafting experts, legal advisors, professional CAs and CSs.
Following are given below characters of partnership firm
1. Number of Partners: Minimum number of person required to start a partnership firm is two and maximum limit is 10 in case of banking business and 20 in case of all other types of business.
2. Contractual relationship: A written agreement known as partnership deed which is signed by all the partners, binds them in a contractual relationship.
3. Voluntary Registration: Registration of partnership firm is not compulsory.
4. Competence of Partners: Every partner must be competent enough to enter into the partnership agreement. He should not be minor lunatic or insolvent.
5. Sharing of Profit and Loss: In partnership firm all the profits and losses are shared by the partners in any ratio as agreed. If it is not given then they share it equally.
6. Unlimited Liability: Liability of partners of a partnership firm is unlimited. They are jointly held liable for the debts and losses of the firm.
7. Legal Status: Partnership firm has no distinct legal status separate from its partners.
A partnership firm is an organization which is incorporated with an opinion to earn profit by two or more persons. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932
Super CA is here to assist you in preparing/drafting partnership deed with your given terms and conditions. Our team comprises of drafting experts, legal advisors, professional CAs and CSs.
Read MorePLUS TAXES(18%)
Apply NowPARTNERSHIP FIRM
IT INCLUDES CHARGES OF DRAFTING/ DEED MAKING, NOTARY CHARGES
₹2000 PLUS GST
*Stamp paper charges applicable as per the state.
PLUS TAXES(18%)
Apply NowPARTNERSHIP FIRM
PAN CARD
GST REGISTRATION
IT INCLUDES CHARGES OF DRAFTING/ DEED MAKING, NOTARY CHARGES, APPLICATION OF PAN CARD AND GST CERTIFICATE
₹3500 PLUS GST
*Stamp paper charges applicable as per the state.
It is very easy to form. Simple agreement needs to be executed.
There is also flexibility of changes in partnership firm as easy as in proprietorship firm. Such changes cannot be implemented in a company with ease because of the restrictions imposed.
Sharing of risk is also very important feature of such type of formed firm. Since Profit or Loss of said firm is shared by partners, which ultimately brings less burden of loss/ expenses on each individual.
There is no statutory obligation on the part of partnership firms to disclose financials to public as in company. Thus, it is more secretive.
In partnership firm, various people are part of one firm, which means various minds are working for one oriented goal. Which enhances the possibility to achieve goal efficiently and effectively with in desired time?
In partnership firm, various people are part of one firm, which means various minds are working for one oriented goal. Which enhances the possibility to achieve goal efficiently and effectively with in desired time?
It consist various people, who can have different skill and expertise, which can be useful for business.
There is also very less burden of statutory compliance as compared to company. Therefore, it is also very economic.
