Partnership Firm
Why Partnership Firm

A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the Partnership Deed. The partnership deed details the partner’s responsibilities, ownership interests, profit and loss sharing ratio among partners, nature of business, dispute settlement, dissolution process etc.
Partnership is the most popular forms of business organizations in India. The reason why these forms of organization are so popular is because they are relatively easy to set-up and the no. of statutory compliance required to be done by these forms of organizations is relatively less than the statutory compliance applicable to LLP’s and Companies.
- Drafting a Partnership deed amongst the Partners
- A general partnership must have a minimum of two partners.
- The Partnership Act, 1932 governs such general partnerships in India.
- Easy to choose Partnership firm name.
How its work?
- 1.Incorporation and Verifying Documents
- 2.Drafting & Executing Partnership Deed
- 3.Partnership Deed Signing
- 4.Partnership Deed Notarization
- 5.Application for allotment of PAN and TAN

Benefits of Partnership Firm
- Shared Responsibilities: - Partnership firm enables sharing of risks by more than 1 person as the profit and losses are shared by all the partners. Responsibilities for a particular field or task can be assigned to one or more partners by indicating the same in a Partnership Deed.
- Better decision-making: -As the decisions are taken by two or more persons collectively, it is likely to be more balanced. Usually, partners are pooled from different specialized areas to complement each other which help in sound decision.o.
- Tax advantages: - There is opportunity for income splitting among the partner in Remuneration form, which result in tax savings.

- Easy to get started: - The partners can agree to create the partnership verbally or in writing. Its registration is not mandatory. Even after formation, there are no annual filings to be done except Income tax returns.
- Flexibility: - A Partnership firm is operated on the basis of the Partnership deed executed by the partners, mutually. The partners can decide how to operate the business with their mutual consent.
- More Capital: - As the partnership is formed by two or more persons, This means that the more partners there are, the more money they can put into the business.
Documents required to register a Partnership Firm

- A self-attested copy of PAN Card of all partners
- Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners
- Utility Bill (Electricity Bill) of the place of business or office
- Rent Agreement and NOC from the owner of the place of business, if rented