Partnership-Firm


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PARTNERSHIP FIRM

OVERVIEW / DEFINITION

A partnership firm is a popular choice among entrepreneurs due to its simplicity and flexibility. It allows multiple individuals to come together and combine their resources, skills, and expertise to run a business. Registering your partnership firm is the first step towards formalizing your partnership and ensuring its legal recognition. A partnership firm is a business where two or more people agree to share profits. The people involved are called partners, and the business is called the firm.

KEY FEATURES OF A PARTNERSHIP FIRM

Formation: A partnership is created by an agreement between the partners, without any action by the state.
Membership: The minimum number of partners is two. The Companies Act of 2013 limits the maximum number of partners in a partnership firm to 100.
Registration: A partnership firm can be registered by sending a statement and the required fee to the Registrar of the area where the business is located.
Partners duties: Partners have duties to act in good faith, share losses, and provide true accounts.
Firm's property: The firm's property includes all property and rights acquired by the firm for the business.

BENEFITS

Shared decision-making, profits, and easy formation.
A registered partnership firm looks more credible in the eyes of a potential client.
Business risk is shared between partners.
Can be operated easily, with no restrictions in the law.
Can have a greater/larger operational size than a proprietorship firm.
Can be managed better.

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