A Partnership is a business form in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for registration and is highly recommended among small and medium sized businesses in the unorganized sectors.
Registration of Partnership Firm
A partnership firm is to be registered under Section 58 of the Indian Partnership Act, 1932, at any time, even subsequent to the formation. The registration of a partnership firm is done through the Registrar of Firm in which the partnership firm is situated. When the Registrar of Firms is satisfied that the provisions of Section 58 are complied with, a record of entry of the statement is made in the Register of Firms and Certificate of Registration is issued.
Advantages of Partnership Firm:
⮚ Less Compliances
⮚ Easy to get started
⮚ Sharing the burden
⮚ Ownership and control are integrated
⮚ Easy access to profits
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