A partnership is a business that two or more individuals own and operate together. Or in other word partnership is a kind of business where a formal agreement between two or more people is made who agree to be the co-owners, distribute responsibilities for running an organization and share the income or losses that the business generates. Each member of such a group is known as partner and collectively known as partnership firm. And the relationship between the partners, type of ownership, and duties of each partner are typically outlined in a partnership agreement. And a partnership firm is not a separate legal entity distinct from its members. It is merely a collective name given to the individuals composing it. In India, all the aspects and functions of the partnership are administered under ‘The Indian Partnership Act, 1932’. The relation of partnership arises from contract and not from status; and, in particular, the members of a Hindu undivided family carrying on a family business as such are not partners in such business. In India there is two types of partnership i.e., Registered Partnership Firm or Unregistered Partnership Firm. The Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India. A general partnership firm is easy to form since no complex business formalities are required to be fulfilled. And the registration of partnership firm under registrar is optional and at the discretion of the partners. But it is always advisable to do so. Since a registered firm enjoy special rights which aren’t available to the unregistered firms.
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Benefits of Partnership Firm Registration Ease to Form
Formation of partnership is easy. Event registration is not compulsory in the case of Partnership firm. It can be formed without any legal formality and expenses. Thus, they are simple and economical to form and operate.
Risk Reduction
The profits and losses are shared by all partners. Similarly, if the firm is unable to meet any of its payment obligations, all partners are responsible. In partnership every partner’s bears the risk individually as it is easier compared to sole proprietorship.
Better Management
Due to a greater number of partners the partnership has larger resources for business operations as compared to sole proprietorship. And the Business of a partnership is very well managed by all the partners as they take interest in the daily affairs of business.
Large Resources
Due to the greater number of partners, the partnership has larger resources for the business operations as compared to the proprietorship. As there are multiple partners in a partnership, they can use their knowledge, experience to expand their business.
Ease of Raising Funds
In partnership a partner can bring an infusion of fund into the business. The person may also have more strategic connections than you do. This may help your business to attract potential investors and raise more capital to grow business.
Documents required
- PAN CARD
- Self attested PAN Card issued by I.T. - Department
- AADHAR CARD
- Photograph
- Photograph of all the partners
- Address Proof
- Electricity bill or other utility bill
- Rent Agreement
- Rent agreement or NOC
- Cancel Cheque
- Self attested Aadhar Card issued by UIDAI
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