What is a Partnership Firm?
Partnership firm is suitable form of business structure due to low cost, ease of setting up and minimal compliance requirements.
A Partnership firm is collective form of working amongst individuals called partners.
Main features of a Partnership Firm
- Partnership firm is widely used business structure in India with the following key features:
- Minimum requirements of persons
- Easy to setup partnership firm
- Minimal legal formalities
- Flexibility in operations and decisioning
Documents Required for Partnership Registration
- Form-1 for applying registration of Partnership Firm
- Certified Copy of notarized Partnership Deed on stamp paper
- Specimen copy of Affidavit declaring intent to become partner
- Ownership documents in case property are owned.
- If the property is on rent then rental agreement as a proof of principal place of business
- Identity Proof and address proof of all the partners (PAN/ Aadhar/ Driving License/ Voter ID card/ Passport)
Advantages of a Partnership
- Easy Formation: Formation of Partnership Firm is easy and further the registration of Partnership Firm is not compulsory
- Name Selection: It is advised to get trademark of the name chosen for a Partnership Firm, otherwise some other person may also use the same name for his company.
- Compliances and Regulations: The annual and event based compliances and regulations to run business are considerably less in case of a Partnership Firm as compared to Company or LLP. Also, there is no requirement of Annual returns & statutory audit by registrar of firms.
- Flexibility in operation: Due to the limited number of partners there is flexibility in the operations of business and faster decision making process.
- Sharing of Risk: In partnership every partner bears the risks individually as it is easier compared to sole proprietorship.
How can SattvaCFO help in Partnership Firm Registration in India?
SattvaCFO has years of experience in Partnership Firm registration. All you need to do is call us or email us (info@SattvaCFO.com) for hassle-free Partnership Firm registration in India.