A Partnership Firm is a simple business structure where two or more persons agree to share profits and losses of a business. It's ideal for small businesses, professional services, and traditional businesses.
Types of Partnership
- General Partnership
- Limited Partnership
- Partnership at Will
- Particular Partnership
Benefits of Partnership Firm
- Easy to form and dissolve
- Minimal compliance requirements
- Lower registration cost
- Shared decision making
- Combined skills and resources
- Tax benefits
Documents Required
- PAN card of all partners
- Aadhaar card of all partners
- Address proof of partners and firm
- Passport size photographs
- Rent agreement (if rented premises)
- NOC from property owner
Registration Process
- Drafting Partnership Deed
- Stamp duty payment
- Notarization of deed
- PAN application
- Registration with Registrar of Firms (optional but recommended)
- Bank account opening
Time Required: 5-7 working days
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