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Partnership Firm

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit.

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PARTNERSHIP FIRM

A partnership firm is an organization which is incorporated with an opinion to earn profit by two or more persons. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932

Super CA is here to assist you in preparing/drafting partnership deed with your given terms and conditions. Our team comprises of drafting experts, legal advisors, professional CAs and CSs.

Following are given below characters of partnership firm

1. Number of Partners: Minimum number of person required to start a partnership firm is two and maximum limit is 10 in case of banking business and 20 in case of all other types of business.

2. Contractual relationship: A written agreement known as partnership deed which is signed by all the partners, binds them in a contractual relationship.

3. Voluntary Registration: Registration of partnership firm is not compulsory.

4. Competence of Partners: Every partner must be competent enough to enter into the partnership agreement. He should not be minor lunatic or insolvent.

5. Sharing of Profit and Loss: In partnership firm all the profits and losses are shared by the partners in any ratio as agreed. If it is not given then they share it equally.

6. Unlimited Liability: Liability of partners of a partnership firm is unlimited. They are jointly held liable for the debts and losses of the firm.

7. Legal Status: Partnership firm has no distinct legal status separate from its partners.

PARTNERSHIP FIRM

A partnership firm is an organization which is incorporated with an opinion to earn profit by two or more persons. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932

Super CA is here to assist you in preparing/drafting partnership deed with your given terms and conditions. Our team comprises of drafting experts, legal advisors, professional CAs and CSs.

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Our Work Process

If you need further clarification regarding the process of our working, do watch this video. It is a step by step guide to understand how to apply for Partnership Firm.

A Partnership firm is a Legal identity which is registered by two or more persons by executing a partnership deed with each other. Choose this option if you are two or more person (Max limit up to 10 Partners) coming together for a business idea. Even though this form of business is governed under the Indian Partnership Act 1932, the partners are at free will to decide on various terms pertaining to share of profits/salaries and other related matters. It has less legal regulatory as compare to PVT Ltd Company or Limited liability partnership.

WHAT WE OFFER

TIER-1

2000

PLUS TAXES(18%)

Apply Now
  • PLANS :
  • PARTNERSHIP FIRM

  • SERVICE :
  • IT INCLUDES CHARGES OF DRAFTING/ DEED MAKING, NOTARY CHARGES

  • CHARGES :
  • ₹2000 PLUS GST
    *Stamp paper charges applicable as per the state.

TIER-2

3500

PLUS TAXES(18%)

Apply Now
  • PLANS :
  • PARTNERSHIP FIRM

    PAN CARD

    GST REGISTRATION

  • SERVICE :
  • IT INCLUDES CHARGES OF DRAFTING/ DEED MAKING, NOTARY CHARGES, APPLICATION OF PAN CARD AND GST CERTIFICATE

  • CHARGES :
  • ₹3500 PLUS GST
    *Stamp paper charges applicable as per the state.

HOW WE WORK

ADVANTAGES

Simple Formation

It is very easy to form. Simple agreement needs to be executed.

advantage

Flexibility of Changes

There is also flexibility of changes in partnership firm as easy as in proprietorship firm. Such changes cannot be implemented in a company with ease because of the restrictions imposed.

Sharing of Risk

Sharing of risk is also very important feature of such type of formed firm. Since Profit or Loss of said firm is shared by partners, which ultimately brings less burden of loss/ expenses on each individual.

Less Statutory Obligations

There is no statutory obligation on the part of partnership firms to disclose financials to public as in company. Thus, it is more secretive.

Efficiency and Effectiveness

In partnership firm, various people are part of one firm, which means various minds are working for one oriented goal. Which enhances the possibility to achieve goal efficiently and effectively with in desired time?

Efficiency and Effectiveness

In partnership firm, various people are part of one firm, which means various minds are working for one oriented goal. Which enhances the possibility to achieve goal efficiently and effectively with in desired time?

Various Experts

It consist various people, who can have different skill and expertise, which can be useful for business.

Economic

There is also very less burden of statutory compliance as compared to company. Therefore, it is also very economic.

Documents Required for

Partnership Registration

advantage

FREQUENTLY ASKED QUESTIONS

There is no provision under the partnership Act, 1932 which mandates the registration of partnership. However, the act itself provides for the procedure of registration of firm. Thus the registration is optional but highly recommended, as an unregistered firm shall not be able to recover any money in excess of INR 100/-. Apart from the above legal impediment, from the practical point of view also the firm should get registered in order to bring certainty in the relationship of partners and the firm per se.
No, it is not necessary. As the contract act does not makes it necessary to have the agreement in writing. However, it is always prudent to make a partnership deed to produce to the bank, income tax authorities and to clients with whom the partnership firm deals with. Apart from serving as a reference document a written partnership deed also helps in reducing conflict and confusion in due course of time.
Yes. A partnership firm can sue or be sued in it's own name. The firm is treated separately from its partners. However, the partners do not enjoy limited liability as available in case of LLP or a company. In a situation where the firm is not in a position to discharge its liabilities, the partners shall be called in to pay the liabilities of the firm.
Yes. A person may become a partner with another for a single adventure or undertaking. The term of partnership firm can be for a specific period or for the completion of a specific project or at will. The deed must have a specific mention about the tenure of the partnership agreement. The Even partnership which is created for a specific purpose can be closed before the term with the consent of all the partners.
Yes. Unlike other incorporated business forms, you are personally liable for any of your sole proprietorship's debts or legal judgments against your business. This means that in order to satisfy debts owed by your business, debt collectors can come after your personal assets, homes, cars, etc. For this reason, alone, you should be extremely cautious about setting up a sole proprietorship.
Yes. The law presumes that each partner is an agent of the other and while dealing with third parties the partner is representing the partnership firm in good faith. The acts done by one partner is binding on another even if it is not in the knowledge of the other party.

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