A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business undertaking in which all have invested. It is an association of two or more persons to share the profits of a business carried on by all the persons or any of them acting for all. The persons who form themselves into a partnership, the individuals are called ‘partners’ and collectively known as the ‘partnership firm’ or ‘firm’. The name in which the business is carried on is called the ‘firm name’. However, the law does not recognize the firm as a separate entity distinct from the partners composing the firm. The Partnership firm can be a registered or unregistered firm. The written agreement duly signed by the partners is known as Partnership Deed. It is the collection of all terms and conditions of the Partnership. Audit disciples will draft the Partnership deed for you and assist in starting a registered or unregistered partnership firm.
Audit disciples can help in starting up a partnership concern by drafting the Partnership Deed in 3 to 4 working days.
Required Details for Partnership Registration:
- Partners Details – Name, age, address, designation, capital invested, remuneration of each partner, their profit/loss sharing ratio, Rate of interest on capital, etc.
- Partnership Firm Details – Name, address, date of commencement, nature of business, Purpose, etc
- Any other details.
Advantages of Partnership
- Easy to form, manage and run the concern.
- Balanced decision making.
- More funds.
- Shared responsibilities.
- Fewer Government regulations.
- The wider pool of knowledge, skills, and network.