Partnership Firm Registration

Partnership firm is suitable for medium size businesses. Two or more persons ( Not more than 20 ) come together, pool their resources and share the ownership and run the business. Partnership firms are relatively easy to start, The partners will have Partnership deed that sets forth how decision and activities to be carried out in the firm. The partnership firm entered between partners by written to avoid misunderstanding in future. The partnership deed generally contains name of the firm, Objects of the business, Number of Partners and their names and addresses, amount of capital contributed etc . The profit and loss sharing ratio will be mentioned in the partnership deed, and partnership firm will get the separate pan Card for its business.

The partners liability in the Partnership firm is unlimited. All the partners are liable for the act of Partnership firm. Partnership firm are easy to establish and raising fund also become easy. The disadvantage of partnership firms are, the partners jointly and Individually liable for the actions of the other partners. Profits need to be shares as per the partnership deed. Partnership firm is of two type - One is registered partnership and other is unregistered partnership. Unregistered partnership firm has some limitations, It is desirable to register partnership firm. The partnership firm has to file the necessary forms with the registrar of partnership firms of the respective district under respective state government in a prescribed form. We corpstore helps you in setting up partnership firm - registered or un-registered anywhere in India.

Partnership Firm Registration