Xpertax Auditing Bazaar Pvt. Ltd.

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Xpertax Auditing Bazaar Pvt. Ltd.

Partnership Firm Registration

Partnership Firm Registration

9,999

A partnership is a business that is owned, managed and controlled by more than one person. It is one of the most common forms of business in India, used by small businesses operating in the unorganized sectors. Partnerships are very easy to start and have very minimal regulatory compliance requirement for getting started. However, after the start-up phase, partnership do not offer the promoters a host of other benefits such as limited liability, separate legal entity, independent existence, transfer-ability, etc.

SKU: PARTNERSHIPREGISTRATION Category: Tag:

Description

Partnership Firm Registration

A Partnership firm is an entity created by persons who have agreed to share profits or loss of the business. Partnership is an association of two or more persons to carry on a business in the capacity of co-owners. Each such person is called a partner. All the partners share the profits and losses in proportion of their respective ownership, or as agreed between them. Partnerships are very easy to manage to start small enterprises wherein two or more persons decides to contribute to a business and share the profits or losses. In India, Partnerships are widely popular because of its ease of formation and minimal regulatory compliance. Also, the concept of LLP was introduced only in 2010, whereas the Partnership Act, 1932 has been in existence before the independence of India. Thus, partnership firms are the most prevalent type of business entity.

Section 4 of The Partnership Act, 1932 defines partnership as “the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”

Since a proprietary form of business is faced with many limitations mainly the amount of money that can be invested by a businessman in a business and the limitations in strategic decisions, Partnership Firms are formed to remove these limitations and allows the growth of business.

It is advisable to get a Partnership Firm registered to ensure that the firm gets a legal proof of its existence though it is not mandatory.

Start-up Business Benefits from Auditing Bazaar 

1. Legal recognition from Authorized Department
2. We understand the end to end process of taxation
3. Free Online consultation
4. Easy documentation process
5. Get status update time to time
6. Projection as per requirement
7. We facilitate startups
8. Quality and transparent service

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