Overview

A partnership firm is a business structure where two or more individuals, known as partners, come together to jointly own and manage a business with the aim of earning profits. The partnership is governed by a partnership deed, which outlines the terms and conditions of the partnership, including profit-sharing arrangements, decision-making processes, and responsibilities of each partner. Partnerships can be formed with minimal legal formalities, making them a popular choice for small and medium-sized enterprises, professional services firms, and family-owned businesses. One of the key features of a partnership firm is the mutual agency, where each partner acts as an agent for the partnership and can legally bind the firm to contracts and agreements. Additionally, partners in a partnership firm share both the profits and losses of the business according to the terms outlined in the partnership deed. While partnerships offer flexibility and ease of formation, they also come with certain limitations, such as unlimited liability for the partners, meaning they are personally liable for the debts and obligations of the partnership. Despite this, partnerships remain a widely used business structure due to their simplicity, flexibility, and ability to foster collaboration and shared decision-making among partners.

Types of Partnership Firms

General Partnership

Traditional form of partnership where all partners share equal responsibility for the management and liabilities of the business.

Limited Partnership

Consists of both general partners with unlimited liability and limited partners who contribute capital but have limited liability, often unable to participate in the management of the business.

Limited Liability Partnership (LLP)

Hybrid form of partnership that provides limited liability protection to partners, similar to shareholders in a corporation, while maintaining the flexibility and tax benefits of a partnership.

Professional Partnership

Formed by professionals such as lawyers, accountants, doctors, who pool their expertise and resources to provide specialized services.

Family Partnership

Owned and operated by family members, typically spanning multiple generations, with shared ownership and involvement in the management.

Joint Venture

Temporary partnership formed for a specific project or venture, with partners pooling resources, expertise, and risks to achieve a common goal.

Public Private Partnership (PPP)

Collaboration between government entities and private sector partners to finance, develop, and operate public infrastructure projects or services.

Family Partnership

Owned and operated by family members, typically spanning multiple generations, with shared ownership and involvement in the management.

Nonprofit Partnership

Formed by nonprofit organizations or charities to collaborate on projects, share resources, and achieve common philanthropic goals.

How We Works?

Initial Consultation

Partnership Agreement Drafting

Business Registration

Financial Management

Decision Making Process

Conflict Resolution

Required Documents for Partnership Firm

approval

Partnership Deed

driving

Identity Proof of Partners

address

Proof of Partnership Address

award

Partnership Registration Certificate

share

Address Proof of Partners

taxes (1)

Tax Registration Documents

writing

Other Regulatory Documents

cheque (1)

Partnership Bank Account Documents

Partnership Firm Packages

Professional Fees
Start Up
799

Application filing for GSTIN
Generate ARN & TRN number
Call, Chat, Email Support Personally assigned GST Expert
Consultation Available in 3 Languages including English

Buy Now
Standard
4999

GST Registration absolutely FREE
GST Return Filing for 6 Months
Call, Chat, Email Support Personally assigned GST Expert
Consultation Available in 3 Languages including English

Buy Now
Premium
7999

GST Registration absolutely FREE
GST Return Filing for 12 Months
Call, Chat, Email Support
Personally assigned GST Expert
Consultation Available in 3 Languages including English

Buy Now

Company in Lines

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