Partnership Firm Registration

Partnership Firm is the most suitable type of business structure as it is very easy to form, and a minimum of two people are required to form a Partnership Firm. In a Partnership firm, there are very minimal compliances in comparison to other business entities.

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    Partnership

    The idea of starting of your own business is brilliant. Partnerships can be between two or more peoples. And partners must also want the same mind for object of business and be prepared to work as hard as each other partner. You can set up as an ‘unlimited’ or ‘limited liability’ partnership. Unlimited means partners are exposed to the business’s liabilities; limited means you have protection, if the business is run in a proper manner. Your choice will depend on business type and how comfortable you are with risk.

    Benefit of Partnership businesses

    Spreading the Risk : Under the partnership each partner has contributing his share in cash flow, which will provide the benefits your business both start up and growth phase. The risk of your investment will be spread among other partners, which can protect your investment if your business does not work out as planned.

    Flexibility: A partnership is generally easier to form, manage and run. They are less strictly regulated than companies, in terms of the laws governing the formation and because the partners have the only say in the way the business is run (without interference by shareholders) they are far more flexible in terms of management, as long as all the partners can agree.

    Capital Contribution: Due to the nature of the business, the partners will fund the business with start up capital. This means that the more partners there are, the more money they can put into the business, which will allow better flexibility and more potential for growth. It also means more potential profit, which will be equally shared between the partners.

    Shared Responsibilities: Partners can share the responsibility of the running of the business. This will allow them to make the most of their abilities. Rather than splitting the management and taking an equal share of each business task, they might well split the work according to their skills. So if one partner is good with figures, they might deal with the book keeping and accounts, while the other partner might have a flare for sales and therefore be the main sales person for the business.