Partnership

Partnership Firm

Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by more than one person associated for a cause of generating profits. Partnership firms are comparatively easier to start and is widely prevalent amongst small and medium sized businesses in the unorganized sectors. Of late, due to introduction of LLP(Limited Liability Partnerships) in India, Partnership Firms are slowly losing their prevalence due to the increased advantages offered by a Limited Liability Partnership over Partnership firm.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not mandatory to get registered a Partnership firm; however, it is advisable to register a Partnership firm due to the increased advantages. Partnership firms are incorporated by drafting a Partnership deed amongst the Partners and G K B & Associates can help you get a registered or also un-registered Partnership firms in India.

Advantages

• Simple to Start
  A Partnership is very simple to form as no complex formalities are involved and moreover the registration is also not mandatory. However, if the firm is not registered, you are deprived of few legal advantages over registered partnership firm. The Registrar of Firms is responsible for registering partnership firms.
• Name Availability
  Since the name of a Partnership firm is not registered anywhere, a Partnership firm can choose to have any name provided it is not inconsistent with any registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
• No Annual Filing Required
  Partnership firms are not required to file its annual accounts with the Registrar every year unlike a Limited Liability Partnership or a Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.

Documents Required

1. 1. ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners.
2. 2. One Business Place Address proof:
   1. (a) if Property on Rented :- Need Rent Agreement and NOC from Landlord.
   2. (b) if Property is own :- Need Electricity Bills or any other Address Proof, not older than 3 months
3. Note : Business place and home place can be same of the Partners.