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WHAT IS A GENERAL PARTNERSHIP

A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business.
However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships. Contact our Smith Tax experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.
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What is a partnership firm?

A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed that may or may not be registered. In such a business, the members are individually partners and share the liabilities as well as profits of the firm in a predetermined ratio

Benefits of a Partnership

  • Minimum Compliance
  • Simple To Begin
  • Comparatively Economical
  • For General Partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or incase unregistered, annual accounts filing with the registrar is not necessary either.
  • When compared to LLP, annual compliances are also fewer.
  • Further, taxes depending on turnover, service and sales tax also need not be filed in General Partnerships.
  • General Partnerships can begin simply with an unregistered deed of the partnership within 2-4 business days.
  • However, having registration for the same has its own perks and advantages.
  • The primary advantage for having a registered firm is that it will allow you to book lawsuits in courtrooms opposing another business or the business associates in the firm for the administration of rights addressed in the Partnership Act.
  • In comparison to LLP, a General Partnership is much cheaper to begin. Even in the longer run, it will still work out inexpensive as the compliance requirements are very minimal.
  • For example, there is no need for an auditor. Therefore, Home businesses still opt for this, although it offers unlimited liability.

Documents Required for Partnership Registration

• Form No. 1 (Application for registration under Partnership Act)
• Original copy of Partnership Deed, signed by all partners
• Affidavit declaring intention to become partner
• Rental or lease agreement of the property/campus on which the business is set

Common Partnership Policies

4 BUSINESS DAYS

Once we receive your request, our representatives will contact you to better grasp your specifications. Additionally, If other information is needed, we will reach out to you once again. Our lawyers and legal experts will carry out your requests. Once they are done, it will be sent for your viewing and verification within 4-5 business days. However, you can always contact us if there are changes needed.

4 BUSINESS DAYS

If there are any changes required to the agreement, our experts will have them altered. As agreed upon iteration changes twice is covered in the original cost.