A Partnership is a small business structure that is owned by two or more people for profit. Easy to start and most prevailing in the unorganized sector. With Introduction of Limited liability partnership Act. 2008 now people preferring to register their business As LLP. The partners have unlimited liability in the general partnership business; which means they are personally liable for the debts of the firm. It is not compulsory to register as a business firm with the registrar. You only need a partnership deed, PAN, and GST registration.
Advantage of Partnership Business
Easy to Start
Registration is not mandatory and so prepare a partnership deed and start business.
Partnership firm is not required to be registered, you can choose to have any name if it does not infringe on a registered trademark in the India. You should obtain trademark of business to protect your brand name.
Easy to manage
A General Partnership is most cost effective than an LLP/ Pvt Limited Company and there even minimal compliance requirements to manage business, general partnership is inexpensive.
From Directors and Shareholders
- PAN Card or Passport or Election ID Card
- Voter’s ID/Passport/Driver’s License
- Passport-sized photograph of all directors and shareholder
- For Proposed Registered Address (Residential/Commercial)
- Proof of Registered office