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 the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and prevalent amongst small and medium-sized businesses in the unorganized sectors.
Partnership firms are created by drafting a Partnership deed amongst the Partners and by a registered Partnership deed, Ebizfiling can help you to start a Partnership firm in India.
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There are no restrictions as such with respect to the minimum capital requirement in case of partnership firm. The Partnership firm can be registered even with Rs. 10,000 as total capital.
Partnership Firm is very easy to form. It comes into existence merely by a Partnership Deed. Its registration is not mandatory. Even after formation, there are no annual filings to be done except Income tax returns.
As a partnership firm requires a minimum of two partners, there’s an availability of larger resources be it financial resources or managerial resources as compared to a proprietorship firm.
Its operations are scalable. Any new partner can be introduced only by executing a supplementary partnership deed. A partner can retire or can be removed by executing a similar deed.
On account of its very nature, Partnership firm enables sharing of risks by more than 1 person as the profit and losses are shared by all the partners. This ensures diversified financial risks.
Partnership firm is a legal tool for better tax planning. The partnership firm is a separate entity and its tax is calculated separately so it can offer remuneration and interest to working partners.
