Partnership Firm are the most popular forms of business organizations in India for the Partners Entrepreneurs. its need just only 2 Person to Start a Business.
Key Features of Partnership Firm –
- 2 Person Required as Partners.
- Partners share responsibilities and duties of the business.
- More capital can be brought into the business.
- Partners share responsibilities and duties of the business.
Disadvantages of Partnership Firm-
- Unlimited liability.
- Disagreement among the partners.
- Can not raise funds easily from investors.
- Less Features as Compare to LLP Formation with same cost of formation.
- Maximum 20 Members are allowed.
Steps Taken to Register a Partnership Firm
- Choose Partnership Firm Name.
- Create Partnership Agreement or Deed with the help of MyOnlineCA Professionals.
- Apply for PAN Card on the name of Partnership Firm.
- Opening of Current Bank Account on the basis of PAN Card and Registered Partnership Deed.
Documents Requirements :
- ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners.
- One Business Place Address proof :-
- if Property on Rented :- Need Rent Agreement and NOC from Landlord.
- if Property is own :- Need Electricity Bills or any other Address Proof.
Note : Business place and home place can be same of the Partners.
Package Pricing for Partnership Firm@ 2500/- INR
- Drafting of the Partnership Deed by Legal Experts
- Apply for the Pan and Tan on the Firm Name.
Note :- Printing of the Deed on Stamp Paper and Notarization Services not included in the above package.
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