Partnership Firm
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Partnership Firm
Choosing the right business structure is a critical decision that affects liability, taxation, compliance, and future growth. At MyCompanyRegister (Magaputra Consultancy Pvt. Ltd.), we provide complete assistance for Partnership Firm and Limited Liability Partnership (LLP) registration, helping you select the structure that best fits your business goals.
Partnership Firm Registration
A Partnership Firm is a business structure where two or more individuals come together to carry on a business and share profits and losses as per a partnership agreement. Partners are jointly and severally liable for the firm’s obligations.
Advantages of Partnership Firm
Shared business risk among partners
Combined skills, experience, and expertise
Easy to form with minimal legal formalities
Flexible management and quick decision-making
Suitable for small and medium businesses
Disadvantages of Partnership Firm
Unlimited liability of partners’ personal assets
No separate legal identity from partners
Risk of disputes between partners
Limited scalability and funding options
Documents Required for Partnership Firm
Partnership Deed
PAN card of firm and partners
Aadhaar card of partners
Address proof of business premises
Business bank account details
Partnership Firm Registration Process
Drafting of Partnership Deed
PAN application for the firm
Registration with Registrar of Firms (optional but recommended)
Opening of business bank account
Assistance with GST, Shop Act, or MSME registration (if applicable)