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Partnership Company Overview

A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed's provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm 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 Everonfintecch experts now to know the recent partnership deed format.

Timeframe

The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.

Benefits of a Partnership

Minimum Compliance

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 is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.

Simple To Begin

A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.

Comparatively Economical

A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.

Documents Required for the Registration of a Partnership

Application for registration of partnership (Form 1)
Certified original copy of partnership deed
Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct
PAN card and address proof of the partners
Proof of principal place of business of the firm.
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.