Trademark Registration Online-An Overview
What is a General Partnership?
A General Partnership 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. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners 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 Vakilsearch experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.
WHY WE NEED PARTNERSHIP FIRM
In a partnership firm the business must be carried on by all or any of them acting for all. There must be a partnership deed prepared on the mutual understanding of all the partners.
Benefits of Partnership Firm
The word Partnership itself describes individuals coming together for some common business object. The partners share the responsibility to work and manage the business together.
A Partnership firm is operated on the basis of the Partnership deed executed by the partners, mutually. The partners can decide how to operate the business with their mutual consent. Also, the Partnership Deed can be changed according to the requirement even after partnership deed registration is completed.
Pre-defined Object or Period
At the time of registering a Partnership firm, the deed enumerates the pre-defined business objectives and activities, which is the main aim to commence business. A partnership can be formed within a specified period or to complete a specific project or object. Once the same is completed, the partnership will automatically stand dissolved.
Various Financial Returns to the Partners
Partners involved with the firm get various types of returns for their capital as well as their individual efforts. The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners
Process of Partnership Firm
- Verification of documents
- Preparing of partnership deed
- Applying for firm PAN Card
- Filling of MSME or GST certificate
- Documents of all partners ( Aadhar card, pan card, email id, contact number, passport photo, cancel cheque)
- Electricity bill of office premises
- Firm name
- Business activity
Documents Provided By Us
- Partnership deed
- Firm PAN CARD
- MSME certificate
- GST certificate