Aside from sole proprietorship and company formation of business structures, the partnership is also another significant form of business organization.
There are cases when it becomes difficult for a businessman to arrange the required capital and assets alone. Consequently, the business needs increased management and control, division of operations and sharing of risks.
But, the number of members open to share the risk alongside profits isn’t gigantic as in the event of a company. As a result, the size of the business undertaken isn’t pretty big for a company formation or an organization to adopt. This is where partnership formation of business can be undertaken by the businessperson.
A Partnership Firm registration is led by ‘The Partnership Act 1932’ & engages 2 or more individuals who enter into a contract called “partnership deed” to conduct a particular business.
It is recorded state-wise in Registrar of Firms and Societies. The partnership deed is the most critical and essential document which regulates the partnership.
In a boundless partnership firm, every partner is accountable collectively with all the other partners for all acts of the firm.
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Features & Benefits of Partnership Firm Registration
Formed Based On An Agreement
Partnership firm takes place on the basis of an agreement between two or more partners assenting to engage in the business. The terms & conditions that manage such a partnership are outlined in a document known as the partnership deed.
Existence of a Business Activity
The Partnership formation of business activity can be shaped only if the business activity is in existence. The business can be anything and comprise any business, sector or occupation.
Sharing of Profit and Loss Between The Partners
Partners have the right to share the profits as well as handle the losses if any in during business.
Existence of an Agency Relation
All the partners or any sole partner acting on behalf of others can undertake partnership business. This implies that every partner is a chief in him/herself who can function in his/her own right. Moreover, s/he can also act in favour of the rest partners by acting as their agent.
Unlimited Liability of the Partners
Every partner is individually accountable for all losses emerging during the business. In other words, their personal assets can be utilized to repay the outstanding liabilities of the partnership firm.
Each partner has the right to take part in the everyday operations of the business. Although, it isn’t obligatory for every partner to take part in everyday operations of the business but the partners operating the business are required to take the agreement of other partners for making the essential decisions.
Limitation on Share Transferability
A partner can’t hand over his/her share to any other person. S/he may even though do so on the assent of other partners.
Duration of the Partnership Firm
The partnership firm may persist as long as the partners want to do so. Although, in accordance with the law, the partnership can end if any of the partners passes away, retires or becomes bankrupt but rest of the partners can remain constant in performing the business under the same name post settling the due share of the outgoing partner.
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1. Every business entity which has been registered under the GST Act has to be filed the following GST Return on or before specified due dates. 2. A partnership firm which Turnover Exceeding Rs.1 cr. In case of business & Rs. 25 lakh in case of Professi
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