A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and it is suitable for small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and CNR SERVICES can help to start a registered or un-registered Partnership firm in India.
A partnership deed is a written agreement made between two or more partners who are willing to undertake business together. The deed consists of all the terms & conditions that are made in agreement with the partners.
It is good to form partnership Firm in India, because of the following below mentioned features: