Partnership Firm Registration in Dwarka Delhi

Partnership Firm Registration in Dwarka Delhi

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What is Proprietorship Firm?

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. These firms are governed by the Indian Partnership Act, 1932.

Kinds of Partner

• Active or Managing Partner
• Dormant or Sleeping Partner
• Nominal Partner
• Partner in profits only
• Minor Partner
• Other Partner

Following are the characteristics of Partnership Firm:

1. Number of Partners:Minimum number of person required to start a partnership firm is two and maximum limit is 10 in case of banking business and 20 in case of all other types of business.
2. Contractual relationship:A written agreement known as partnership deed which is signed by all the partners, binds them in a contractual relationship.
3. Sharing of Profit and Loss:In partnership firm all the profits and losses are shared by the partners in any ratio as agreed. If it is not given then they share it equally.
4. Unlimited Liability:Liability of partners of a partnership firm is unlimited. They are jointly held liable for the debts and losses of the firm.
5. Transfer of Interest:No partner can transfer its interest in the firm to anybody without the consent of other partners.

documents required to start a Partnership firm?

• Documents of Partner
• PAN card of partners: All partners are required to submit their PAN number as identity proof.
• Address proof of partners:Partners can submit Aadhar Card, Driving License, passport or Voter ID card as address proof. Name and other details on address proof should match PAN card details.
• Documents of Firm
1. Proof of Registered Office(Includes Utility Bill like Electricity Bill, Telephone Bill, Gas Bill ) Whether It is owned or rented
2. A No-Objection Certificate from the landlord of your registered office.

Why to Choose LLP over other form of Business?

Limited Liability Partnership (LLP) has become a preferable form of organization among entrepreneurs as it incorporates the benefits of both partnership firm and company into a single form of organization.

1. It is a separate legal entity just like companies
2. The liability of each partner is limited to the contribution made by partner
3. The cost of forming an LLP is low
4. Less compliance and regulations
5. No requirement of minimum capital contribution

If you want to start your business with Limited Liability Partnership, then you must get it registered under Limited liability Partnership Act, 2008.