Partnership Firm

A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.

Unregistered Partnerships involve no separate registration and can be formed easily with lesser legal compliances compared to other corporate entities. Although registration of a partnership firm is optional, the partners may opt for the registration which provides a legal edge over the unregistered partnership. . A partnership firm is registered state-wise under the Registrar of Firms and Societies.

Lawgical Guru, can help to start a Partnership in 3 to 5 days, subject to department processing time. Our experts have incorporated 200+ Proprietorship and have huge experience in setting up such form. We also provide all sorts of legal assistance in Starting and Setting up of new business. Alternatively, one can also opt for LLP which reduces the liabilities of the partners.

Advantages:

EASY FORMATION – Formation of partnerships firm is an easy task. You only require a contract of partnership. Registration is not compulsory in most cases.

BETTER MANAGEMENT – Since many partners are involved in a business they all bring their own expertise and management styles. This helps in better management of the business.

CUMULATIVE CAPITAL – All partners also contribute to the capital of the firm so it has more funds to work with which in turn makes a positive point for smooth running of the business.

SHARED RISK – The risk of the business is also shared among all partners.