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What is a General Partnership?
What is a General Partnership?
Easy to form and close
Comparatively economical
Better tax planning
Raising of fund
Option to convert into a Private Limited Company or Public Limited Company
Sole Shareholder and Director
Benefits of a Partnership
Minimum Compliance
For general partnerships, there is no need to appoint an auditor or, if the company is still in the process of registration or is unregistered, it is also not necessary to file annual accounts with the registrar. Compared to LLP, annual compliances are also less. In addition, taxes based on turnover, service and sales tax are also not required to be filed in the general partnership.
Simple To Begin
The general partnership can be started with an unregistered deed of partnership within 2-4 business days. However, registering for it has its pros and cons. The primary advantage of being a registered firm is that it will allow you to book lawsuits in courts opposing business associates in another business or firm for the administration of rights addressed in the Partnership Act.
Comparatively Economical
Compared to LLP, a general partnership is much cheaper to start. Even in the long run, it will still work out cheaper because the compliance requirements are much lower. For example, there is no need for an auditor. Therefore, home businesses still opt for this, although it offers unlimited liability.
Common Partnership Policies
4 BUSINESS DAYS
Once we have received your request, our representatives will contact you to better understand your specifications. Additionally, if other information is required, we will contact you once again. Our lawyers and legal experts will handle your requests. Once they are done, it will be shipped within 4-5 business days for your viewing and verification. However, you can always contact us if any changes are required.
4 BUSINESS DAYS
If there are any changes required to the agreement, our experts will have them altered. As agreed upon iteration changes twice is covered in the original cost.
Step 3
Provide basic details & documents required for registration
Documents Required for Partnership Registration
Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed, signed by all partners
Affidavit declaring intention to become partner
Rental or lease agreement of the property/campus on which the business is set
Photograph
Business Address Proof
Compare different business structures to choose the right entity type
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Act- Registration
- Number of members
- Separate Legal Entity
- Liability Protection
- Statutory Audit
- Ownership
- Uninterrupted Exist
- Foreign Participation
- Tax Rates
- Statutory Compliances
- Mandatory
- 2 to 200
- Yes
- Limited
- Mandatory
- Restricted
- Yes
- Allowed
- Moderate
- High
Person Company
- Mandatory
- Only 1
- Yes
- Limited
- Mandatory
- No
- Yes
- Not Allowed
- Moderate
- Moderate
- Mandatory
- 2 – Unlimited
- Yes
- Limited
- Dependent
- Yes
- Yes
- Allowed
- High
- Moderate
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