A Partnership Firm is a business structure that are owned, managed and controlled by a Group of People for profit.Partnership firms are comparatively easy to start and is favorable amongst small and medium sized businesses in the unorganized sectors.These are majorly of two types which is registered and un-registered Partnership firm. Registration is not mandatory but comes with added advantages. Section 69 of the Partnership Act, 1932 specifies the effect of Non-Registration i.e an unregistered firm shall not be able to recover any sum more than Rs. 100. Hence, it is strongly advisable to register the partnership with the Registrar of Firms (ROF).
For this registration, the initial step is to decide a name and then enter into an agreement which is popularly known as Partnership Deed. The Partnership deed is a document which contains respective rights and obligations of the partners.The terms & condition of the Partnership Deed can be varied according to the interests of the partners and can even be made contrary to the Indian Partnership Act, 1932. In case any point in Partnership Deed is silent, then the provisions of the Act would apply.
Advice Brain helps you in registration of partnership firm. We extend our full support in documentation, preparation, filing and subsequent Follow-up with departments and complete the entire process in is 8 - 10 Working days.
The Partnership deed is a document which contains respective rights and obligations of the partners& their relationship among themselves as well as the relation of partners with the firm.
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