A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed’s provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our Comfunda experts now to know the recent partnership deed format.
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.
One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in India in the following ways.
For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.
A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.
A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.
Any name can be given to a partnership firm as long as you fulfil the following conditions:
The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.
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