A partnership firm is a firm in which two or more individuals agreed to do business as per terms and objectives
Documents Required For Partnership Firm Registration In India
Documents required for partnership firm registration are as follows –
1 Identity proof of all partners.
2 Address proof of partners.
3 PAN card in the name of partnership firm
4 Registered address proof of the firm.
5 Partnership deed signed by the partners
Advantages Of Partnership Firm Registration
Easy to begin – Partnership firm can be easily open within a few days with an unregistered deed but it
is better to register your partnership deed in order to obtain benefits like booking a case in a court
room opposing another business or associates working in a firm for control of rights as per partnership
Minimum compliance – A partnership has minimum compliance requirements and many individuals
consider it as an better option as in this form of business - there is no necessity of –
Appointing an auditor
1 Filing annual accounts with the registrar.
2 Compliance requirements are very few in a partnership firm in case we compare it to LLP
( In addition to it, there is no need to file taxes depending
on turnover, service & sales tax in the partnership firm.
Comparatively economical – Partnership firm is very economical to start in comparison to LLP. It is
economical due to its minimum compliance requirements. It is inexpensive in the long run too. This
form of business is mainly opted by home businesses.