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Partnership Registration

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm.

AFS And Company provide all related services from registration , regular compliances and closure.

Key Benefits:

Easy to Start : A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.
Annual Filing not required :- A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company.
Larger Resources :- Due the more number of members the partnership firm has larger resources for the business operations as compared to sole proprietorship.
Sharing of Risk : In partnership every partner bears the risks individually as it is easier compared to sole proprietorship.