Frequently Asked Questions
A partnership firm is a company created by two or more people to operate a business with the intention of making a profit. Each employee of such a company is referred to as a partner, and the company as a whole is known as a partnership business.
Following are a few advantages of a partnership firm:-
- In cases where there are several partners, the simplest kind of company organization.
The partners’ shared accountability and liabilities.
- Losses are split among the partners.
- Multiple partners allow for the contribution of more money.
- Less stringent compliance requirements must be met.
- There is no requirement for partnership firm registration.
- Different partner kinds, including active and inactive ones, may exist.
Yes, a partnership deed must be notarized. Without notarization and registration, the deed lacks the validity necessary for the partnership to be enforceable.
The registration of a partnership firm has no deadline. It may be registered at any moment, at the discretion of the partners, including after the launch of the firm.