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MDC, 1st Floor, Azad market, Pirmuhani Chowk, Kadamkuan, Near Uma Cinema, Patna, Bihar, 800003
Partnership Firm
Partnership Firm
A partnership firm is a type of business organization where two or more individuals, known as partners, come together to own and operate a business. The partners share the profits and losses of the business and are jointly and severally liable for the debts and liabilities of the firm.
Advantages of Partnership Firm
Shared Risk
Combined Skills and Expertise
Increased Capital
Flexibility
Tax Benefits
Disadvantages of Partnership Firm
Unlimited Liability
Disagreements among Partners
Limited Scalability
No Separate Legal Entity
How to Register a Partnership Firm
- 1. Create a Partnership Deed: Create a partnership deed that outlines the terms and conditions of the partnership.
- 2. the Partnership Firm: Register the partnership firm with the Registrar of Firms (ROF) in the state where the business is located.
- 3. Obtain a PAN Card: Obtain a PAN card from the Income Tax Department.
- 4. Open a Business Bank Account: Open a business bank account to separate personal and business finances.
Required Documents
- Partnership Deed
- Pan Card
- Aadhaar Card
- Business Registration Certificate
- Bank Account
