Partnership Firm

A Partnership is a small business structure under which people can make an association where they are ready to share the profit and the losses those are going to be held in the firm in proportion to the ratios fixed in correspondence with the capital they brought along with them in the firm. However, hitherto, it used to be treated as belonging to the unorganized sector. Now with the implementation of the Limited liability partnership Act. 2008 it has reached the strata of organized sector since LLP is the hybrid form of company which is having the attributes of not only the Partnership firm but also the company, therefore, nowadays people prefer to register their business As LLP. Due to having the attributes of both the company and the partnership firm, the unlimited liability of partners in the general partnership business can be converted into the limited one in the case of LLP Firm; there is no legal implication towards the registrar i.e. ROC in case of having a Partnership Firm registration, on the contrary in case of LLP it does so. It will suffice to have the partnership deed, PAN, and earlier it used to be VAT / Service tax registration, nowadays‘ GST registration’ to incorporate a Partnership firm.

Document Required for Registration of Partnership Firm