A partnership firm is one where two or more people form a business and share the profits in an agreed ratio. Partnership covers all trades, professions and trades. It is easy to create a partnership with less compliance than in companies.
The Indian Partnership Act, 1932 governs and regulates partnership firms in India. The persons who come together to form a partnership firm are called partners. A joint venture is established by agreement of the partners. The agreement between the partners is called the partnership agreement, which regulates the relationship between the partners and also the relationship between the partners and the partnership firm.
If you are planning to start an affiliate Partnership Firm Registration in Bhubaneswar Regilances will help you get started. With our knowledge and experience, we can help create a partnership and take care of all the legal formalities.
ADVANTAGES OF PARTNERSHIP FIRM:
- Easy to Incorporate
- Less Compliances
- Quick Decision
- Sharing of Profits and Losses
DISADVANTAGES OF PARTNERSHIP FIRM:
- Unlimited Liability
- No Perpetual Succession
- Limited Resources
- Difficult to Raise Funds
Partnering with Regilances can help you overcome these shortcomings and make your collaboration business a success. We offer solutions tailored to your specific needs and offer comprehensive support for all your partner requirements.
