PAN Card of All Partners
Passport Size Photo of All Partners
Latest Electricity Bill of Business Premises
Latest Bank Statment of All Promotor & Directors
Aadhar Card or Voter ID or Passport or Driving Licence of
All Partners
Notarised True copy of the Partnership Deed stating the
following:
The firm-name
The nature of business of the firm
The place or principal place of business of the firm
The names of any other places where the firm carries on
business
The date when each partner joined the firm
The names in full and permanent addresses of the partners
The duration of the firm
The Statement must be signed by all the partners of the firm
and must also be verified by affidavit in the prescribed manner.
Advantages of Partnerships
Easy to form:
Like sole proprietorships, partnership businesses can be
formed easily without any compulsary legal formalities. It is not necessary to
get the firm registered. A simple agreement or parnership deed, either oral or
in writing, is sufficient to create a partnership.
Note: Registration of the parnership is voluntary in most
states. However it would be best to check up the rules of your state to be
sure. In states like Maharashtra, registration is almost compulsory.
Availability of large resources:
Since two or more partners join hands to start a partnership
business, it may be possible to pool together more resources as compared to a
sole proprietorship. The partners can contribute more capital, more effort and
more time for the business.
Better decisions:
The partners are the owners of the business. Each of them
has equal right to participate in the management of the business. In case of
any conflict, they can sit together to solve the problem. Since all partners
participate in the decision-making process, there is less scope for reckless
and hasty decisions.
Flexibility in operations:
A partnership firm is a flexible organization. At any time,
the partners can decide to change the size or nature of the business or area of
it’s operation. There is no need to follow any legal procedure. Only the
consent of all the partners is required.
Sharing risks:
In a partnership firm all the partners “share” the business
risks. For example, if there are three partners and the firm makes a loss of
Rs.12,000 in a particular period, then all partners may share it and the
individual burden will be Rs.4000 only. Because of this, the partners may be
encouraged to take up more risk and hence expand their business more.
Protection of interest of each partner:
In a partnership firm, every partner has an equal say in
decision making and the management of the business. If any decision goes
against the interest of any partner, he can prevent the decision from being
taken. In extreme cases an unsatisfied partner may withdraw from the business
and can dissolve it. In such extreme cases the “partnership deed” is required.
In absence of the partnership deed, no legal protection is given to the
partners.
Benefits of specialization:
Since all the partners are owners of the business, they can
actively participate in every aspect of business as per their specialization,
knowledge and experience. If you want to start a firm to provide legal
consultancy to people, then one partner may deal with civil cases, one in
criminal cases, and another in labor cases and so on as per the individual
specialization. Similarly, two or more doctors of different specialization may
start a clinic in partnership.
Company Secretary GAURAV SHARMA+919990694230 Connect on Watts App with Gaurav Email us [email protected] Submit your guest articles for our website click here we will publish it Subscribe our Email updates like other 100,000 Members, Free/Easy/Comfortableway
