A Partnership firm is a business concept where two or more persons who have agreed to share profits or loss of the business. There In India, this form of business is very popular because its ease of formation and minimal regulatory compliance.
There are two types of Partnership:-
However, In terms of Section 69 of the Indian Partnership Act, 1932 registered partnership firms have certain rights which cant be availed by unregistered partnership Firm.
ACT: LLPs are controlled by LLP Act, 2008 whereas Partnership firms are controlled by Indian Partnership Act, 1932.
Governing Authority: LLPs are governed by the Ministry of Corporate Affairs in India, formed by Central Government. Partnership firms are registered with the Registrar of Firms, controlled by the respective State Government in which the firm is registered.
Protection of duty of partner: In Limited Liability Partnership the liablity of a partner is limited to his Act only where as there is no such concept exist in case of partnership firm.
Number of Partners: In both the case minimum two member is required for registration of a new entity but after registration in case of a LLP we can increase number of member without any limited but in case of Partnership Firm we can’t do the same.
A partnership firm can be registered under Section 58 of the Indian Partnership Act, 1932 at any time, after its formation also under the jurisdiction of registrar where the partnership is proposed to be incorporated or it has already been incorporated.
Proof of the principal place of business can be established by submitting the following documents:
Duly drafted copy of partnership agreement between the partners of firm.
Partnership Firm Registration Process
We are here to help you to start a new partnership firm or register your old partnership firm any where in India, for that you simply need to submit your query once we will receive your query, we will help you out to start your business.
