One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in India in the following ways.
We study your business requirements.
We prepare the first draft and share with you within 4 working days.
We do up to two rounds of iterations, if necessary, at no extra cost.
A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed's provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our Vakilsearch experts now to know the recent partnership deed format.
The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.
Any name can be given to a partnership firm as long as you fulfil the following conditions:
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.
For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.
A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.
A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.
A statement, written or oral, made before a person authorised by law to administer oaths (such as a notary public).
An agreement between an employer and an employee. This differs from other agreements, in that it is governed by employment law, which may take precedence over standard contract law.
The termination of a partnership.
A partner in a limited partnership who has authority to engage in operating the business.
A legal term for a document.
A partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.
The official address of the company, as designated with the secretary of state. Any documents delivered to this address are considered to be legally served by the company.