Partnership Firms in India are administered by the Indian Partnership Act, 1932. According to Section 4 of the Indian Partnership Act:- "Partnership is the connection between people who have consented to share the benefits of a business carried on by all or any of them representing all".
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Partnership Firms
Partnership Firms in India are administered by the Indian Partnership Act, 1932. According to Section 4 of the Indian Partnership Act:- "Partnership is the connection between people who have consented to share the benefits of a business carried on by all or any of them representing all".
1. Partner :
2. Registered Office :
3. Registering Authority :
4. Required Documents
Partners
Advantages
This implies the more accomplices there are, the more money they can put into the business.
A partnership is generally easier to form, manage and run.
Partners can share the duty of the running of the business. This will permit them to benefit as much as possible from their capacities.
Partners share the decision making and can help each other out when they need to.
Disadvantages
One of the most evident burdens of organization is the peril of differences between the partners.
Since the partnership is together run, it is important that all the partners concur with things that are being done.
Common Partnerships are dependent upon boundless obligation, which implies that every one of the accomplices shares the obligation and budgetary dangers of the business.
One of the significant inconveniences of organization, tax assessment laws imply that accomplices must compensation charge similarly as sole dealers, each presenting a Self-Assessment tax return every year.
Partners share the profits equally.
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