Partnership
Definition |
Formation |
Types of partnership |
Registration |
Advantages |
Disadvantages |
Documents required |
Taxation |
FAQs |
Advantages
Cost of maintaining Partnership Firms is very low in comparison to LLP or Ltd companies. Very low requirements in terms of compliance make it easier to carry the business with partners. Also, the accounts of a registered / unregistered partnership firm are not required to be audited under the company law. However, after fulfilling the conditions specified under other taxation laws, there may be a compulsory requirement of tax audits.
Definition
Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all
who have entered into a partnership with one another are called individually, "partners" and collectively "a firm".
A minor can be admitted to share only the profits of a partnership.
the name under which their business is carried on is called the "firm-name".
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