Partnership is defined by the Indian Partnership Act, 1932, as ‘the relation between persons who have agreed to share profits of the business. A partnership is an agreement between two or more people to finance and operate a business.
Benefits of Partnership
Your business is easy to establish and start-up costs are low
Partnership provides more capital for the business
Provides greater borrowing capacity
Partnerships bring the benefit of “economy of scale” with the sharing of both responsibility and funding requirements.
Prospective employees may be attracted to the business if given the incentive to become a partner.
A partnership may benefit from the combination of complimentary skills of two or more people. There is a wider pool of knowledge, skills and contacts.
Partnerships can be cost-effective as each partner specializes in certain aspects of their business.
The requirement to register the partnership Firm or Company
ID proof of all the Partners – Voter ID or DL or Passport.
One Partnership Deed between the partners which show the share of each partners.
One electricity bill or water bill of office premises.
NOC from the landlord of the premises.
Name of the company and nature of bossiness.