What is Partnership Firm?

Partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and prevalent amongst small and medium-sized businesses in the unorganized sectors.

Partnership firms are created by drafting a Partnership deed amongst the Partners and by a registered Partnership deed, MR TAX EXPERTS can help you to start a Partnership firm in India.

Contents of Partnership Deed:

• The name of the firm
• Name and details of all partners
• Date of commencement of business
• Duration of the firm’s existence
• Capital contributed by each partner
• Profit/loss sharing ratio
• Interest on capital payable to partners
• The extent of borrowings each partner can draw
• Salary payable to partners, if any
• The procedure of admission or retirement of a partner
• The method used for calculating goodwill
• Preparation of accounts of the firm
• Mode of settlement of dues with a deceased partner’s executors
• The procedure to be followed in case disputes arise between partners

mrcleartax.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a Partnership Firm and registration of Partnership deed is easy, seamless, cheapest and quickest with mrcleartax.com! Apart from a Partnership Firm, mrcleartax.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, HUF, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 7996499599 or email info@mrcleartax.com for free consultation.