In India, establishing a general partnership firm is a simple and popular way of starting a business. Such a business can be formed by two or more people who work in tandem and are called partners. All partners in a partnership firm own the business, manage it, and also share their income as well as liabilities amongst each other.
It is easy to set up a partnership firm but each partner holds innumerable liabilities. Liabilities of partners are unlimited, even the personal properties of the partner shall be used to settle the liabilities of the firm. For a partnership firm registration process, partners must collectively decide upon a firm name. They must create a partnership deed that includes the rights and responsibilities of each of the partners.
Any area that is not covered under the partnership deed comes under the regulations of the provisions of the Indian Partnership Act 1932. A partnership firm registration is not obligatory in India except that in Maharashtra. However, a registered partnership firm can enjoy many benefits compared to an unregistered one. Hence, it is advisable to get your partnership firm registered.
In India, MyEfilings is one of the most affordable, experienced, and efficient service providers for your partnership firm registration.