What is Partnership Firm ? Partnership Firm are the most popular forms of business organisations in India for the Partners Entrepreneurs. its need just only 2 Person to Start a Business.
ey Features of Partnership Firm -
1. 2 Person Required as Partners. 2. Partners share responsibilities and duties of the business. 3. More capital can be brought into the business. 4. Partners share responsibilities and duties of the business.
Disadvantages of Partnership Firm-
1. Unlimited liability. 2. Disagreement among the partners. 3. Can not raise funds easily from investors. 4. Less Features as Compare to LLP Formation with same cost of formation. 5. Maximum 20 Members are allowed.
Topic Covered 1. What is a partnership firm? 2. Why should I set up a partnership firm? 3. Is a partnership firm a separate entity? 4. How many partners can there be? 5. Is partnership firm registration necessary? 6. What are the main aspects of a partnership deed?