{"id":115,"date":"2019-07-16T07:08:20","date_gmt":"2019-07-16T01:38:20","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=115"},"modified":"2019-08-24T17:26:14","modified_gmt":"2019-08-24T11:56:14","slug":"partnership-firm-registration-benefits-procedure","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/","title":{"rendered":"Partnership Firm: Benefits,Procedure,Types,Features"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Introduction\" title=\"Introduction\">Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Benefits\" title=\"Benefits\">Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Issue_in_partnership\" title=\"Issue in partnership\">Issue in partnership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Procedure_to_form_a_partnership\" title=\"Procedure to form a partnership\">Procedure to form a partnership<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Types_of_a_Partnership_firm\" title=\"Types of a Partnership firm:\">Types of a Partnership firm:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Importance_of_Partnership_Deed\" title=\"Importance of Partnership Deed\">Importance of Partnership Deed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Distinct_Features_of_Partnership_Firm\" title=\"Distinct Features of Partnership Firm:\">Distinct Features of Partnership Firm:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#Why_did_Professional_advise_importantly\" title=\"Why did Professional advise importantly?\">Why did Professional advise importantly?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Introduction\"><\/span>Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The partnership is one of the oldest forms of business format, where two or more people can come together to run a business &amp; share profit or loss from that business. In other words,<\/span> <span style=\"font-weight: 400;\">a partnership firm is a form of business in which a group of people, also known as partners, come together<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1036 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/PROPRIETORSHIP-REGISTRATION-1.jpg\" alt=\"Partnership registration\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/PROPRIETORSHIP-REGISTRATION-1.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/PROPRIETORSHIP-REGISTRATION-1-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/PROPRIETORSHIP-REGISTRATION-1-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><b>Joint Venture:-<\/b><span style=\"font-weight: 400;\">\u00a0Joint venture is same as a partnership only difference it is formed for a short period or to complete a particular venture and on completion of the period or venture it automatically dissolved or may continue as provided in terms of\u00a0Partnership Deed\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we will discuss&#8230;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Benefits<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Issue in partnership<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Procedure to form a partnership<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Importance of Partnership Deed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Why did Professional Advise importantly?<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits\"><\/span><b>Benefits<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You know two is always better than one and 1+1 happens to be 11, Apart from sharing their respective expertise\u00a0partners can arrange the initial capital and can also share the responsibility hence make it really easy to tackle\u00a0the initial hiccups.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Issue_in_partnership\"><\/span><b>Issue in partnership<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The most important issue in partnership is a misunderstanding. Misunderstanding can be due to responsibilities,\u00a0Profit Sharing or due to mutual mistake.\u00a0The solution for the issue is to put every term &amp; condition in writing. In the form of a deed which is generally known as\u00a0Partnership deed.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Procedure_to_form_a_partnership\"><\/span><b>Procedure to form a partnership<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A partnership firm in India is constituted by the following steps<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Drafting of the Partnership agreement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Acceptance &amp; signature of a partnership agreement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Registration of partnership deed<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for PAN card for\u00a0Partnership<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The opening of Bank Account<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Application for other required documents<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Types_of_a_Partnership_firm\"><\/span><b>Types of a Partnership firm:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Below are basic summaries of the main types of business partnerships.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">General Partnerships. A general partnership involves two or more owners carrying out a business purpose.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Limited Partnerships.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnership-procedure-advantages\/\" target=\"_blank\" rel=\"noopener noreferrer\">Limited Liability Partnerships<\/a> (LLP)<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Importance_of_Partnership_Deed\"><\/span><b>Importance of Partnership Deed<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A partnership deed is actually the return agreement regarding terms and conditions on which you run partnership. Now, most of the people ask us we are good friends or we are relative, We know each other why all this legal formality. The answer is simple till the time everything is going good no law is required, Issue arises when things turn bad. In partnership, the mutual trust and understanding are utmost important however these can change over time. The only thing which will not change is legal written documents, Partnership needs to turn out to be a life and relation saving when a friendship changes into enmity due to Money.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Distinct_Features_of_Partnership_Firm\"><\/span><b>Distinct Features of Partnership Firm:<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The specific features of the partnership firm are partnership attributes of commitment, coordination, and trust; communication quality and participation; and the conflict resolution technique of joint problem-solving.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under the 1932 act of Indian Partnership Act, two companies or firms can come together to earn a profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Examples of <a href=\"https:\/\/aktassociates.com\/blog\/limited-liability-partnerships-llp-advantages-disadvantages\/\" target=\"_blank\" rel=\"noopener noreferrer\">partnership<\/a> firm in India are Hindustan Petroleum, Mahindra and Mahindra, Maruti Suzuki Renault India.<\/span><\/p>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/register-partnership-firm\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1043 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Get-register-your-Partnership-firm-1.png\" alt=\"Get register your Partnership firm \" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Get-register-your-Partnership-firm-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Get-register-your-Partnership-firm-1-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/06\/Get-register-your-Partnership-firm-1-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_did_Professional_advise_importantly\"><\/span><b>Why did Professional advise importantly?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Partnership deed\u00a0contains many provisions related to admission of a partner, Profit sharing, Dissolution, Retirement which need to be drafted as per mutual understanding.\u00a0It also needs to ensure that all partners get a fair deal according to their capital and effort contribution. Further provision should be there to minimize future disagreement between the partner by covering maximum possible provisions and resolutions in case of conflict of interest.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction The partnership is one of the oldest forms of business format, where two or more people can come together &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Partnership Firm: Benefits,Procedure,Types,Features\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/#more-115\">Read more<span class=\"screen-reader-text\">Partnership Firm: Benefits,Procedure,Types,Features<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Partnership Firm | Benefits | Procedure | Types | Features AKT Associates<\/title>\n<meta name=\"description\" content=\"A Partnership firm in India is one of the most important forms of a business, where two or more people come together for Business. 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