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Frequently Asked Questions
How many types of partnership Deed format are there?
Partnership Deed can be classified on the basis of
1) Written or Oral:- Oral is also a partnership but legally not valid.
2) Limited Period or at will :- Limited period firms are also called Joint ventures while other firms are dissolved at will and there is no limited life and can continue till partners want it to continue.
3) Registered or Unregistered partnership deed.
What is Active or Passive partners?
Partner which are actively engaged in daily activity, While others either contribute just capital or other type of support but not engage in daily activities. Passive partners are also called Sleeping partner. Passive partner are eligible for share in profit but not eligible for Remuneration or salary.
Is Joint Ventures are also partnership firm?
Yes JV also a form of partnership with limited period of time or specific purpose such as for a specific project or specific period construction projects.
When Partnership form of Business is most suited?
When there are more then one founder of a business then it is best to start your business as a partnership.You know two is always better than one and 1+1 happens to be 11, Apart from sharing their respective expertise partners can arrange the initial capital and can also share the responsibility hence make it really easy to tackle the initial hiccups.
We are two friend want to start a business can we start as partnership?
No, In case there are more then one founder it is best to start as partnership, As in Partnership firm Rights and responsibilities of both the founders will be safe, While in Proprietorship only one person will have complete control on business.
What is Partnership Deed? Why it is important?
Partnership deed is actually the written agreement regarding terms and conditions on which you can 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 is utmost important however these can change over the time.
Only thing which will not change is legal written documents, Partnership need turn out to be a life and relation saving when friendship changes into enmity due to Money.
Why Partnership Deed should be Registered?
As per provisions of many Indian States , Such as Maharashtra, The Deed is invalid till it is not registered with Registrar of Firm. An Unregistered Deed is considered as No Deed even exist, It put your Partnership firm on legal risk and make all partners personally liable. Hence always better to get partnership deed registered.
Why a Professional advise important ?
Partnership deed contains many provisions related to admission of partner, Profit sharing, Dissolution, Retirement which need to be drafted as per mutual understanding. It also need 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.
Why AKT Associates?
Expertise - That Counts
We are handling more than 1500+ successful clients and providing them with services which covers Legal, Technical, Taxation and other business compliance part. That all says a lot on our ways of working and our expertise in the area.
Experience - That Matters
At AKT associates we have been our client’s obvious choice since more than 20 years. For serving you with the best results we use our experience of decades which has exposed us with deep understand.
Efficiency - That reflects in everything
With a strong team which comprises of experts with qualification like CA, CS, MBA & LLB and they will all available with the wholesome result, with dedicated customer service team and support staff. We are always there to execute your work efficiently.
Cost - That saves a Lot
We touch the top position not just because we are the best in what we do but also because we know the value of your time and money. We know the value of your time so all the work by AKT Associates is performed on time and at around 70% less cost in comparison to all the other leading firms of the market that too without compromising on the quality aspect.
Conveniences - That says a Lot
The services of the firm are performed and delivered by using the cutting edge technology which makes the AKT Associates always available & deliver services right in your email. So it doesn’t matter where you are because we are always at your finger tips.
