Partnership Firm Registration

Advantages of Partnership Firm Registration

• Easy to begin – Partnership firm can be easily open within a few days with an unregistered deed but it is better to register your partnership deed in order to obtain benefits like booking a case in a court room opposing another business or associates working in a firm for control of rights as per partnership act.
• Minimum compliance – A partnership has minimum compliance requirements and many individuals consider it as an better option as in this form of business - there is no necessity of –
  1. Appointing an auditor
  2. Filing annual accounts with the registrar.

  Compliance requirements are very few in a partnership firm in case we compare it to LLP. In addition to it, there is no need to file taxes depending on turnover, service & sales tax in the partnership firm.

• Comparatively economical – Partnership firm is very economical to start in comparison to LLP. It is economical due to its minimum compliance requirements. It is inexpensive in the long run too. This form of business is mainly opted by home businesses.