A partnership firm operates based on the terms and conditions set forth in the partnership deed. A partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned. Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.
BENEFITS OF STARTING A PARTNERSHIP FIRM
- Easy to set up and manage.
- Name approval is not necessary.
- Operates based on the agreement executed which offers greater flexibility in operations.
- Less regulatory compliance while compared to other forms of business.
- PAN cards of all Partners.
- Address proofs of all the Partners.
- Passport size photo of Partners.
- Office address proofs which include utility bills and building tax receipt.