A Partnership Firm is a popular form of business entity for businesses that are owned, managed and controlled by an coalition of People for profit. Partnership firms are relatively easy to start and are prevalent amongst small and medium sized businesses in the unorganized sectors. With the advent of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register them due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and AK JHA & Co. can help start a registered or un-registered Partnership firm in India.