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Partnership Firm Registration Lawyers in Delhi NCR

A group of two or more people who collaborate to run a business or engage in trade is known as a partnership. Each individual provides something—cash, goods, labour, or skills—and shares in the company's gains and losses.

PARTNERSHIP

A partnership is a type of business in which two or more persons formally agree to divide the organization's ownership, management responsibilities, and profits and losses.

The "Indian Partnership Act 1932" governs all facets and activities of partnerships in that country. According to this particular law, a partnership is an organisation between two or more people or parties that agreed to split any profits made by the firm under the control of all the members or on behalf of other members.

Types of Partnerships

Depending on the state and the location of the firm, there are various forms of partnerships:

  • General Partnership
  • Limited Partnership
  • Limited Liability Partnership
  • Partnership at Will

Advantages of Partnership:

Simple Formation - An agreement to join as a partner and found a firm may be made orally or in writing.

Large Resources - Unlike sole proprietorships, where each contribution is made by a single individual, partnerships allow partners to provide the firm with more capital and other resources as needed.

Flexibility - The partners are free to make any modifications they feel are necessary to achieve the intended outcome or alter the current situation.

Sharing Risk: Each partner will receive an equal share of whatever losses the company experiences.

Combination of various competencies - The partnership firm benefits from the knowledge, talent, experience, and skills of various partners.

Partnership Illustrations

The following is a list of a few co-branding partnership examples:

  • GoPro and Red Bull
  • Songbird and Uber
  • YouTube and Pinterest
  • Honda Hindustan Petroleum Maruti Suzuki

A partnership is a type of business where two or more persons enter into a legal agreement to be co-owners.

The following are the disadvantages of a partnership:

  • Unlimited liability
  • Risk of disagreement between partners
  • Instability of the partnership

The three different types of partnership are:

  • General partnership
  • Limited partnership
  • Limited liability partnerships

The following are the five characteristics of a partnership:

  • Sharing of profits and losses
  • Mutual agency
  • Unlimited liability
  • Lawful business
  • Contractual relationship

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