Two or more individual could set up a partnership firm. Partnership could be registered and unregistered. It created by partnership deed amongst the partner.
|1 Easy to form with deed and Pan Card.||1 Name can be used by any other firm unless it has trademark. DISADVANTAGE|
|2 Risk, Losses, Debts are shared amongst partners||2 Unlimited Liability and Losses|
|3 More partners mean more resources.||3 Maximum 20 partners can added in one firm.|
|4 Flexibility in operation as compare to sole proprietorship.||4 A partnership firm does not have a legal status like a Joint Stock Company.|
Unregistered partnership firm recommended for newly startup due to cost saving in formation and after that partnership firm could be registered with Registrar.Firm which would work with Government department should be registered Partnership Firm.Additional opinion please contact with our advisor at zero fee.
|For Pvt. Ltd. /Public Ltd./OPC||LLP & Partnership Firm||Proprietorship Firm|
|1 Company PAN card||1 Firm PAN card||1 Proprietor's PAN card|
|2 MOA, AOA & Incorporation Certificate||2 LLP Agreement/ Partnership deed||2 Shop Act / Ghumasta License|
|3 Company Address Proof||3 Firm Address Proof||3 Address proof of Firm|
Generally it takes 1-2 Days for Unregistered Partnership Firm and 15-20 Days for Registered Partnership firm. PAN card takes 12-15 days to reach at registered address.