Partnership

What exactly is a partnership firm?

A partnership firm is an organisational form in which two or more people own and run a business in accordance with the conditions and aims outlined in a formal agreement called a Partnership Deed. A group of people have come together for financial gain to own, manage, and control it. The formation of a partnership is simple and common among unregulated small and medium-sized enterprises.

Compliance required for Partnership Firm

• GST Registration
• GST Return
• Accounting
• Tax audit
• IT Return
• TDS Return

Pros of Working in a Partnership Business

• No Minimum Capital
• Easy To Form
• Large Resources
• Scalability
• Sharing Risks
• Better Tax Planning