Partnership Business: Advantages and Disadvantages
• Ease of formation
• More capital investment and credit opportunities and
• Better judgment and more managerial abilities
• Absence of ultimate authority
• Liability for the actions of other partners and
• Unlimited liability
Example: Let us take the example of Mary. She started a Partnership business and unfortunately suffered a loss of 1 million rupees. Her house, car and jewellery were used to repay the debts of the Partnership firm.
Had she started a Company, only the amount she had invested in the business would have been used to repay the debts of the business. Her house, car, jewellery etc. would have been safe.
That is why people still prefer to form a Company even though a Partnership is much easier to start.
Procedure for registering partnership concern:
our team is trained to handle the entire process of registering a partnership, end-to-end. Just submit some basic documents with us so that we can get started.
• Your Address Proof (like a Driving License or Voter ID card)
• Your PAN Card
• A Passport Sized Photo
These documents are required for each person you will have in the Partnership. Confused? Ask for sample documents so that you get 100% clarity.