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What is a General Partnership?
A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships.
Why HLR Consultancy Serviece
8 Working Days
Just tell us a little bit about your business and you’ll have the partnership deed in 8 working days. It’s that simple. In addition to yours, we’ll be handling around 400 business registrations month.
160 Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
Advantages of a Partnership
General Partnerships do not need to
appoint an auditor or, if unregistered,
even file annual accounts with the
registrar. Annual compliances are also
fewer as compared to an LLP. General
Partnerships do need to file Income
Taxes and, depending on turnover,
service and sales tax.
Easy to Start
It can be started with just an
unregistered Partnership Deed in 2 to
4 days; registration, however, does
bring a few advantages. It would
enable you to file suits in court
against another firm or partners in the
firm for the enforcement of rights
arising from a contract or right given
by the Partnership Act.
A General Partnership is cheaper to
start than an LLP and even over the
long-term, thanks to the minimal
compliance requirements, is
inexpensive. You would not need to
hire an auditor, for example. This is
why, despite its severe shortcoming
(unlimited liability), home
businesses may opt for it.
General Partnership Procedure
4 Working Days
Once you send in a request, our representative will get in touch with you to understand your requirements. If further details are required, we will contact you for the same. Once these are in, a lawyer will work on the request and send it to you for review within 3 to 4 working days. Feel free to get back to us if you would like any changes.
4 Working Days
In case you would like any changes to the agreement, our lawyers will work on them. Two rounds of iterations are included in the original price.