We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
We collect the Purchase and Sales bills, Expense Vouchers, Expense Bills either in soft copy or our in specified formats or physically.
"Let's Protect your identity and Create Value for your brand with team Apedzii"
A Partnership is a business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. The partners share profits, losses, risks, and responsibilities.
Registration Process
- Partnership Deed: Draft a Partnership Deed detailing the terms and conditions.
- Registration: While not mandatory, registering the partnership with the Registrar of Firms provides legal recognition.
- PAN and TAN: Obtain PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) for taxation purposes.
Advantages
- Ease of Formation: Relatively simple to establish with minimal formalities.
- Shared Decision-Making: Partners share responsibilities and decision-making, bringing diverse perspectives.
- Diverse Skill Sets: Partnerships allow pooling of diverse skills and resources.
Points to be Considered
- Unlimited Liability: Partners may be personally liable for business debts.
- Conflict of Interest: Disputes among partners may arise, impacting business continuity.
Compliance
- Minimal Compliance: Compared to companies, partnerships have fewer compliance requirements.
- Taxation: Partnerships are not taxed; profits are taxed in the hands of the individual partners.
Liabilities
- Joint and Several Liability: Partners share joint and several liability for business debts. Personal assets may be used to settle business debts.
A partnership is suitable when individuals wish to collaborate, pool resources, and share responsibilities. The partnership agreement is crucial to defining the terms of the partnership. However, the unlimited liability aspect should be carefully considered, and a well-drafted partnership deed is essential for clarity and dispute resolution. Consult with professionals for legal guidance.