Partnership Registration

A General Partnership Firm 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 Deed. It is gradually losing its relevance due to the introduction of the Limited Liability Partnership (LLP) in the scenario. 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. A General Partnership is cheaper to start than an LLP and even over the long-term, thanks to the minimum compliance requirements, is inexpensive. Apart from that, the appointment of an auditor is also not mandatory. This is why, despite its severe shortcoming (unlimited liability), many entrepreneurs opt for it.

Easy to Start

A Private Limited is a separate legal entity as distinct from its members, and is separate at law from its shareholders,directors, promoters etc. A Pvt Ltd Company have the capacity to own properties, incur debts and exercise a number of legal rights.

Lesser Compliance

A Pvt Ltd Company exercise “Perpetual Succession”; which means that a company’s life is not determined by the longevity of its members, shareholders, promoters, directors, employees or anyone else. If a shareholder dies, or hypothetically, all the shareholders of Private Limited Company dies or resigns , only their shares in the company will be transferred to new people.