Partnership firm means an agreement between two or more persons to carry on business activity to ear the profit. Here the risk and responsibilities are shared between all the partners as per the partnership deed. Here are the advantages to start the business under the Partnership firm.
- The registration of deed is not mandatory.
- The cost of incorporation is low.
- Partners can decide the roles and responsibilities on their own.
- There are very less post incorporation compliances.
- Statutory audit is not mandatory.
- No government interference.
- Easy to dissolve.
To know more about it read our blog on registration of Partnership