Partnership Firm Registration | Online Process & Advantages | JR Compliance

In India, Partnership firms have been existing since 1932, which makes it one of the oldest types of business entities. A partnership firm refers to the business structure that includes two or more individuals who agree to manage and operate the business according to the objective mentioned in the Partnership Deed (which is either registered or not). Further, in a Partnership firm the members/partners of the firm share the liability, capital, and profit of the firm in an established ratio. Though the registration of partnership firms is not mandatory, it is wise to register your partnership firm to enjoy benefits such as legal redressal, sharing the burden, etc. it can be understood from an example that, if the firm is not registered, a partner can not sue the firm or other partners.