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Partnership Company
A partnership company is a business entity where two or more individuals come together to run a business, share profits, and manage the company jointly. Each partner contributes resources, shares responsibilities, and is personally liable for the company's debts and obligations. This type of company is characterized by a partnership agreement that outlines the roles, contributions, and profit-sharing arrangements among the partners.
Features
Shared Ownership
It is owned and managed by two or more individuals (partners) who share the profits and responsibilities.
No Separate Legal Entity
Unlike a corporation, a partnership company does not have a separate legal identity. It is legally considered an extension of the individual partners.
Partnership Agreement
A partnership agreement outlines the roles, contributions, profit-sharing ratios, and other terms between the partners. While a formal written agreement is not mandatory, it is highly recommended.
Taxation
The partnership itself is not taxed as a separate entity. Instead, profits and losses are passed through to the individual partners and reported on their personal tax returns.
Joint Liability
Partners are jointly and severally liable for the company's debts and obligations, meaning they are personally responsible for any liabilities the company incurs.
Management and Control
All partners typically have equal rights to participate in the management and decision-making processes, unless otherwise specified in the partnership agreement.
Steps to register a Partnership Company
1. Fill the contact form /make appointment
2. Initial Consultation with our experts
3. Documents Preparation.......
4. Process ahead with guidance