It’s important to note that the specific requirements and procedures for company formation may vary depending on the type of company, the nature of business activities, and any industry-specific regulations.
After company formation, compliance with various statutory obligations, such as conducting board meetings, filing annual financial statements, maintaining proper books of accounts, and complying with tax and regulatory requirements are mandatory.
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Forming a partnership firm in India is a popular choice for entrepreneurs and professionals looking to collaborate and start a business together. Moreover, a partnership is a legal structure where two or more individuals come together to carry out a business venture with shared profits and responsibilities.
It is governed by the Indian Partnership Act, of 1932, which defines the legal framework for partnerships. Furthermore, it is based on mutual agreement, where partners contribute capital, share profits, and jointly manage the business.
It is relatively easy to form, has minimal regulatory requirements, and offers flexibility in decision-making.
In 2008, the concept of the Limited Liability Partnership (LLP) was introduced and the LLP Act regulates the LLP in India. It should be noted that an LLP has the characteristics of both the partnership firm and the company.
Apart from this, to incorporate an LLP, a minimum of two partners is required and there is no upper limit on the maximum number of partners of an LLP.
Limited Liability Partnerships provide a favorable business structure for professionals, entrepreneurs, and small businesses, offering the benefits of limited liability, operational flexibility, and tax advantages.
