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A Partnership form of Business is usually formed when two or more persons of same mindset come to do business together. Doing business together in the form of Partnership is the most logical and convenient business option to most of the people. Business where shared expertise is required partnership arrears to be the most obvious choice. One of the primary feature of partnership form of business is that the terms of doing the business are governed by the partners itself unlike in the case of Companies, LLP etc.
Being a partnership, the business owners necessarily share the profits, the liabilities and the decision making. This is one of the advantages of partnership where the business owners have different skills and can work together.
The legal provisions governing partnership form of business is the Indian Partnership Act, 1932. A partnership form of business can be both registered or unregistered. When the Partnership firm is registered then it offers a protection cover to all the partners, as the terms and conditions of the Partnership are well defined and are being regulated by the provisions of the Indian Partnership Act, 1932.
Some of the advantages of Partnership are as follows: –
- Capital- Capital is the life blood of any business. The more the partners, more will be the availability of funds. Also, no minimum contribution requirement is there.
- Flexibility- A Partnership is generally easier to form, manage and run. They are less strictly regulated than Companies, in terms of the law governing the formation and because the partners have the only say in the way of managing the business.
- Shared responsibility- All the partners are equally responsible for all the acts and deeds done by the partnership firm. This feature also allows them to make most out of there abilities and also make them vigilant towards their business actions not only for themselves but also for the other partners.
- Decision making- Partners share the decision making and can help each other out when they need to. More partners mean more brains that can be picked for business ideas and for the solving of problems that the business encounters.
- Knowledge pool- Due to the involvement of people from different fields acts as the biggest advantage enjoyed by a Partnership firm. It creates a knowledge pool where people from different walks of life come together and the skills can be shared among them for the betterment of the partnership firm.
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