What are the advantages and disadvantages of a Partnership Firm in India?

A partnership firm is formed by the signing of a partnership deed, drafted by experts. Get your partnership deed drafted online with just a click to enable hassle free incorporation. The advantages and disadvantages of such partnership firm are:

ADVANTAGES:

  • Less legal compliances and costs;
  • Easy to start as it only requires a partnership deed attested by all on a judicial paper;
  • Easy raising of funds;
  • Complete control and ownership;

DISADVANTAGES:

  • Unlimited liability i.e. the personal assets of partners can be utilized to discharge debts;
  • No central or guiding figure;

Easy and abrupt dissolution can create lack of trust in general public.


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