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:
- 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;
- 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.