Reasons to Start Partnership Business There are several reasons why someone may choose to start a partnership business: 1. Shared Responsibility: Starting a partnership allows for the shared responsibility of running a business. Partners can divide tasks and responsibilities based on their strengths and expertise, reducing the workload and allowing for a more balanced… Read More »
Applying for a partnership business Applying for a partnership business, you typically follow these steps: Choose a Business Name: Select a unique and suitable name for your partnership business. Ensure that the name complies with any naming requirements or restrictions in your jurisdiction. Partnership Agreement: Draft a partnership agreement that outlines the rights, responsibilities,… Read More »
Adding a partner to a sole proprietorship To include a partner in a Sole Proprietorship, the conversion of the Sole Proprietorship into a Partnership firm is necessary. Here are the steps involved in adding a partner to a Sole Proprietorship: Draft a Partnership Deed: Prepare a legally binding Partnership Deed that outlines crucial aspects of… Read More »
General partnership A general partnership is a business structure where two or more individuals agree to jointly own and manage a business. Each partner contributes to the business by sharing in its profits and losses, participating in decision-making, and contributing to day-to-day operations. In a gen. partnership, all partners assume unlimited personal liability for the… Read More »