Advantages
Easy Formation
Partnership is a contractual agreement between the partners to run an enterprise. Hence, it is relatively ease to form. Legal formalities associated with formation are minimal. Though, the registration of a partnership is desirable, but not obligatory.
Minimum Legal Restriction
A Partnership firm is not subject to excessive legal restrictions; therefore it enjoys freedom in administration. It is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company.
Simple Dissolution
It can be easily dissolved. Any partner can give 14 days' notice to other partners and dissolve the firm with the consent of other partners.
No Audit
There is no requirement for audit of the accounts of a partnership firm annually as a Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
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