- A General Partnership is a business structure, governed by Indian Partnership Act, 1932, in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed.
- This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business.
- Low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt.
- Registration is optional for General Partnerships.
Time frame
1 to 3 working days (additional 10-15 working days if registration is required)
