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A General Partnership is a corporate structure where two or more persons manage and operate a company according to the terms and objectives laid out in the partnership act. Since the introduction of the Limited Liability partnership (LLP) its partners have unlimited liability, which means that they are personally responsible for the company’s debts, this structure is thought to have lost importance. However, low costs, ease of implementation and minimum adherence requirements make it a sensible option for certain companies such as homes that will not bear debt. For General Partnerships, registration is optional.
There is no need for an auditor to be appointed in general partnerships, or for the yearly accounts to be submitted to the registrar if the company is still in the process of registration or income unregistered. Annual compliance is also lower compared to LLP. In addition, General Partnerships does not have to file taxes, depending on turnover, service and sales tax.
General partnerships can simply start within 2-4 working days with a non-registered partnership deed. Registration for the same, however, has its own advantages and benefits. The main advantage of having a registered company is that it enables you, for the administration of rights under the Partnership Act, to make legal proceedings in countries that are against another company or business members.
