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Partnership business is the very most popular type of business entity in India and it has the great advantages from which the business owners can take benefits to run and grow their business according to their vision. If you want to start a partnership business you must need at least one partner to make and run your business as partnership firm. In this article, we have covered the following topics: 1. What is Partnership Firm? 2. Why Partnership Firms are So Popular? 3. Features of Partnership Firm 4. How to Choose the Name of a Partnership? 5. Importance of Deed in a Partnership Firm 6. Partnership Registration Process 7. How to Register a Partnership Firm?

Limited Liability Partnership (LLP), introduced in 2008, has quickly become a popular legal structure for businesses. A LLP has combined the advantage of partnership and company into a single form of organization. The LLP is also cheaper to incorporate, requires less compliance and can be a smart shift from a tax viewpoint. However, if you're looking to increase venture capital or magnetize talent with employee stock options, private limited is the way to go as LLPs cannot easily accommodate it. Benefits of Incorporation of One Person Company Limited Liability- Limited Liability means the status of being legally responsible only to a limited amount of debt of a Company. Unlike proprietorship and partnership, in a limited company the liability of a partner is limited only to the amount of debt i.e. the liability of the partner is limited only to the extent of face value of shares taken by them. Due to which when a company is limited by shares, the liability of members at the time of winding up is limited to the extent of unpaid amount on shares. So, the partner's private property is always safe no matter what is the amount of debt. Better image and credibility in Market- In India, OPC is a Private Limited Company, which is a admired and accepted structure. Corporate Customers, Vendors and Govt. Agencies choose to deal with Private Limited Company instead of proprietorship firms. Easy to Sell OPC- An OPC Company is very easy to sell. Less documentation and cost is required. Easy to Manage and Freedom from Compliances- OPC is one of the simplest forms of corporate entities to control. Very few ROC filing is to be filed with the Registrar of Companies (ROC). No AGM and other secretarial compliances are required.