If once the professional people work together, success is theirs, Partnership Firm is a great opportunity to work together and catch the success that they deserve.
Definition of “partnership”
“Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Persons who have entered into a partnership with one another are called individually “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm name”
Advantages of the partnership firm
Considering the present situation, for startup a business in Bangladesh, a partnership firm is the best choice for operating a business. See below we will discuss the advantage of the partnership firm.
- The audit report is not mandatory for partnership (if yearly turnover is below thirty million).
- Need not submit the audit report to RJSC.
- The tax rate is not more than 25 percent.