An unregistered Partnership Firm is easy to start in comparison to private limited company.We just need to execute the deed on stamp paper and notarise it.

In a company, shareholders cannot withdraw their money or capital from the company until they pay corporate dividend tax which is 20% over and above 30% annual tax paid by the company. In case of firms partners are free to draw their the money anytime subject to the clauses and permissions set out in partnership deed,

Under the Partnership Act, there is no provision to conduct the audit of the firm.But as per the Income Tax Act, if partnership from turnover exceeds Rs 2 Crores then it is required to conduct audit.For turnover less than 2 crores if profit is less than 8% of the Gross Receipts, then also audit will be conducted.

Unlike Companies, a partnership firm(Other than LLP) is not required to file any annual form or information with its registrar.It saves a lot of annual cost to partnership firms.

A partnership firm can operate in a name other than the name of its partners.With proper branding, It can maintain a separate identity from its partners.Also it has a separate PAN card from its partners.