Partnership firms in India are governed by the Indian Partnership Act, 1932.A Partnership Firm isOwned , managed by an partners .Partnership firms are comparatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors.Since two or more partners join hands to start a partnership business, it may be possible to pool together more resources as compared to a sole proprietorship. The partners can contribute more capital, more effort and more time for the business.
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 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”.
It’s now very easy to start partnership and it can all be done online.Now you can start a limited liability partnership in few days. What’s more, the cost of incorporating is an allowable expense against corporation tax.
The partners are the owners of the business. Each of them has equal right to participate in the management of the business. In case of any conflict, they can sit together to solve the problem. Since all partners participate in the decision-making process, there is less scope for reckless and hasty decisions.
A partnership firm is a flexible organisation. At any time, the partners can decide to change the size or nature of the business or area of it’s operation. There is no need to follow any legal procedure. Only the consent of all the partners is required.
There is an agreement among the partners to share the profits earned and losses incurred in partnership business.
For income tax purpose, firm is liable for payment of income tax and share of its partners in partnership firm is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to Partnership firm.
There is a need of only two partners to start a partnership. There is no need to perform and submit an audit annually. Like a private limited or LLP the Partnerships firm is not required to filling at MCA.
At least two partners required to register a partnership firm.
A partners needs to be over 18 years of age and must be a natural person.
We can register a partnership within 7 to 10 days of time. But the documents submitted should be as per our requirements and also within time. If there is any delay in submitting the docs the mentioned time frame may change.
Yes, a salaried person become a Partner, there are no legal bondages in this but you may have to go through with your employment agreement if it contains any restrictions on doing so.
Tour professional team will understand your business requirements and help you start a Partnership firm by drafting the Partnership deed. Based on the requirements, we can also help to register the Partnership deed with the relevant Authorities.
PAN Card for the Partners along with identity and address proof is required along with address proof for firm and partnership deed signed by all partners.
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof and shop act license and PAN detailsof the Partners need to be provided.
Partnership firm will have to file their annual income tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST ,PT returns may be necessary from time to time, based on the business activity performed.
Place a Request, share basic documents and rest things are done by our expert team
If the Partnership firm is registered, the Partnership deed will be registered and a Registration Certificate will be issued by the Registrar of Firms.
Send us necessary documents required for Partnership incorporation our expert will advise on same.
Our expert team will prepare partnership deed as per the requirement of business. We share same to partners for approval of deed clauses.
Partnership deed need to get notarized and get sign of all Partners. Our Expert Team will guide on notarization process and signing of deed
Our Expert Team submit partnership registration application to government department. After application submission department issues receipt for inward of application of registration.
Our experienced team of professional and help you in deciding and incorporating Private Limited, LLP, One Person Company, proprietary firm and other business entities. We advise on complete one roof services for business registrations.
We are a team of expert’s offering Business Taxation Services in direct and indirect taxation to the manufacturers, Traders, Dealers and service providers of the industry for all taxation in India. Effective tax planning helps to reduce pricing.
Indian companies and LLP are require do comply with various statutory provisions by filling return with MCA. Our teams helps for timely filling of compliance. Timely filling of returns avoid late filling penalty.