PARTNERSHIP FIRM REGISTRATION
A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
Fast, Easy & Hassle Free Registration A Partnerships Firm.
Setting up A Partnerships Firm Registration can be complex
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There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and Rajput Jain & Associatescan help start a registered or un-registered Partnership firm in India.
Basic Minimum Requirement
- Partnership Deed
- Proof of Registered Address
- Minimum two person as partner
- NOC from the owner of premises
Basic Document & information Requirement
- Pan Card of the all the partners
- Address Proof of all the partners
- Colour Photo of all the partners
- Signature on statutory form
Simple Steps To Partnership Firm Registration!
- Our Basic Package includes only the bare essentials needed to start your Proprietorship including government fees. Talk to our Business Advisors today to know more and start your business. Rs.8,000/-
- Our Standard Package includes everything that is needed to operate a Proprietorship with peace of mind. Talk to our Business Advisors today to know more and start your business. Rs. 10,000/-
- Our Premium Package includes everything that is needed to operate your Proprietorship along with Trademark Registration. Talk to our Business Advisors today to know more and start your business. Rs. 14,000/-
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Frequently asked Questions(FAQ’s) on Partnership Firm ?
A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India
Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.
PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.
As a partner you cannot do the following without the consent of the other partners:-
Rajput Jain & Associateswill understand your business requirements and help you start a Partnership firm by drafting the Partnership deed. Based on the requirements, Rajput Jain & Associates can also help register the Partnership deed with the relevant Authorities to make the Partnership Firm a Registered Partnership firm.
Only a registered Partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. Also, only a Registered Partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for Partnership firms to get itself registered sooner or later.
ADVANTAGES OF PARTNERSHIP
Partnership firms are registered by the Registrar of Firms, under the Indian Partnership Act, 1932.
DOCUMENTS REQUIREDFOR PARTNERSHIP REGISTRATION
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided.
Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties
No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.
Partnership firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a Partnership firm.
There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners.
Tax will be payable at a flat rate of 30% plus 3% Education cess & Secondary and Higher Education cess on the total of income tax and surcharge.Surcharge has been eliminated AY 2011-12 onwards.General partnerships do not pay income tax. However, the owners or partners of a general partnership do. As with sole proprietorships and limited liability companies, partnerships are pass-through tax entities. This means the profits and losses of a partnership trickle down to the business' owners, who must declare their share of the business' income on their personal tax returns. Partnerships do not have to calculate or pay estimated taxes.
Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.
Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.
A partnership firm can be dissolved in any of the following ways:-