Partnership Firm



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Partnership Firm

Partnership Firm is one of the most famous types of businesses in India. When two or more persons enter into a Partnership agreement, the entity which comes into existence is called Partnership Firm and the persons entering into Partnership acre called Partners. Partnership firm is owned, controlled and managed by Partners of the Partnership Firm. Starting a Partnership Firm is easier as compared to a Company or LLP. On the other hand, the Partnership Firms does not have perpetual succession and this form of is generally prevalent in small and medium sized businesses or unorganized sectors. Since the introduction of concept of Limited Liability Partnership, more and more businesses are opting the LLP options than a Partnership Firm because of added advantages offered by LLP.

Partnership Firm can be simply created by entering into a Partnership Deed by the Partners of the firm. Its not compulsory to register a Partnership Firm. However it is always advisable to register a Partnership Firm as there are many benefits given to a registered Partnership over an unregistered Partnership Firm. The businesses transacting with a Partnership Firm must be aware of the structure of the firm. The Partnership documents are treated as public documents on its registration and the people dealing with the Firm are said to have constructive notice of the constitution of firm.

Partnership Firm

  • Easy Formation : Formation of Partnership Firm is easy and not much legal formalities are involved in formation. Registration of Partnership Firm is not compulsory. So a Partnership Firm can start its business immediately after entering into Partnership Deed. However, registration of a Partnership Firm is always advisable as there are many add on benefits given to a Registered Partnership firm.

  • Name Selection : Name of a Partnership Firm is not registered. Partners are free to select any name of their choice for the firm. However, partners should be always be very careful make sure that the chosen name does not infringe any trademark or copyright of third person. It is also advised to get trademark of the name chosen for a Partnership Firm, otherwise some other person may also use the same name for his company.

  • No Annual Returns : The Registrar of Firms does not require the Partnership Firms to file Annual Returns like the Ministry of Corporate Affairs in case of Companies or Limited Liability Partnerships. As the annual compliances are lesser, it reduces efforts and cost for the Partnership Firm.

  • No Statutory Audit : A Partnership Firm is not required to file Audited financial statements with the Registrar of Firms. Therefore a Partnership Firm is not required to get its books of accounts audited. However, it might be necessary as per the provisions of Income Tax Act, to do Tax Audit if turnover exceeds prescribed limits.

  • Compliances and Regulations : The annual and event based compliances and regulations to run business are considerably less in case of a Partnership Firm as compared to Company of LLP.

  • Winding up : Winding up of a Partnership Firm can be done by simply entering into a dissolution deed. There are very less legal processes for winding up a Partnership Firm as compared to a Company.

 

Partnership Firm

Basic
5999
  • Drafting of Partnership Deed

  • Partnership PAN

  • Capital contribution

  • Rs. 50 thousand

  • All Inclusive

  • --

  • --

  • --

  • --

STANDARD
10999
  • Drafting of Partnership Deed

  • Registration of Partnership

  • with ROF

  • Partnership PAN

  • Capital contribution

  • Rs. 50 thousand

  • All Inclusive

  • --

  • --

PREMIUM
12999
  • Drafting of Partnership Deed

  • Registration of Partnership

  • with ROF

  • Partnership PAN

  • Capital contribution

  • Rs. 50 thousand

  • GST Registration

  • Free MSME Registration

  • All Inclusive

Process

01

Deed Drafting

After understnding business requirements, Partnership structure and other terms and conditions, we will draft a Partnership Deed for you.

02

Apply for PAN

We will apply for Permanent Account Number (PAN) of the Partnership Firm. NSDL takes around 10-15 days to deliver PAN Card at your office.

03

Bank Account

On receiving the PAN Card, you can open Bank Account by providing copy of Partnership Deed, PAN Card and KYC documents as required by Bank

04

Registration

We will start the Registration process, the based on the package taken by you. Firm will be registered with the Registrar of Firms.




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