Form your Partnership Firm Now!
Note
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In case of Premium Plan, Government Fee for filing statutory forms/returns shall be extra
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Inclusive of all Government Fees - For Firms up to a capital of Rs. 50,000/- (Rupees Fifty Thousand Only)
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In case of Premium Plan, the Government Fee for filing statutory forms/returns shall be extra.
Fill out our form and then just relax !
It’s just a matter of these many days
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Day 1
a) Review of documents and information provided by you; b) We will ask for further details required for the processing of your registration.
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Days 2 – 4
a) We will draft the Partnership Deed for you and send it to you for review; b) Receipt of signed and notarized partnership deed from you; c) We will file for partnership registration with the Registrar of Firms; d) We will file for GST Registration.
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Days 5 – 9
a) Follow-ups for verification of GST registration; b) Get your partnership and GST registration certificate.
Note : Stages, where Government approval is required, are subject to government processing.
Photograph
Latest Passport Size Photo
One Identity Proof
PAN Card (For Indians) or Passport (For Foreigners)
Second Identity Proof
AADHAR Card
Address Proof
AADHAR Card
First Proof for Registered Office Address
Latest Electricity / Phone Bill (any one) in the name of the property owner.
Second Proof for Registered Office Address
NOC from the property owner or if taken on rent, then rent agreement.
E-PAN & E-TAN
GST Registration (in Standard & Premium Plan)
MSME Certificate (in Standard & Premium Plan)
Partnership Deed and Registration
Overview
A partnership firm is two or more persons coming together to manage and operate a business and share its profits and losses. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while partners may have limited liability to others. "Partnership" is a short and understandable word but has an inherent meaning attached to it. On the business front, the term partnership refers to a relationship or an arrangement between two or more people who mutually agree to build a business and share the profits and losses of such a partnership business. This business structure is either pursued by all the partners or by one of them acting for all (i.e., Principal and Agent Relationship). However, it is established on legal terms; hence, all the rules and regulations must be followed when obtaining the Registration of a Partnership Firm. Also, this business format is commonly chosen either by the growing start-ups, budding entrepreneurs, or small and medium-sized entities operating in the unorganized sectors.
Categorization of Partnership
- Partnership at Will - Partnership without a specific duration for its closure, allowing partners to decide when to continue the partnership.
- Particular Partnership - Partnership created for a specific task or business, ending once the objective is achieved, with the possibility of modification and extension by the partners.
- General Partnership - Partnership comprising two or more partners with equal rights, responsibilities, and liabilities, where every partner can participate in management decisions and administer the business.
- Limited Partnership - Partnership combining general and limited partnership qualities, with general partners having unlimited liability and managing the business, and limited partners having less control over business activities and limited liability to their investment. Limited partners typically do not participate in management or decision making.
- Registered Partnership - Partnership registered by the Registrar of firms under the Indian Partnership Act, 1932, providing legal recognition and certain benefits.
- Unregistered Partnership - Partnership established by executing an agreement between partners, where registration is optional but advisable. In an unregistered partnership firm, partners cannot sue third parties but can be sued.
- Its formation is not difficult task like other firms and companies which are required to be registered.
- Decision Making and modification are fast and easy to make as the command is centralized to a sole person.
- There are no legal formalities for annual compliances, filing documents with the registrar, and maintaining accounts. A sole proprietorship owner is spared from all of these hassles.
- No specific act so lesser to almost no compliances other than regular tax compliances.
BENEFITS
Only Legal formality to start is to create a partnership deed. Firm’s registration with the Registrar of Firms is also optional.
Partnership firm has a flexibility to govern internal regulations through the partnership agreement.
Only 3 types of entities can be registered as a start-up, Registered Partnerships being one of them.
There is no tax in the hands of partners upon distribution of profits of a Partnership, unlike in case of a private limited company where the shareholders receiving dividend have to pay tax on the dividend received from the company.
There are no periodic filings to be done with Registrar of Partnerships. Only income tax return is a mandatory annual compliance which is required to be done and periodic GST returns are applicable only if you take GST registration.
A partnership firm is two or more persons coming together to form a business organization where they share profits and losses. Therefore, the risks and responsibilities arising out of business are also shared by all the partners.
Minimum Requirements
- 2 (Two) Partners.
- Firm Name.
- Capital Contribution- No Minimum capital is required.
- Registered Office Place – An address at which the regulators and other stakeholders will communicate with the Partnership Firm. It can be a commercial or office space or your residential premises.
Frequently Asked Questions
The following are the benefits of a partnership firm:-
- Requires a minimum of two persons.
- No prescribed Minimum capital.
- Convenient Form of Business.
- Ease of Decision Making.
- Share Risks and Responsibilities.
- Cost Saving.
- Minimal Legal Compliances.
- Aadhar Cards of the Partners.
- PAN cards of the partners.
- Bank Accounts ( Business Accounts)
- Addess Proof of Business- Sale Deed, Rent Agreement, or Electricity Bill (document must contain owner partners name and utility bill should be latest)
- Photographs of the Partners.
- No Objection Certificate (NOC) from the owner of the property. (Required, if Partners are not the owner.)
Basis Partnership Firm Limited Liability Partnership
(LLP) Liability The
Partners are liable personally for the amount of liabilities of the
partnership, and the liability is unlimited. The
partners' liability is limited to the money invested in the LLP. Partners A
minimum of 2 partners and a maximum of 50 partners can become a member of a
partnership firm. A
Minor can be a partner for benefits. Minimum
2 and no upper limit for the maximum number of partners in LLP. No
minor cannot be a partner in an LLP. Registration Registered
under the Indian Partnership Act, 1932 Registered
under LLP Act, 2008 Registered To Registrar of Firms Ministry of Corporate Affairs
A partnership does not have perpetual succession. A
firm cannot purchase movable/immovable property in its name. Assets must be
purchased by the partners personally for the firm.
Yes, you can use any name for your partnership, but the
name should not have been restricted for public use by the government. Also, it
should not be violating the trademark of any person. If you want it to be
unique and keep the authority to use the name for yourself, get the name of
your business trademarked. Also, make sure not to use any extension like Pvt.
Ltd., LLP or Ltd. Etc.
A partnership should file its income tax returns
regularly. Also, if it is GST registered, then GST returns must be filed on
time and at intervals as prescribed in the act.
No, you do not have to be physically present during the
whole process; it is online. The only time you will be involved is to get a few
OTPs and documents as and when required.
GST registration is mandatory for every establishment
that crosses the annual turnover threshold limits or engages in interstate
business transactions. Suppose the partnership firm crosses the threshold
limits. In that case, the partnership firm must take GST registration within 30
days from the day GST liability arises.
The maximum number of partners that can be there in a
firm is 50 number of partners.
Whenever a partnership firm is dissolved by the
partner's agreement, or it is not legally possible to continue further, then a
partnership registration can be cancelled.
Any existing Partnership Firm desiring to convert to a
Private Limited Company or A Limited Liability Partnership can obtain the
necessary approvals from the departments and file the required documents with
the Registrar.