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Partnership Firm is the common suitable kind of business structure as it is very simple to form. A firm or company formed between 2 or more partners to earn a profit is named as a "Partnership Firm". In a Partnership firm, there are very least compliances in comparison to other business entities. A "partnership deed" is a legitimate document that is created to form a partnership firm. In India, partnerships are governed by Indian Partnership Act 1932. According to the act "Partnership is the relation among partners/individuals who agree to share the profits of the business as equal and the same for all. The minimum 2 partners are and there is no set limit for the maximum number. Before commencing a partnership firm you must know that partnership firms are not separate legal entities. The partnership firm can't be debtor or creditor plus own property. The partnership deed needs to mention the amount of profit and loss ratio share between partners", to avoid future interruptions. So partnership deed registration is required. However registration of Partnership Firm is not mandatory. The partnership firm dissolves in some cases that is the number of partners decreases below 2 in case of death, incapacitation or withdrawal of a partner.
If firm is going to deal in import and export, we also help in getting IEC Registration. However, the IEC Code is not for those who want to import or export personal goods.
There are numerous benefits in registering a partnership firm :
Partnership firm gets into existence on the basis of an agreement between 2 or more partners agreeing to begin the business. The terms and conditions documents of such partnerships are mention in a certificate known as the Partnership Deed. We offer the partnership deed registration online. So, you can easily log into our website.
Partners are authorized to share the profits and bear the losses if any in the field of business. As there is no separate legal entity concept under partnership Act and in case of loss the partner's personal asset is taken into account.
All Partners are individually liable for all losses resulting in the course of business. All the assets can be utilized to pay off the outstanding debts of the partnership firm.
Every partner is authorized to participate in the day to day progress of the business. Also, the partners carrying out the business requirements to take the approval of other partners for making the further decisions.
The partnership Firm may last as long as the partners want to do so. But, as per law, the partnership can come to an end if any of the co-workers dies, resigns or becomes bankrupt.
For online registration of partnership firm partners have to submit the following documents :
Before you enroll for online registration of partnership firm applicant must adhere to these guidelines :
A Partnership Deed is a legal documents contain terms and conditions of each & every partner. The Partnership deed consists of the following components as below:
The elements specified above are the essentials that are required in all partnership deeds. If needed, the partners may also include any further clauses. Some of the extra provisions which can be included in the deed of the partnership are listed here
The procedure of registration of partnership firm is simple and easy:
In this form, you have to mention the details of the business and partners' personal details. Plus you have to mention the Name of your partnership firm along with "Co." suffix at the end of the name. However mentioning "Co" is not compulsory you may use "Enterprises, Associates, Trading Co., etc except Limited, Private Limited, Foundation, Chamber.
Before submitting the names of your partnership firm it's important to check them carefully and verify whether it does not breach the provision pertaining under Act. However final decision related to name registration shall be under power of Registrar or Sub registrar of concerned jurisdication.
Our Professionals will draft the partnership agreement for you wherein all the specifications by the partners are specified. You can verify all the documents and the draft deed of partnership. After all the preparations the final application is forward to the registrar of firms.
Complying to all the guidelines of Indian partnership Act. A certificate of Registration is then issued, by the registrar of firms and a copy should be given to all the partners.
It is necessary for partnership firms in India to get Permanent Account Number. This is issued from the Income Tax Department after Partnership Firm Registration. Partnership Firm has to register a return of income irrespective of the profits or losses. For all partnership firms, the income tax rate on the entire income will be 30% and surcharge on income tax or as prescribed under the Income Tax Act 1961.
"The better way to start a partnership in a limited budget is Partnership Firm Registration. Here no compliance burden is created by the Registrar of Firms or Society."
Partnership firm registration fees start Rs. 2,000/-* all depending on the process. For simplifying the registration process there are various online portals. But our portal offers the most in-expensive price for partnership registration. Our CA Services are affordable and competing with different businesses. We work for the customer benefits and simplifying the process.
If you don't see an answer to your question here, please feel free to contact us with the links below:
Partnership Registration is a business registration type which governs according to the provisions of The Partnership Act, 1932.
Partnership Firm Registration is easy now. Prepare all the documents such as- Partnership deed, Id and address proof of applicant and submit it with respective registration. For easy and quick process do connect our professionals at 9625279785 - 9267941961.
For checking the status of your Partnership Firm you should have reference of application submitted with registrar. In case state government is providing online portal for submitting of application so you can also check application by submitting reference number of your application. In case if process is offline, status only can be check with physically by visiting at registrar office. However most of government brings their office of registrar online.
Registration of Partnership Firm takes around 14-15 days. However registration process is completely depend upon the registrar of concerned jurisdiction.
For closer of Partnership Firm, there should not be any liability on partnership. After setting off all assets and liabilities you may apply with concerned registrar. For more assistance do connect our professionals.
No, there is an option to not register your Partnership Firm. It is not mandatory by law to register your partnership firm. However there are some consequences also exist there for not having registration such as- no person can sue on partners and partners can also not sue to each other's and also to other party.
To checking the number of any partnership firm go to the portal of concerned registrar. Here you can search any firm according to the date of registration or by its name. It is depend upon the option provided by the concerned state government or registrar department.
For easy and smooth process of Online Firm Registration, do connect our professionals at LegalPillers. Registration experts will assist you over all aspects and help you to register your firm speedily.
For Partnership firm registration online following documents are required-
For adding partner in firm is easy. If you have made any provision in agreement regarding addition and removal of partners in firm, then it will execute according to the terms mentioned there in. Otherwise majority of partners can add or remove partner.
Partner will only be liable for their act in firm. However such liability is only limited to extent their contribution in partnership firm.