Partnership Firm Registration
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Partnership Firm Registration
Partnership Firm Registration
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, a supreme law that is Indian Partnership Act 1932 regulates the partnership firms. 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 count of partners is 2 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 "amount of profit or losses share between partners", to avoid future interruptions. So partnership deed registration is required. However registration of Partnership Firm is not mandatory. All partners can carry on business on part of others. 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.
What we provide inside the package?
- Drafting Partnership deed
- Partnership deed registration
- Certificate of Registration
- PAN and TAN Registration of Firm
If all of the above deals in export and import of goods must register for IEC Registration Today! However, the IEC Code is not applicable for import & export of goods for personnel use that is not linked to trade, manufacture or agriculture.
Benefits of Partnership Firm
There are numerous benefits in registering a partnership firm :
- 1. Incorporated on the basis of an Agreement
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.
- 2. Distributing of profit and Loss among Partners
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 and in case of loss the partner's personal asset is taken into account.
- 3. Unlimited Liability of the Partners
All Partner is individually liable for all losses resulting in the course of business. All the above, all assets can be utilized to pay off the outstanding debts of the partnership firm.
- 4. Combined Management
Every partner is authorized to participate in the day to day progress of the business. Also, partners operating the business requirements to take the approval of other partners for making the imperative decisions.
- 5. Duration of the Partnership Firm
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.
Documents required for partnership firm registration
For online registration of partnership firm applicant must submit the following documents :
- Form 1: Application for registration under Partnership Act
- ID Proof & Address of all partners (PAN/Adhaar/ Driving License/ Voter ID/ Passport)
- Telephone bill, Electricity Bill, Water Bill address proof of the office of Partnership.
- Original copy of Partnership Deed, signed by all partners
- Affidavit declaring that you are willing to become a partner
- Rental or lease agreement of the property ( As a proof of principle place of business)
These are the necessary documents required for partnership firm registration. After this partnership firm process and procedure is easy to understand and follow.
Requirements before applying online registration of partnership firm
Before you enroll for online registration of partnership firm applicant must adhere to these guidelines :
- Beginning a partnership firm requires a minimum of 2 people. There is no set limit for the maximum. In banking firms, there can be 10 partners and 20 or more in case of any other business.
- There are no minimum capital standards to commence a partnership firm.
- All the Partnership firms that incorporate must make an agreement name as Partnership deed. After this, they are tied on a contractual basis and are enrolled as a legal business entity in India.
- Partners who are creating a partnership must qualify in accordance with the provisions given in the Indian contract act.
- All the directors must attain the age of 18 or above
- In a Partnership firm, the responsibility of partners is unlimited. Because it has no separate Legal entity so the associates have to bear the loss and pay off debts from their personal assets and money.
So, the registration of the partnership firm notes all requirements before applying for application online.
Importance of Partnership Deed
A Partnership Deed is a document in which mentions all the terms and conditions of each & every partners in a partnership. The Partnership deed consists of the following components as below:
- Name of the Firm and Partners and their address
- Type of Business of the Firm
- Start date of business or firm
- Duration of Partners (whether for a project/ fixed time).
- The profit-sharing ratio between the partners.
- Capital contribution from all partners.
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:
- Interest on Partners’ Loan, Partner’s Capital and Interest, if any.
- Commissions, Salaries, etc., if any, chargeable for partners in the firm.
- The method of making accounts and audit arrangements.
- Division of duty and task, i.e. the powers, responsibilities, and promises by all the partners in the firm.
- Rules and Regulations in case of retirement, demise, and admission of a partner
Procedure of registration of partnership firm
The procedure of registration of partnership firm is simple and easy:
- Step 1: Fill up the application form
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.
- Step 2: Name approval
Before submitting the names of your partnership firm it's important to check them carefully through online software. Wherein you can see the availability of names. Give 2-3 names for name approval with MCA.
- Step 3: Drafting Partnership Agreement
Our expert team drafts a partnership agreement for you wherein all the specifications by the partners are specified. You can verify all the documents and the partnership agreement. After all the preparations the final application is forward to the registrar of firms.
- Step 4: Partnership firm registration certificate
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. Along with PAN & TAN of the firm with opening of a bank account of your partnership firm.
Tax compliances for Partnership Firm in India
It is necessary for partnership firms in India to get Permanent Account Number and Tax Deduction Account Number. Both of these issues 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.
How LegalPillers support you?
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.
- IEC Registration section Consultation
- Document Preparation for Import Export Code Registration
- Application Drafting for Import Export Code
- Application Filing for IEC Registration
Frequently Asked Questions
- Id address of partners
- Address proof of office
- Email id and mobile number of partners
- Activity to be carried in proposed partnership firm.
- Id address of atleast 2 witness
- Stamp paper according to the amount of contribution.
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