Partnership Firm Registration in India
When two or more entities come together for business purposes then that type of business is called a Partnership firm. Both the parties have a formal agreement called Partnership Deed, where the ownership, management of the company are mentioned. The risk, responsibility, profit, and liabilities are shared among the partnership entities. You can get your partnership firm registered with us using our service the Groom tax Partnership Firm Registration In India.
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Partnership is a group of two or more individuals who agree to start business jointly and to share the profits of a lawful business. It is managed and carried on either by all or by any, or a number of them acting for all. The formation of partnership is straightforward and simple. Each member of such a gaggle is individually referred to as ‘partner’ and collectively the members are referred to as a ‘partnership firm’. Each partner contributes to all or any aspects of the business, including money, property, labour, or skill. In return, each partner shares out of the available profits and losses of the business.
Because partnerships entail quite one person within the decision-making process, it’s important to debate a good sort of issues up front and develop a legal partnership agreement. This agreement should document how future business decisions are going to be made, including how the partners will divide profits, resolve disputes, change ownership (bring in new partners or take over current partners), and how to dissolve the partnership. Although partnership agreements aren't legally required, they're strongly recommended, and it’s considered extremely risky to work without one.
Easy to start: Unregistered partnership firm can be started just by drafting a partnership deed and get PAN allotted in the name of partnership firm.
Low Compliances: No Mandatory audit requirement and no need of any yearly filing like company and LLP.
List of Documents Required
- Name of proposed partnership firm.
- Objective of the proposed partnership firm.
- Latest Utility bill i.e., electricity bill, landline bill or water bill, etc.
- For a rented place, NOC required in the name of the proposed partnership firm.
- PAN Card of all the Partners
- Photograph of all the Partners
- Aadhar Card all the Partners
- Mobile No. and Email id all the Partners
- Capital Contribution and sharing ratio of partners
- Whether director or partner in any existing Co/LLP
- Place of birth, Occupation and Educational qualification of director
- Present residential address and duration of stay
Drafting of partnership deed.
Get it signed and notarized.
Apply for PAN & TAN of partnership firm.
- Drafted Partnership deed
- Partnership PAN card
- Partnership TAN number
|Particulars||Private Ltd Company||Limited Liability Partnership||One Person Company||Partnership||Proprietorship|
|Separate Legal Entity||Yes||Yes||Yes||Yes||No|
|Owners/Partners||2 - 200||2 - Unlimited||1 Person||2 - 50||1 Person|
|Tax Rate||25%||30%||25%||30%||Slab Rate|
|Eligible for Start-up India Benefits||Yes||Yes||Yes||Limited||No|
|Eligible for FDI||Yes||Yes||No||No||No|
|Funding from Investor||Yes||No||No||No||No|
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