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    Partnership Firm

    A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership Firms are governed under Partnership Act, 1932. Partnership firms are relatively easy to start and is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

     

    There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners to own and manage the business.

     

    ComplianceIndia can be your legal and professional partner in India to help you understand how to register Partnership Firm in India quickly and cost-effectively.

    Advantages of Partnership Firm

    Easy to Start

    Easy to Start

    Minimum Compliance requirement

    Minimum Compliance requirement

    Relatively Inexpensive

    Relatively Inexpensive

    Annual filing not required

    Annual filing not required

    Shared Responsibilities among Partners

    Shared Responsibilities among Partners

    Operating Flexibility

    Operating Flexibility

    Pre-defined Object or Period

    Pre-defined Object or Period

    Various Financial Returns to the Partners

    Various Financial Returns to the Partners

    Eligibility to form a Partnership Firm

    – Atleast Two Partners required to form an Partnership Firm
    – Partnership Deed [Signed by all Partners]

    How we Work?

    Step 1

    Fill-up our Contact Form and Submit

    Step 2

    Step 3

    Step 4

    Step 5

    Payment of Stamp Duty on Partnership Agreement and Notarised the same

    Step 6

    Step 7

    Step 8

    Packages

    Consultation Charges

    Nil

    Complete assistance by Experts or Professionals indicating Process, Documents required, Benefits, Tax compliance, Legal Compliance, etc.

    Basic Plan

    Rs. 5,999/- only

    • – Partnership Deed
    • – GST Registration
    • – Account Book-Keeping
    • – Registration of your Partnership Firm
    • – PAN and TAN Registration
    • – Expert advice from Experts/ Legal Professionals

    Advance Plan

    Rs. 9,999/- only

    • – Partnership Deed
    • – Stamp Paper Purchase
    • – GST Registration
    • – Account Book-Keeping
    • – Ledgers Keeping
    • – Registration of your Partnership Firm
    • – PAN and TAN Registration
    • – 3 months GST Return filing
    • – Current Account Opening in your nearest Branch
    • – Expert advice from Experts/ Legal Professionals

    Ultimate Plan

    Rs. 14,999/- only

    • – Partnership Deed
    • – Stamp Paper Purchase
    • – GST Registration
    • – Account Book-Keeping
    • – Ledgers Keeping
    • – Registration of your Partnership Firm
    • – PAN and TAN Registration
    • – 6 months GST Return filing
    • – Current Account Opening in your nearest Branch
    • – Legal Drafting of documents
    • – Expert advice from Experts/ Legal Professionals

    Documents Required for Partnership Firm Registration

    PAN card

    A self-attested copy of PAN card of all Partners

    Partners Identity Proof

    A self-attested copy of Aadhaar Card/ Voter ID/ Passport/ Driving License of all Partners.

    Partners Address Proof

    A self-attested copy of Aadhaar Card/ Voter ID/ Passport/ Driving License or Bank Statement/ Utility Bills not older than 2 Months of all Partners.

    Office Address Proof

    Copy of Electricity bill or Sale Deed or rent agreement and latest self- attested electricity bill in case of rented accommodation not older than 2 months.

    Business Activity

    Description of main business activity intended to perform

    NOC from owner

    No Objection Certificate to be obtained from the owner(s) of registered office.

    Comparison with other forms of Business

    Form of Business Partnership Firm Private Limited Company One Person Company Limited Liability Partnership Proprietorship Firm
    Act Indian Partnership Act, 1932 Companies Act, 2013 Companies Act, 2013 Limited Liability Partnership Act, 2008 No specified Act
    Registration Requirement Optional Mandatory Mandatory Mandatory No
    Minimum Number of members 2 2 Only 1 2 Only 1
    Maximum Number of Members 50 200 Unlimited
    Number of Directors/Partners 2 – Unlimited 2 – 15 Only 1 2 – Unlimited Only 1
    Separate Legal Entity No Yes Yes Yes No
    Liability Protection Unlimited Limited Limited Limited Unlimited
    Statutory Audit Not Mandatory Mandatory Mandatory Dependent Not Mandatory
    Ownership Transfer ability No Restricted No Yes No
    Uninterrupted Existence No Yes Yes Yes No
    Foreign Participation Not Allowed Allowed Not Allowed Allowed Allowed
    Tax Rates High Moderate Moderate High Low
    Statutory Compliance Less High Moderate Moderate Less
    GET STARTED KNOW MORE KNOW MORE KNOW MORE KNOW MORE

    Frequently Asked Questions

    1. Is it necessary to register a partnership firm?

    No, it is not necessary to register a partnership firm. Though if registered it offers certain benefits.

    2. How many partners can be there?

    3. Who can be a Partner in a Partnership Firm?

    4. What Documents are required to register a Partnership Firm?

    5. How much capital is required to start a Partnership Firm?

    6. Is a Partnership Firm a Separate Legal Entity?

    7. Is it compulsory to file Income Tax Return by Partnership Firm?

    8. What is Partnership Deed?

    9. Why is Partnership Deed necessary?

    10. Is audit required in case of Partnership Firm?

    11. Can Partnership Firm be converted into a LLP or Company?

    12. How to open a Bank Account in Name of Partnership Firm?

    13. Who will register a Partnership firm?

    14. What are the advantages of a Registered Partnership firm?

    15. Will my Partnership firm have a Certificate of Incorporation or Registration?

    16. How can I transfer my Partnership firm?

    17. What are the annual compliance requirements for a Partnership?

    18. What is the amount of Stamp duty payable on Partnership Deed?

    19. Whether the notarisation of the Partnership Deed is necessary?

    20. When can the partnership firm apply for PAN and TAN?

    21. How will ComplianceIndia help me start a Partnership firm?

    22. How much time does it take to incorporate a Partnership Firm?

    OUR SERVICES

    Private Limited Company Incorporation

    ₹2,999/-

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    ₹2,999/-

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    ₹2,999/-

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    ₹999/-

    Complete Solutions for GST Registration, Modification, Queries for all GST matters…

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    ₹499/-

    ST Return Filing Solutions, NIL GST Return Filing, GST LUT Filing, GST E-Way Bill, Reply to GST Notice…

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    ₹499/-

    Complete Solutions for Tax, Payroll, TDS, Income Tax for Individual and Company etc…

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    Private Limited Annual Compliances

    ₹2,999/-

    Solutions for all yearly and event based compliance requirements related to your Company and Directors...

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    One Person Company Annual Compliances

    ₹2,999/-

    Solutions for all yearly and event based compliance requirements related to your Company and Director...

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    LLP Annual Compliances

    ₹2,999/-

    Solutions for all yearly and event based compliance requirements related to your LLP and Partners...

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    XBRL Conversion and Filing Services

    ₹5,000/-

    Get your XBRL financials ready for filing with MCA, BSE, NSE etc...

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