Description
What is a PARTNERSHIP FIRM?
A Online Partnership Firm Registration, as per the Indian Partnership Act of 1932, is a connection between people who have consented to share the benefits of a business carried on by all or any of them representing all as expressed in Section 4 of the Indian Partnership Act.
A Partnership Firm is not a separate legal entity unmistakable from its individuals. It is simply an aggregate name given to the people making it. Henceforth, not at all like a company which has a separate legal entity distinct from its members, a firm can’t have property or utilize hirelings, neither it can be a creditor or debtor.
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ELEMENTS OF A PARTNERSHIP FIRM
Deliberate Registration – Online Partnership Firm Registration isn’t mandatory. Since the enlistment gives different advantages to the firm in this manner it is attractive.
Legitimate Status – Partnership firm has no particular lawful status separate from its partners.
Legally binding relationship – A written agreement known as partnership deed which is signed by all the partners, ties them in an authoritative relationship.
Unlimited Liability / Boundless Liability – The liability of partners of a partnership firm is boundless. They are together held obligated for the obligations and misfortunes of the firm.
Number of Partners – The minimum number of individuals required to begin a partnership firm is two and a maximum is 10 if there should be an occurrence of banking business and 20 in the event of every other sort of business.
Skill of Partners – Every partner must be capable enough to go into the agreement of partnership. He ought not to be a minor, insane person or indebted.
Sharing of Profit and Loss – In a firm all the benefits and misfortunes are shared by the partners in any proportion as concurred. On the off chance that it isn’t given, at that point they share it equally.
NORMAL REGISTRATIONS FOR PARTNERSHIP
MSME Registration – A Partnership Firm can get Udyog Aadhaar Registration(MSME Registration) on the off chance that it needs to enlist under Micro, Small, and Medium Enterprises and needs to get its advantages.
Trademark Registration – A Partnership Firm can apply for Trademark Registration if it needs to register the trademark of its Name, Logo, and so forth.
TAN Registration – In a Partnership Firm, TAN isn’t required if your firm’s turnover doesn’t surpass Rs. 1 crore. If you have a Partnership Firm that is rendering professional services then you need not apply for TAN if it’s not crossing the limit of Rs 50 lakhs.
Import Export Code – A Partnership Firm can get Import Export License from Directorate General of Foreign Trade, if it wants to import or export of goods/services.
GST Registration – A Partnership Firm should enlist under Goods and Services Tax, if its yearly turnover surpasses 40 Lakh for Goods Suppliers* 20 Lakh for Service Providers* and Mandatory for Interstate Supply.
Apply now for Online Partnership Firm Registration in India, we provide best quality service in affordable price.
ADVANTAGES
- Ease of Formation
- Flexibility of Operations
- Balanced Judgement
- Economies in Management
- Maintenance of Secrecy
- Risk Reduction
- Greater-Scope for Expansion
- Protection of Minority Interest
- Greater Managerial Resources
- Easy Dissolution
- Taxation
Package Includes
- Basic Partnership Deed
- Apply for PAN Card
- TAN Registration
- New GST Registration
- Online GST Certificate
- MSME Registration
- E-Way Bill Registration
- 1 Month GSTR3B Return Filing
- 1 Month GSTR1 Return Filing
- Online Payment Gateway
- Assistance
HOW IT'S DONE
- Purchase of Plan
- Provide Required Documents
- Draft Partnership Deed & Get Signed
- Register PAN Card & TAN Number
- Submit Registration Form on GST portal
- Complete Aadhaar Authentication
- ARN Number Generated for Tracking Status
- Get GST Certificate
Frequently Asked Questions
At least two partners are required for Online Partnership Firm Registration. The maximum partners can be 20. If you are the sole owner, you can register as a Proprietorship.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.
There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners.
Annual report or accounts need not be filed with the Ministry of Corporate Affairs, which is required for Limited Liability Partnerships and Companies.
Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.
Other Entity Registrations
Difference Type
- Recommended For
- Ease of Investment
- Limited Liability Protection
- Tax Advantages
- Perpetual Existence
- Statutory Compliances
Partnership Firm
- Home Businesses
- Almost Impossible
- No
- Minimal
- No
- Minimal
Limited Liability Partnership
- Professional Service Firms
- Possible, but unlikely
- Yes
- Most efficient
- Yes
- Low
Private Limited Company
- Start-Ups & Growing Businesses
- Very Easy to Accommodate
- Yes
- Few Benefits
- Yes
- High
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