Partnership Firm

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Get your firm registered as Partnership

A Partnership Firm is a one of the traditional form of commercial enterprise charter for businesses which can be owned, managed and controlled through an Association of People for profit. Two or more than two people come together with a formal agreement known as Partnership Deed. Partnership Firm operates a business according with the phrases and goals set out within Partnership Deed. Partnership firms are relatively easy to begin and prevalent amongst small and medium sized businesses in the unorganized sectors. It just needed most effective two man or woman to begin a business. India Tax Hub registers Partnership Firm in all major states including Delhi, Uttar Pradesh, Haryana, Rajasthan, Maharashtra and rest of states of India.Partnership firm are of two types, registered Partnership and unregistered Partnership. A registered partnership is registered under as per terms of the Indian Partnership Act, 1932.
Firm needs to register its partnership deed with respective state laws where registered office of partnership firm is situated. Registration of Partnership firm is optional and not mandatory. There are many partnership businesses runs as an unregistered firm.There is no penalty for non-registration of a partnership firm, and a partnership firm can even be registered after formation. However, registered partnership firms have certain benefits over unregistered partnership firm.

FREQUENTLY ASKED QUESTIONS

Benefits of Registered Partnership Firm under Partnership Act, 1932

  • Ability to file case against Third Parties
  • Power to file suit against co-partners
  • Ability to claim Set-off
  • Higher Credibility
  • Conversion of Entity

Key Features of Partnership Firm

  1. Minimum 2 Person Required as Partners.
  2. Partners share responsibilities and duties of the business.
  3. More capital can be brought into the business.
  4. Partners share responsibilities and duties of the business

Disadvantages of Partnership Firm

  1. Unlimited liability.
  2. Disagreement among the partners.
  3. Cannot raise funds easily from investors.
  4. Less Features as Compare to LLP Formation.
  5. Maximum 20 Members are allowed.

Documents Required for Partnership Firm Registration

  1. Passport Size Photo of Partner
  2. PAN CARD of Partners
  3. Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners
  4. One Business Place Address proof (If Property on Rented:- Rent Agreement with Electricity Bill or only Electricity Bills if owned property).

What included in Partnership Firm Registration

  1. Drafting of Partnership Deed
  2. PAN Card of Firm
  3. Goods and Service Tax Registration
  4. MSME Registration
  5. Trade License (if required, as per business nature).

Process to Register Partnership Firm Registration

  • Fill up our online application form
  • Mail documents at info@indiataxhub.in
  • Choose payment option from list
  • Congratulations your registration process is completed, we will send your registration certificates on mail.
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