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Partnership Registration Process & Checklist
What we will do
We will collect all the necessary data and documents from you.
We will draft the deed for your approval.
We will complete all registration formalities with the government authorities.
Prerequisites for a Partnership Registration
We need to make certain that the following are in place before we begin the process of building Partnership Registration:
- Individuals, businesses, legal entities, and societies are all acceptable forms of partnership registration.
- Individuals engaged with Association Enlistment development ought not be excluded under any regulation.
- The activities of the Partnership Registration should be in accordance with the provisions of the Indian Partnership Act 1932.
Right Plan for your Business
Our Experts will help you to register your Partnership Firm in less than 7 days.
*Note: Stamp duties and Notary charges are excluded. T&C
What is Partnership Firm ?
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Documents Required for Partnership Firm
Identity and Address Proof
- Scanned copy of PAN card and Aadhar Card
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Scanned copy of the latest bank statement/telephone
or mobile bill/electricity or gas bill
Registered Office Proof
- Scanned copy of the electricity or gas bill
- Scanned copy of NOC or notarised rental agreement
Partnership Firm Benefits
Shared Responsibilities:The word Partnership itself describes individuals coming together for some common business object. The partners share the responsibility to work and manage the business together. Responsibilities for a particular field or task can be assigned to one or more partners by indicating the same in a Partnership Deed.
Operating Flexibility:A Partnership firm is operated on the basis of the Partnership deed executed by the partners, mutually. The partners can decide how to operate the business with their mutual consent. Also, the Partnership Deed can be changed according to the requirement even after partnership deed registration is completed.
Pre-defined Object or Period:At the time of registering a Partnership firm, the deed enumerates the pre-defined business objectives and activities, which is the main aim to commence business. A partnership can be formed within a specified period or to complete a specific project or object. Once the same is completed, the partnership will automatically stand dissolved.
Various Financial Returns to the Partners:Partners involved with the firm get various types of returns for their capital as well as their individual efforts. The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners. Also, the share of profit from partnership firm is exempt for the partner receiving it.
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Frequently Asked Questions
Yes, a partnership firm can be converted into a company in India. Companies Act, 2013 allows you to convert your partnership firm into company after following specific procedures and requirements for the conversion.
No An audit is mandatory for all partnership firms in India if turnover exceeds ₹1 crore in case of a business, or ₹50 lakhs in case of a profession, during a financial.
No, gst is mandatory for all partnership firms in India if turnover exceeds ₹40 crore in case of a business, or ₹20 lakhs in case of a services, during a financial year, there are few exceptions to it for example like if you supply inter state then you must apply for gst registration etc
Yes, The biggest disadvantage of the partnership firm is having an unlimited liability of the partners. The partners have to bear the loss of the firm out of their personal estate.
No, the preparation of a Partnership Deed is not compulsory for registering a partnership firm. It is a document that outlines the rights, duties, and responsibilities of each partner and the terms of the partnership. But it is recommended to draft a deedThe partners have to bear the loss of the firm out of their personal estate.
