Partnership Firm Registration
@ just Rs. 5,000/- (all inclusive)
A partnership firm is a contractual agreement between two or more persons who join hands for mutual terms and conditions in order to run a business and gain profit from joint efforts. Members of the partnership firm are commonly known as Partners and the union of partners is called Partnership. Partnership firms are regulated by the Indian Partnership Act, 1932. The instrument on which mutual terms and conditions are written is called Partnership Deed. Partnership Deed is executed between partners to form a Partnership. The Indian Partnership Act, 1932, does not compulsorily require registration of partnership firms, but there are certain benefits if the partnership firm is registered. In other words, there is an option available with partners to get the firm registered or not.
Features of partnership Firm are as follows:
- Minimum and Maximum Partners: There must be at least two partners but it can be maximum to 20. The maximum limit of 20 partners shall be reduced to 10 if the partnership firm is engaged in the Banking Business.
- Lawful Arrangement: Partnership is created by executing a Partnership deed in which every partner gives consent to terms and conditions mutually agreed in writing and every partner puts signature on partnership deed. By this arrangement, each partner is lawfully bound to other partners.
- Optional Registration: The Indian Partnership Act, 1932, does not compulsorily require registration of partnership firms but there are certain benefits if the partnership firm is registered. In other words, there is an option available with partners to get the firm registered or not.
- Allocation of gain and loss: Gain and loss are allocated between partners as mutually agreed in partnership deeds. If no such division of gain and loss is specified then it will be equally distributed between each partner.
- Limitless Liability: As a Partnership firm and partners are not considered or treated as separate persons, the losses or damages which a Partnership firm is liable to pay can be recovered from the partners in case assets of the firm are not enough to cover the losses.
- Legal Standing of Firms: There is no legal standing of the firm as Partners are not treated separately from partnership firms.
- For Income Tax Purpose: For the purpose of Income tax, there is a separate method of taxation. That is, a partnership firm is taxed separately from its partners. However, profits earned from partnerships are exempted in the hands of partners because firms pay tax on profits earned at applicable rates.
Scope of work
eTaxClub.com can serve you to form a Partnership Firm. We will provide you following services in relation to forming a Partnership:
- PAN Application
- Drafting of Partnership Deed
- Filing of deed and other documents with the Registrar of Firms Affidavit filing with the registration
- Issue of Registration Certificate
Our Partnership firm matters expert will make you understand the documents requirements and will keep you updated during the process of formation of partnership. If there is any confusion before starting a Partnership Firm then feel free to reach us for free consultation on this matter.
This is all we need from you
The following documents are required for the formation of the Partnership Firm:
- Firm Name. It means the name of a partnership firm whose partners may mutually decide.
- Address proof of place of business. Address proof of location from where the business of partnership shall be conducted is required. There can be more than one place of business.
- Dates of joining of every partner.
- Name and residential address of every partner is required.
- Signed partnership deed. Partnership deeds must be signed by each partner.
Note: Documents requirement may differ for each state.
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Important Note :ALL ABOVE DOCUMENTS MUST BE SELF ATTATCHED