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BENEFITS OF PARTNERSHIP FIRM REGISTRATION
Minimum Compliance
Whenever a private limited company is involved, something else always gets in the way (unless you hire someone to handle this for you). You avoid this hassle when you form a partnership. Seriously you don’t want to start out your business burdened with compliance work. You simply want to concentrate on your company.Simple to Begin
One of the simplest types of businesses to launch is a partnership. In most cases, a partnership deed registration is the only necessity for register partnership firm in india. As a result, a partnership can be established today. On the other hand, an LLP enrollment would take between 5 and 10 working days to complete because the MCA must be contacted for the electronic signature, DIN, name approval, and incorporation.Comparatively Economical
You will have to pay at least ₹15,000 to establish a private limited company, not to mention compliance and auditor fees. When you’re just getting started, do you want all this baggage? A partnership, however, will only set you back about ₹2,000.Documents Required For Partnership Registration
- The firm-name
- The nature of business of the firm
- The place or principal place of business of the firm
- The names of any other places where the firm carries on business
- The date when each partner joined the firm
- The names in full and permanent addresses of the partners
- The duration of the firm
Steps to form an Partnership Registration
Step 1 :
All the previously mentioned records must be submitted to the Registrar of firms of the state
Step 2:
An authentication of Registration is then given, by the Registrar, and a duplicate should be given to all the accomplices
Step 3:
Likewise, a different enrollment with the Income Tax office is to be done to maintain any future problems and should get a PAN card and a bank account under the name of the Partnership firm
What is Partnership?
Partnership in the corporate world alludes to a relationship when at least two individuals choose to share the benefits of a business carried on by them all or any of them representing all. It’s commonly done in legitimate terms. The level of possession varies and relies upon specific elements. A partnership firm in this manner is a firm that permits joint responsibility of business. While setting up a Partnership firm, there are certain rules and regulations that have to be followed. Enrolling a partnership firm is not mandatory under the Indian Partnership Act, 1932 but only Maharashtra has made their enrollment mandatory. Further, you can register a partnership firm at any point in time that is even several years after formation. Both registering and not registering a partnership firm has its own benefits; however, like a coin that has two faces, it certainly has its own downside too. We have described below in brief about how a partnership firm works and how to register for a partnership firm in India.
The partnership is comparatively easy to start out, however; there are certain conditions and limitations to be followed in setting them up. Likewise, as per the Indian Partnership Act, 1932, the assent of all the partners in a partnership firm is needed in fundamental issues (like an admission of new partners, dissolution of the firm, conversion of the firm, etc.) and a dominant part in different issues and there should be sharing of all considerable number of benefits or misfortunes made in the business. It likewise expresses that there must be a legal agreement that There are certainly more guidelines while setting up a Partnership firm, unmistakably expressed in the Indian Partnership Act,1932, and to avoid any severe actions made by authorities towards your firm they should be followed strictly.
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Why Partnership Registration ?
Relatively Inexpensive
Minimal Compliance
Easy to establish
Audit not required
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LET'S CLEAR ALL THE DOUBTS!
To register a partnership firm in India, you need several documents, including: 1. Application for Registration (Form 1). 2. A duly signed and notarized Partnership Deed. 3. Proof of the principal place of business (like rent agreement or property documents). 4. ID and Address proof of all partners. 5. Affidavit stating the willingness of the partners. Please consult a legal advisor for comprehensive information.
Yes, a partnership firm can be converted into a company in India. This is governed by Section 366 of the Companies Act, 2013. There are specific procedures and requirements to be followed for the conversion
Yes, An audit is mandatory for all partnership firms in India. As per the Income Tax Act, only those firms whose turnover exceeds ₹1 crore in case of a business, or ₹50 lakhs in case of a profession, during a financial year need to get their accounts audited.
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 deed. Get in touch with our legal experts today!
The timeline can vary, get in touch with our expert and get basic legal advice.