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Complete your Partnership Firm registration in a single day with our all inclusive package for Partnership Firm Registration. Our services can be availed from any location in India and abroad. Our goal is to help entrepreneurs set up their partnership firm in India through a quick and hassle-free process.
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(All you need to know)
A partnership firm is an arrangement among two or more parties (individual or/and non-individual) to manage and operate business and share both profits and losses. Although there is no compulsion by law to get registered but unregistered partnership firms are denied certain rights under section 96 of partnership Act, 1932 that majorly deals with effect of non-registration of partnership Firm.
For Partners
For Small and Medium enterprises
More than one owner
Sharing of Profits and Losses
All the partners are jointly and severally liable
Profits are taxable
The application for the Partnership registration form must include the prescribed documents like the Identity proof, address proof, a real copy of the Partnership deed entered into and the proof of the Principal place of business.
Following Documents are required for Partnership Registration:-
Partnership Firm registration in India is optional under the Partnership Act, 1932. However, to avail the benefits of a number of government schemes and initiatives, it is highly recommended that firms do get registered with the appropriate authority in the manner prescribed under law. Taxtorium can help you in Partnership firm registration. All you need to do is place an online order with us and we shall help you start your proprietorship firm in no time. We have elaborated the stepwise process of partnership firm registration below
Once we receive a request, our expert gets in touch with you and briefs you about the process and provide you with the list of necessary documents required for Registration. Submission of the documents can be done online through our website.
The Partnership Agreement or the Deed is the primary document that is the evidence of the constitution of the firm. After the verification of the documents a Partnership Deed is drafted and sent to the partners for obtaining the signature.
After the drafting of the partnership agreement, it must be signed by all partners in the presence of a notary and two witnesses. The notary will then stamp the document to make it valid and legally acceptable. A copy of the same should be uploaded on our platforms.
Once the signed Partnership Deed is available, it is registered with the concerned Registrar of firms and a certificate of Registration is provided to the Partner. After it We will apply for Pan Card & TAN Number on your behalf.
GST has replaced the majority of indirect taxes such as Service tax, VAT, Central sales tax, Excise duties, etc. You cannot supply goods or services throughout India, unless your partnership firm obtains GST. GST registration for a partnership firm will be obtained by Taxtorium as a part of the service Read More
Udyam Registration can be an easy means to acquire MSME registration. So, you can easily apply for MSME registration once you get your Udyam Certificate. For your business to get maximum benefits, it would be a good idea to get both MSME and Udyam registrations done Read More
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Email us: info@taxtorium.com
What are the types of Partnership Firms?
Indian Partnership Act, 1932, which prescribes the possibility of two types of the firm, an unregistered firm, and a registered firm. An unregistered firm is formed by constituting a partnership agreement, signed by all partners in the presence of 2 witnesses and a notary. Such firms do not get registered with the Registrar of Firms. On the other hand, firms which get registered with the Registrar of Firms by submitting the prescribed application form along with the appropriate supporting documents, are known as a Registered Partnership Firm.
What is the difference between a Partnership Firm and Proprietorship Firm?
A sole proprietorship is an unincorporated entity that does not exist apart from its sole owner. A partnership is two or more people agreeing to operate a business for profit. The Partnership Act governs the Partnership firm, and any specific statutory body does not govern a Sole Proprietorship.
Is there any mandatory capital amount for partnership firm?
There is no Mandatory capital requirement for Partnership firm, one can start partnership firm with any minimum capital requirement.
Can my partnership deed be oral?
Yes, partnership deed can be oral but it contains one disadvantage with that, you cannot use oral deed as evidence in court of law. Generally a partnership deed should be in written form to avoid any future conflict.
What is the difference between LLP and partnership firm?
LLP is a separate legal entity and can hold assets in its name. The status of Partnership Firm does not have separate identity from its Partners. The liability of Partners is limited to the extent of their contribution in LLP. Further, one Partner is not affected or not held liable for the actions of another Partner.
Is filing ITR returns and tax audit mandatory for the firm?
Filing Income Tax Returns is mandatory for a partnership firm at the end of every financial year. The ITR must be filed on or before the prescribed due date. There is no mandatory requirement of tax audit for a partnership firm. However, if the turnover of the firm crosses Rs.2 crores, tax audit becomes mandatory.
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