Partnership Firms Registration in India
Partnership is a business platform where you can work in agreement with your partners. It’s simple and established based on mutual consent as lawfully settled amongst the partners. Although, such units do not get the provision of Limited Liability, yet they have a fair scope to grow with strong-built group effort. If you wish to start a Partnership, choose our Partnership Registration Package to help us get your registration done fast and with an affordable price. It’s a guaranteed and trusted service like all other packages that we provide. Go through its details and know how it works THE BEST.
Partnership Firm Registration in India – An Overview
Partnership Firms work on the basis of a legally approved business agreement made between the partners (Minimum 2, Maximum 20) on the concerned commercial activities, responsibilities and share of profit. Partnership Firms and their regulations are prescribed as per the guidelines of the Indian Partnership Act 1932. This Business Agreement is the MANDATORY element for every Partnership Firms more than its Registration and accordingly, these units should be fulfilling the applicable annual compliances. For that reason, Partnership Firms are considered to be unlimited liabilities that include personal assets of partners within business purposes. Therefore, it is essential to have the primary knowledge about the protocols and compliances followed to operate a Partnership Firm.
Annual Compliances of A Partnership Firm After Establishment
Once a Partnership Firm is established, the partner(s) should be agreeing on the following terms to operate the business:
- Agreement between the Partner(s) on the Terms and Conditions
- Distribution of Business Profit
- Business responsibilities should be under control of its partners as per the legal agreement finalized between them.
Every Partnership Firm is liable to complete these annual compliances within prescribed due date once it is established:
- Company Registration within 1 year of setup (By filling Form I as per Companies Act, 2013 NOT Compulsory, but Advisable)
- Making annual Income Tax Return (ITR-5, as per Income Tax Act, 1961)
- TDS Return Filing
- In case, the Firm receives annual turnover of over INR 2 Crore, Books of Account should be maintained and audited with practicing Chartered Accountant as per Income Tax Act, 1961
- GST Compliances
- VAT/CST Filing
- Service Tax Filing
Required Documentation For Partnership Firm Registration
- Address and ID Proof of Partners, such as, Driving License/Passport/Voter ID, etc.
- Passport size Photograph of Partners
- PAN details of the Partners
- Address proof of the business space
If you own the business space, then provide property papers.
- Landlord's NOC, if business space is rented
- Latest Electricity/Water Bills of business space
Benefits of Partnership Firm Establishment
- Partnership Firms can be established with MINIMAL compliances.
- It is Easy to Start, once there is a valid AGREEMENT between the partners.
- ROC Filing is NOT Required.
- ONLY a registered Partnership Firm can file legal suit against the Firm’s policies/ANY partner(s) in the circumstances of dispute as per the Partnership Act.
- Although Partnership Registration is NOT mandatory, yet a registered Partnership Firm receives benefits and grants from Government of India.
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