Partnership

Rs.6,990.00

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed, and controlled by an Association of People for profit.

Partnership

Price: Rs.6,990.00

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A Partnership Firm is a popular form of business constitution for businesses that are owned, managed, and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium-sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners. TaxFino will understand your business requirements and help you start a Partnership firm by drafting the Partnership deed. Based on the requirements, TaxFino can also help register the Partnership deed with the relevant Authorities to make the Partnership Firm a Registered Partnership firm.

Get a free consultation for Partnership Firm registration and business startup by scheduling an appointment with a TaxFino Expert.

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OUR PRICING PLANS

Pricing Package Comparison

Partnership Firm Plan
Rs.5,990
Partnership Deed Drafting Yes
PAN Yes
TAN Yes
Regular Compliance Updates Yes
GST Registration Yes
MSME (Udyog Aadhaar) Registration Yes
Shop & Establishment Act Registration Yes
Email & Telephonic Support Yes
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Eligibility

To start a Partnership Firm, a minimum of two persons are required.

Documents

  • Photograph
  • pan card
  • Utility Bill (not older than 2 months)
  • If rented, then NOC from owner
  • ID Proof (Any of the following)
    • Voter ID Card
    • Passport
    • Driving License
  • Address Proof (Any of the following)
    • Bank statement
    • Electricity bill
    • Telephone/Mobile bill
FAQ

Do you have Any Question?

What is the capital required to start a Partnership firm?

There is no minimum capital specified for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.

Only a registered Partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act. Also, only a Registered Partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for Partnership firms to get itself registered sooner or later.

No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.

If the Partnership firm is registered, the Partnership deed will be registered and a Registration Certificate will be issued by the Registrar of Firms.

There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners.

Indian Nationals and Indian Residents are allowed to invest in a Partnership firm without any approval. Usually those who invest in the Partnership firm become a Partner of the firm and in the absence of any agreement to the contrary, all partners will have a right to participate in the activities of the business.

Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like GST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.

It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion.

Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.

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