Partnership Registration
Insert a meaningful line to evaluate the headline. Insert a meaningful line to evaluate the headline.
Insert a meaningful line to evaluate the headline. Insert a meaningful line to evaluate the headline.
Overview
Partnerships are one of the most important forms of business organization. A partnership firm means two or more individuals coming together to form a business and divide the profit into agreed ratios. A partnership business involves any type of business, employment and profession. It is easier to form a partnership firm with fewer followings compared to companies.
How it works
Register
Fill all the required information requested in the registration form.
Expect a call from us
Once we receive quote request, our experts will get in touch with you immediately.
Service Delivery
After the discussion and submission of required documents, service will delivered. Time of delivery may differ based on the service.
Benefits
Potential to sue the firm or sue the other partners
The capacity of the firm to sue third parties
Right to use the principle of set-Off
Better credibility
Ability to convert into an entity
Partnership deed
Execution of partnership deed
Documents Required
Address Proof copy of all the partners Aadhaar copy or Driving license copy or Passport copy or Bank statement.
PAN card copy of the partners
Photo ID proof of partners, Voter ID or Passport or License
Copy of rental agreement and no objection certificate from the owner of the property
Minimum Criteria to be met
Minimum 2 Shareholders
One of the Directors must be Indian Resident
Digital Signature Certificate (DSC) for the promoters
Minimum 2 Directors
The directors and shareholders can be same person
Director Identification number (DIN) for all the directors
What you will get
GST Registration* (Auto Approval from ROC)
AOA and MOA
Bank Account opening support
Company PAN Card
Business Incorporation Certificate
Payment Gateway Integration Support
Company TAN/TDS Number
Frequently Asked Questions
The registration of a partnership firm can be done in one to two weeks. However, the said time frame could vary in accordance with the regulations of the concerned state
A partnership firm may cease to exist in the following cases:
- Absence of a partnership deed
- Partners fail to conduct business in accordance with the underlying object of the Firm
- Business undertakings of the Firm seem illicit
- Insolvency of the partners
Dissolving a partnership firm simply refers to a discontinuation of a business under the name of the said Firm. In this scenario, all liabilities are addressed either by selling off assets or transferring them to the concerned partner, settling all accounts with the partnership firm.
Common events in which partners can opt for partnership firm dissolution are;
- Death of partner
- Expiry of the partnership tenure
- Completion of a task
If all the partners want to dissolve the Firm on priority, they can proceed accordingly pursuant to clauses mentioned in the deed. That is the easiest and safest way to dissolve a partnership firm in India.
In general, a partnership firm registration can be revoked. Dissolution usually comes to existence when all partners or all serving partners except one are declared insolvent. Another event in which such a possibility may come to life is the unlawful conduct of the firm or trade malpractice.
The unregistered partnership firm does not have the following leverages which ultimately strengthen its legal standing;
- Suing defaulter in case legal dispute
- Access to possible tax exemption
- Seamless dissolution of Firm
- Clarity on rights and obligations
In general, every partner in a partnership is equally accountable for addressing loss or injury caused to any third party. Further, they are also liable to jointly confront the penalties imposed during the course of the business. In case of inter-business losses, the liability of the partners will remain the same, i.e. they are all required to compensate losses even if one partner causes such happening
Well, from a legal standpoint, Partnership registration is an absolute necessity. The unregistered partnership firms are more susceptible to unexpected dissolution and have a weaker legal base.
Partnership firms are bound to comply with the provisions of the Partnership Act, 1932. The registration of such firms is in the hand of the Registrar of firms of the respective state.
Presently, GST registration is mandated for all sorts of businesses except NGOs. The applicability of GST depends on the annual turnover of the entity. The second criterion that decides the GST imposition is the inter-state supply.
NEED ANY HELP AT YOUR TAX SOLUTION?
finance management.