Firm & Company Registration

PARTNERSHIP FIRM & REGISTRATION ABOUT: 
A business partnership is a legal relationship that is most often formed by a written agreement between two or more individuals or companies. The partners invest their money in the business and each partner benefits from any profits and sustains part of any losses. The Partnership Act 1932 defines partnership and its functionality. Registration is not imperative but Non-registration leads to a certain disability in accordance with Section 69 of the Act. 

FEATURES OF PARTNERSHIP FIRM:

On the basis of registration, Partnership has been classified as registered partnership and unregistered partnership. As per partnership Act, Partnership firm need not to be registered and there is no penalty of non-registration of partnership firm. The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business. Every partner is jointly liable with all the other partners and also individually, for all acts/activities of the firm, during the course of business while he/she is a partner. If partnership firm is registered in that case, A partner can sue against any partner or partnership firm for enforcing his rights arising from deed of partnership. but in case of unregistered partnership partner cannot sue against partner or firm. The registered firm can file a suit against any third party for enforcing a right from a contract. But unregistered firm cannot do such prosecution. But a third person can sue against the unregistered firm. • The registered partnership firm can claim set-off or other proceedings to enforce right arising from a contract/ deed. The unregistered firm cannot claim set off in any proceedings against it. 

FOR WHOM: Professionals, individuals, companies, 

PARTNERSHIP FIRM BUSINESS REQUIREMENT UNDER LAW OF INDIA: FORMAL REGISTRATION: Partnership registration is not imperative but under law of India, it is done with the concerned Registrar of firms, and a certificate of Registration is provided to the Partner. 

BUSINESS LICENSES: IT MUST TO OBTAIN BUSINESS LICENSES AS PER GUIDELINES OF LOCAL, STATE & CENTRAL GOVERNMENT AUTHORITY. 

TAX COMPLIANCES: IT IS COMPULSORY TO OBTAIN VARIOUS TAX REGISTRATION ACCORDING TO THE NATURE OF THE BUSINESS. LIKE GST registration, Professional tax registration, and ESI/PF registration etc. 

TRADEMARK LICENSES: UNIQUE BUSSINESS NAME REQUIRES TRADEMARK REGISTRATION FOR SUCCESSFUL GROWTH OF ANY BUSINESS. 

 Partnership Firm must file income Tax Return under Form ITR-5.

Audit for Partnership  As per the Income Tax Act, 1961, Tax Audit of partnership firm is mandatory if the turnover/ gross receipt exceeds Rupees One Crore in case of business and Rupees twenty five laces in case of profession. It is highly recommended that every partnership firm should go for audit of his accounts. -

GST Compliances (IF ANY) 

Professional Tax Registration (IF ANY) 

ADVANTAGE OF PARTNERSHIP FIRM:

• Less Compliances

• Easy to incorporate

• Sharing of profit & Loss

• Easy conversion of Entity

• Better Management

• No minimum capital.

DOCUMENT REQUIRED:

Partnership Deed: partnership agreement can be either written or oral. The written agreement is known as a partnership deed. Partnership deed mainly consists of Capital contributed by each partner and Profit and loss sharing ratio with Rate of interest on capital, loan, drawings etc including Rights, duties and obligation of partners etc Partnership deed is created on a judicial stamp paper obtained from the respective State Registrar Office and has to be signed by all the partners.

Document of firm:

I. Pan card of firm

II. Address proof of firm

• rent agreement (if office premises on rent) with one utility bill, like electricity bill, water bill, property tax bill, gas receipt etc. and N.O.C from landlord.

• If office premises is own then utility bill of landlord with N.O.C from same landlord.

Document of partner: Identity Proof

- Aadhar & PAN Card Address Proof

- Latest Bank Statement/ Latest electricity bill/ Latest telephone bill/latest gas bill/ rent agreement.

Registered mobile number.

Passport size photos.

Additional document in case of registration: need to submit partnership deed, ID and address proofs of the firm as well as the partners to the Registrar of Firms. With it, an affidavit certifying that all the details mentioned in deed and documents are correct.

Working Process:

Choose your Plan and Pay Securely.

> Upload required document

> A Tax expert will be assigned to you for the procedure of submission of the application.

> Our Tax Expert will complete process required for your work along with the necessary assistance over call during business hours.

STANDARD PLAN:

Partnership registration with

• PARTNERSHIP DEED

• GST REGISTRATION

• BUSSINESS CURRENT BANK ACCOUNT 
Service Fees:6499/- inclusive All Fees 

PREMIUM PLAN:

Partnership registration with

• PARTNERSHIP DEED

• MSME REGISTRATION

• GST REGISTRATION

• TRADEMARK REGISTRATION

• BUSSINESS CURRENT ACCOUNT 
Service Fees:13999/- inclusive All Fees 

TIME EXPECTED: Law Compliances can help you in registration of PARTNERSHIP business in 15-20 working days.** 

FREQUENTLY ASKED QUESTION:-

Q- What are the minimum and the maximum number of partners required for the formation of Partnership firm in India? 
Minimum of 2 persons and maximum of 20 is required for the formation of a partnership firm company. 

Q- What is the Capital Requirements for the Partnership firm Registration in India? 
There is no minimum capital requirement for the registration of a partnership firm in our country. All you need is the current bank account balance, and rest of the documents as stated above. 

Q- How can you apply for the PAN of the Partnership firm? 
You can apply for the partnership firm once the partnership deed is notarized. You can take our assistance in case you need to apply for PAN. 

Q- Can we convert a partnership firm into a Private Limited company? 
Yes, you can convert a Partnership firm into a Private Limited company by filing a prescribed form with the authority. 

Q- When my partnership can be invalid?
 In general, the court may deem a partnership not valid when the partnership agreement is not registered in the eye law. The court may consider the partnership not valid and dissolve the partnership if the object of the business is not legal. 

Q- How to end the partnership among partners? 
If it is a partnership of will, then they can do so by dissolving the partnership by notice if the partners of a firm wished to end the partnership of the firm. This can also be done in accordance with the terms laid out in the Partnership Deed of the firm, or they can do so producing a separate agreement. 

Q- What should be the duration of a firm? 
A partnership firm may be for any definite or indefinite duration. If no duration is mentioned, it shall be at `will' (See Sec.7 of Indian Partnership Act 1932). ***