Partnership Firm Incorporation

What is Partnership Firm Incorporation Overview

A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business in case of any adverse scenario. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India . As per the act “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. Maximum number of members in a partnership is 10 for a banking business and 20 for other businesses to enter into a partnership firm. Registration is optional for General Partnerships. Contact our The experts now to know the recent partnership deed format. Also, partnership firm registration online can be done with a few documents in simple steps.

Process for Partnership Firm Incorporation

Step 1

Find out the stamp duty on Partnership Deed

Step 3

Apply for Pan Card of the Partnership Firm

Step 1

Find out the stamp duty on Partnership Deed

Step 4

Obtain TAN Number from the Income Tax Dept, where applicable

Step 5

Open Bank Account

Step 2

Draft Partnership Deed and Get is Notarised

Step 6

Go for GST Registration & MSME

Documents Required For Partnership Firm Incorporation

["Pan Card","Form No. 1 (Application for registration under Partnership Act)","Original copy of Partnership Deed, signed by all partners","Affidavit declaring intention to become partner","Rental or lease agreement of the property/campus on which the business is set

Benefits Of Partnership Firm Incorporation

1. Minimum Compliance

2. Simple To Begin

3. Comparatively Economical

4. Shared Decision Making

5. Various Financial Returns to the Partners

6. Audit Not Required(if total turnover is below Rs. 1/ 5 Crore as per guidelines)

Checklist /Minimum requirement for Partnership Firm Incorporation

1. Minimum Two Partners

2. Address Proof for Registered office of the Partnership Firm in India

3. Original Deed signed by all Partners

4. Maximum partners less than 10/20

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FAQs On Partnership Firm Incorporation

How can I register my partnership firm?

[You can register a Partnership firm just by following the steps mentioned below:

• Visit The Expert Website

• Fill up a simple form on our website providing basic information about proprietor and business to get Partnership Deed

• Get this Deed printed on Stamp paper of specific value and get it registered with the help of any nearby Advocate/Registrar.

Is it compulsory to register a partnership firm?

It is not compulsory to register but it is recommended to get certain benefits.

what are the documents required for Partnership registration.?

Below mentioned are the documents required for Partnership registration.

• ID Proof of all partners

• Address proof of all partners

• Address proof of Business place

Is It necessary to draft a partnership deed?

is not necessary to have a written partnership deed but it is recommended to avoid any conflict between the partners in the future.

What are the fees for partnership registration for India?

You can avail Partnership deed in just rupees 1500 with the help of The expert

How to register a firm in India?

The expert helps with the registration process of a partnership firm with no hassle. Just follow the three steps mentioned in above section.

What Is the minimum and maximum number of partners are allowed or required to form a partnership firm?

Minimum 2 are required and maximum 20 partners are allowed for a partnership firm.

Which law governs the partnership in India?

Indian Partnership Act 1932 governs the partnership firms in India.

How to do partnership firm online registration?

Please refer the procedure mentioned in above section for partnership firm online registration.

What is partnership firm registration fees?

This fees depend on a lot of factors and varies from case to case basis. The expert provides the best pricing in the market. Contact our expert to know the details.

What is dissolution of partnership firm?

Section 39 of the Indian Partnership Act, provides that “the dissolution of the partnership between all the partners of a firm is called the dissolution of a firm. It implies the complete break down of the relation of partnership between all the partners.

What is the partnership firm registration process?

Please find above partnership firm registration process.

Where can i get partnership firm registration form?

You can find partnership firm registration form on the expert website.

What is rate of income tax on partnership firm?

A partnership firm needs to pay income tax at 30 of total income. If the total income passes 1 crore then a partnership firm have to pay income tax surcharge on the amount of income tax at the rate of 12 .In addition to the income tax and surcharge, a partnership firm must pay education cess and secondary higher education cess. Education Cess is applicable on the amount of income tax and the applicable surcharge at the rate of 2 . Secondary and higher education cess is applicable on the amount of income tax and the applicable surcharge at the rate of 1 ..

What are advantages and disadvantages of partnership?

Please refer to the above section on this page where you can find advantages and disadvantages of partnership.

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