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Partnership

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Partnership
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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 it’s partners have unlimited liability, which means they are personally liable for the debts of the business.

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. Registration is optional for General Partnerships.

SERVICE INCLUDES

  • Partnership Deed Drafting.
  • PAN Application.
  • TAN Application.
  • Filing of deed and other documents with the Registrar of Firms.
  • Issue of Registration Certificate.
  • Affidavit filing with the registrar.

DOCUMENTS REQUIRED

  • Address proof of Office. ( Any one of electricity bill or bank statement or landline bill or mobile bill )
  • Address proof of partners.
  • Photo ID proof of partners.
  • No objection certificate from the owner of the property of the property.
  • Rent agreement of your registered office.
  • Ownership proof.

Process

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1

Fill Form

Fill the Request a Call Back form from the Service Page you want to avail

2

Talk to Expert

After Filing the form you will get a Free Expert Consultation for your Idea

3

Plan Purchase

Purchase the Plan after the Consultation from the TaxWix Experts.

4

Upload Documents

Upload All Basic Documents to Work on the case.

5

Completion

After Processing Our Taxwix Will Complete your Registration Process.

FAQ

A minimum of two Persons is required to start this firm. A maximum 20 number of Partners are allowed in a this firm.
The Partner must be an Indian citizen and a Resident of India.
This firm is best for small businesses that plan to remain small. Low costs, ease of setting up and minimal compliance requirements make it a sensible option for such businesses. Registration is optional for General Partner-ships. It is governed by Section 4 of the Partnership Act, 1932. For larger businesses, it has lost its relevance with the introduction of the Limited Liability Partner-ship (LLP). This is because an LLP retains the low costs of a partnership while providing the benefit of unlimited liability, which means that partners are not personally liable for the debts of the business.
Only a registered Partner ship 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 Partner-ship 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 Partner-ship firms to get itself registered sooner or later.
The partners in this firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.
It must have at least two partners. Through this firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners. These partners can divide profits and losses equally or unequally.
There is no limit on the minimum capital for starting a this firm. Therefore, a this firm can be started with any amount of minimum capital.
Yes, there are procedures for converting a business into a Company or a LLP at a later date. However, the procedures to convert a current firm into a Company
Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like GST filing Goods and Service Tax Filing may be necessary from
This firms are business entity that are owned, managed and controlled by one person. So Partners cannot be inducted into a firm.

Author: Taxwix

Taxwix – Making Your Idea Happen Taxwix.com has a team of experts like, CA, CS and Lawyers etc having the great dominance in field of the Corporate Compliance along with Advisory,Taxation and Finance. Taxwix team guides the Startups with their Idea and help help them to take ahead in the Legal Manner, helps in proper managing the business with accurate and timely Compliance. Taxwix has as simple 5 Step process to be followed to complete compliance