Partnership Firm Registration
all-inclusive
Partnership Deed, PAN, TAN, Post Incorporation Support
Partnership Firm
Whenever two or more individuals begin a business or carry on an exchange together to turn a benefit, the outcome can regularly be a solid union that mixes integral aptitudes, monetary assets, clients and associations with help the endeavor succeed. This is the pith of Partnership. Partnership firms in India are administered by the Indian Partnership Act, 1932. Organization firms are either enlisted or unregistered. It is not obligatory to enlist your association firm, despite the fact that it is fitting to do as such. It can be enlisted either at the season of its arrangement or even along these lines.
Advantages
Easy Formation
Partnership is a contractual agreement between the partners to run an enterprise. Hence, it is relatively ease to form. Legal formalities associated with formation are minimal. Though, the registration of a partnership is desirable, but not obligatory.
Minimum Legal Restriction
A Partnership firm is not subject to excessive legal restrictions; therefore it enjoys freedom in administration. It is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company.
Simple Dissolution
It can be easily dissolved. Any partner can give 14 days’ notice to other partners and dissolve the firm with the consent of other partners.
No Audit
There is no requirement for audit of the accounts of a partnership firm annually as a Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.
Partnership Registration Process
The General Partnership process is straightforward and, if you’re prompt with your submissions, can be completed in five days. This is, however, dependent on a few things, such as whether or not you want your business registered and availability of stamp.Drafting Partnership Deed
2-7 working days
Deed Registration (Optional)
1-2 working days
PAN & TAN Applications
1-3 working days