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Business Registration - Partnership Firm

PACKAGES

Basic

This package includes:

Partnership deed drafting

PAN and TAN.


Rs. 3899
+18% GST applicable

Standard

This package includes:

Partnership deed drafting

PAN and TAN

GST registration


Rs. 5899
+18% GST applicable

Premium

This package includes:

Partnership deed drafting

Deed registration.

PAN and TAN.

GST registration.


Rs. 14899
+18% GST applicable

Partnership

A Partnership can be registered or unregistered. Partnerships are ideal for small business in the unorganized sector having multiple promoters. In the unorganized sector, a Partnership is ideal for small businesses having multiple promoters. Eazy startup offers partnership registration from Rs.3899/- 

A Partnership firm is suitable for Businesses that are owned, managed, and controlled by an Association of People for profit. These types of firms are prevalent in small to medium sized businesses within the unorganized sector and are relatively easy to setup. Since the introduction of Limited Liability Partnerships in India, and their benefits, Partnership Firms are rapidly losing their prevalence.

Having a registered partnership form, although not mandatory, has its benefits. There are two types – registered and un-registered. You would need a Partnership deed drafted amongst the Partners to create a Partnership firm. Contact us to help start a registered or un-registered Partnership firm in India.

ADVANTAGES

Easy to Start

Since a partnership firm does not need to be registered, there are no legal requirements, making it easy to establish and manage. However, this prevents a firm from having several legal benefits. The Registrar of Firms administers the registration of partnership firms.

Business Name

A Partnership firm can choose to have any name as long as it does not infringe on a registered trademark. An unregistered partnership firm’s name may be used by any company since it is not registered unless the name has been trademarked.

Partnership Deed

The Registrar of Companies registers a Partnership deed which exhibits the ownership of the firm, the profit-sharing ratio, and rights and responsibilities of each partner.

Annual Filing Not Required

Unlike a Limited Liability Partnership or Company, a Partnership firm is not mandated to file its annual accounts with the Registrar of Companies every year.

Bank Account

A Partnership firm can open a bank account in its name. To initiate the process, the KYC documents and the partnership deed copy should be submitted along with any other document to fulfill the requirements of Bank.

PROCESS

To draft a suitable Partnership Deed that is acceptable to all Partners, a Financial expert will primarily understand your business requirements, assess your partners the partnership structure and other important details.

Partnership Deed Registration

Eazy startup will provide you the help to register the Partnership Deed based on your requirements and the requested services with the suitable authorities of the applicable states to create the Partnership or a Registered Partnership Firm.

Obtaining PAN and TAN

We will help you obtain PAN and TAN registration based on your requirements for your Partnership Firm from the relevant Authorities once the Partnership Firm is registered.


FAQ'S

Q: What is the capital required to start a Partnership?

A: There is no limit or minimum required capital for partnership firms and can start with any amount of capital.

Q: Documents required for getting registered for Partnership.

A: Identity and address proof of all the partners and address proof of office where the registered firm is going to operate. Pan and Aadhar card and photographs of all the partners is mandatory.

Q: How long does it take to get registered for Partnership firm

A: We at Eazy Start-up will help you to complete the registration process within 8 - 10 days.

Q: Minimum number of members to start Partnership firm

A: In a partnership firm, at least 2 persons should be as partners and a maximum of 20 partners are accepted.

Q: Eligibility criteria for becoming a partner in Partnership firm

A: To be as a partner in Partnership firm, an individual  must be above 18 years . He can be a citizen of any nation (Indian, Foreigners, and NRIs) but at least one partner should be an Indian, according to the Indian Partnership act 1932. A Body corporate can be  a partner of the partnership firm through its authorized representative.

Q: Annual compliances required for a partnership firm

A: Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.

Q: Is audit required for Partnership firm?

A: It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criterion in a partnership firm, it is not necessary to prepare audited financial statements every year but, it is required to prepare a tax audit based on turnover and other conditions.