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Partnership 2018-05-31T11:00:32+00:00

Partnership

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and Conseltex can help start a registered or un-registered Partnership firm in India.

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Reasons to Register a Partnership.

Business Name

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name – as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

Partnership Deed

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Annual Filing NOT Required

A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership’s and Company’s are required to file their annual accounts with Registrar of Companies each year.

Advantages

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

1. Drafting Partnership Deed

Deed Registration

2.Deed Registration (Optional)

PAN & TAN

3. PAN & TAN Applications

Document Required for Partnership Registration

  • Identity proof of Partners

  • Address proof of partners

  • Proof for Registered office in india

  • Signed partnership deed

Document Required for Partnership Registration

A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.

The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.

PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.

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