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Registration of Partnership Firm Registration in India

Online Partnership Firm Registration Registration  


Online Registration of a Partnership Firm Registration is now easy with Tax Robo's simple Partnership Firm Registration Registration Process. Register today!


Professional CA/CS/CMA Support
 
Quick Process
 
100% Compliance Support
 
Easy Process
 
All Financial Services in One Place
 
Tele Support

Who is a Partner?


When two or more people or companies form a group with the purpose of running a Business and sharing profits and losses that may be generated by their combined inputs, such an arrangement is called a Partnership.

 

What is a Partnership Firm?


A company whose ownership is divided between two or more people or companies is called a partnership firm. In simple terms, no single individual or company is the complete owner of the firm and major decisions are usually taken after consulting all the partners (owners). Partnership firms will be registered under the Indian Partnership Act, of 1932.


What type of partnership would be the best for me?





If you have a group of friends/Business partners willing to form a company together, it would be best to register your firm as a Limited Liability Partnership since it offers many benefits and also protects against unlimited losses.

 Are there different types of partnerships legally?

 

Yes. Partnerships can be legally categorised into 3 types

General Partnership is an arrangement where all partners enjoy decision making powers and share profits and losses incurred equally.

Limited Partnerships consist of two types of partners. The general partners have a say in running the Business, sharing profits and bearing losses equally among themselves.

A limited partner does not participate in running the Business and in exchange gets shielded from taking full responsibility for any losses, if incurred.

Limited Liability Partnerships are a combination of the above two modes of partnership. As the name suggests, every partner, be it a general partner or a limited, gets some form of protection against losses.

   Benefits of registering as a Partnership firm :

 

Registering as a partnership firm over a sole proprietorship has many benefits Some of them are :

✓ Easy Formation: A partnership firm can be easily formed in one day since it does not require a legal registration but a partnership deed. The absence of legal formality makes it hassle-free and cost-effective.

✓ Larger Resources: A partnership firm can accumulate financial resources easily since it has more partners who can input funds whenever needed.

✓ Flexibility in Operation: Responsibility to run the Business gets divided amongst partners hence workload gets reduced unlike in the case of a sole proprietorship.

✓ Easily Acquire Loans: Banks and financial institutions are more likely to give loans to a partnership firm over a sole proprietorship. Having more partners increases credit scores and thus helps in raising funds.

✓ Liability Sharing: Losses are shared among all partners in a partnership firm compared to being borne by a single owner in a sole proprietorship.

✓ Easy to Dissolve: With the consent of all partners in the firm, a partnership firm can be dissolved by issuing a notice of the agreement. It is also called Voluntary dissolution.

Registration of Partnership Firm & firm registration procedure under the Indian Partnership Act, 1932

 

Partnerships firms are very easy to form and they can be established in a single day. Partnership deed registration will be done by the respective Registrar of Firms. Partnership deed registration fees will be collected by the Registrar of Firms. Tax Robo will help with the online registration of partnership deeds in the state of Tamilnadu. After satisfying with valid proof of documents before the registrar, the Registrar of the Firm will issue the partnership firm registration certificate.

We at Tax Robo are committed to helping you set up your very own Partnership firm, without going through hassles of paperwork and complicated legal formalities.

From initiating the process to its completion, we'll take care of everything while ensuring your new partnership firm is as solid in practice as it is on paper.

We'll also guide you through ways to file Taxes effortlessly while saving money and getting licenses and permissions without breaking a sweat!

Just give us a call and we'll be at your service.

Partnership Firm Registration Packages

Basic Package

₹4999 .00

* All Inclusive

  • Partnership Deed Drafting (Registration Extra Cost Rs.3000/-) Tamilnadu Only
  • PAN
  • GST Registration
  • Free Bank Account Opening

Family Auditor

₹8999 .00

* All Inclusive

  • Partnership Deed Drafting (Registration Extra Cost Rs.3000/-) Tamilnadu Only
  • PAN
  • GST Registration
  • IE Code Registration
  • Free Bank Account Opening
  • Free GST Monthly Return 1 Month
  • Free Tax Consulting  

Knowledge of the Business

✓ Do you have previous experience in the same Business? how many years?

✓ Product analysis with the questions of whether the product is under any restricted sales in India eg. Cement, Steel.

Marketing Strategy

✓ Marketing strategy is available with target customers.

✓ Pricing of products and margin available in the product.

Growth of the Business

✓ Growth of the Business in India for the next 5 to 10 years.

✓ Feasibility report of the Business and products.

✓ Business plans and projected Financial Product for 5 years.

Funds – Working Capital

✓ Sufficient working capital required for running the Business for a minimum period of 3 months. The funds can be own funds or Bank funds.

✓ How many months of Investment in the Business have required, returns on investments, and working capital funds available for fixed expense months?

How to Registration Partnership Firm in India

Here are the easy steps one can follow to register a Sole Proprietorship Company. Since the entire process is now online, you don't need to be physically present for any formalities. One Person Company can be formulated in just 3-7 working days.


Partnership Firm Registration Process Online - Simple Steps

Step 1

Select Trade Name

Step 2

Incorporation Of Documents

Step 3

Draft Partnership Deed and File Forms

Step 4

Get PAN, Incorporation Certificate,, GST Certificate & Bank Accounts

Documents Required For Incorporation Of a Partnership Firm Registration


ID Proof

Scanned copy of PAN Card, Voter ID, Passport , Driving License

Registered Office Proof

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property) / Registry Proof or House Tax Receipt (in case of owned property)

Address Proof

Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Compliance After Incorporation Of a Partnership Firm 


Statutory Obligations

✓ File GST return every month without delay

✓ PF & ESI return filing

✓ TDS Payments & Return filings

✓ Advance Tax payments

✓ File Income Tax return by every year before due date

Compliances

✓ GST registration

✓ PF & ESI Registration if applicable

✓ Profession Tax registration

✓ Import & Export Code registration

✓ STPI Registration / SEZ registration

✓ Secretarial compliance required for passing resolutions, Change in Management, entering contracts, loan obligations etc

Accounts & Operations

✓ Open a Bank account with one Private Bank and one scheduled Bank

✓ Get one accounting software with GST facility

Performance

✓ Review Financial Products performance by every 3 months

✓ Compare the budget amount with actual Financial Products results