✓ Create Partnership Firm
✓ Easy to Start
✓ Minimal Compliance
Create Partnership Firm
It is easy to start your Partnership Firm as there are very less compliance. Services Include:
➦ Partnership Deed
We will draft the Partnership Deed, which serves as the constitution of firm.
➦ PAN & TAN Registration
File the application of PAN & TAN with NSDL.
Note down the Required Documents
✍ PAN Card of the Partners
✍ Aadhaar Card/Voter’s ID/Driving License/Passport
✍ Passport Size Photographs of partners
✍ Notarised Rental Agreement in case of rented property or Sale/Property Deed in case of own property
✍ No-objection certificate from Land Owner in case of rented property
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Know about General Partnership
A General Partnership firm is governed by the Partnership Act, 1932. It 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 a Partnership Deed that may or may not be registered. In such a business, the members are individually partners and share the liabilities as well as profits of the firm in a predetermined ratio. This structure is thought to have lost its relevance to some extent since the introduction of the Limited Liability Partnership (LLP) because its 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 an attractive option for businesses.
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FAQs on General Partnership
1. Why should I set up a partnership firm?
Low costs, ease of setting up and minimal compliance requirements makes it an attractive option.
2. Is a partnership firm a separate entity?
The partners in a partnership firm are the owners, and thus, are not separate from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.
3. Is partnership firm registration necessary?
No, registration of a partnership is not necessary. However, for a partner to sue another partner or the firm itself, the partnership should be registered. Moreover, for the partnership to bring any suit to court, the firm should be registered. For this reason, it is recommended that larger businesses register the partnership deed.
4. What are the main aspects of a partnership deed?
The deed should contain names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for intake of partners or removal.
5. Whether Partnership firm would be required to maintain books of accounts?
Yes, partnership firm has to maintain books of accounts for the business.
6. Do I have to be available in person to register the Partnership Firm?
TaxRodo provides the virutal services, which means there is no compulsion for you to be present at our office physically. A scanned copy of documents can be uploaded or sent via mail, and we will handle the rest.