Partnership Firm Registration
(Apply online for the cheapest partnership firm registration.)
Benefits of Partnership Firm
There is no requirement to hire an auditor for General Partnerships, and if the business is currently in midst of registration or is unregistered, yearly accounts filing with the registrar is also not required.
Easy To Start
In 2-4 working days, a partnership could be formed using an unregistered deed of partnership. But, registering for the very same does have its own set of benefits and benefits.
A General Partnership is significantly less expensive to establish than an LLP. And in the longer term, it will be cost effective because the legal needs are low.
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Documents required for OPC Registration
Identification and address proofs could be provided using any of the documents listed below.
- PAN card
- Driver License
- Aadhar Card
- Voters ID
The mentioned documents can be used to demonstrate evidence of business premises:
- Sale Deed in case if the Partner owns the place.
- Rental agreement (if office is on rent).
- Recent electricity bill or the tax bill receipt.
Types of Partnership Firm
Unregistered Partnership firm
Partnership businesses are not required to be registered under this statute. As a result, a large number of partnership firms function like a unregistered partnership firms. There seem to be no fines for partnership businesses that do not register. A partnership business could also be incorporated once it has been formed. However, unregistered partnership businesses have indeed been prohibited some rights under Section 69 of the Partnership Act, that deals primarily with the implications of the partnership firm’s non-registration.
Registered Partnership firm
The benefits of registering a partnership firm include providing indisputable legal documentation of the partnership’s formation and the composition of members, their addresses and commercial activities, the firm’s office, and so on to those who interact with it. The main benefit of registration would be that a registered partnership partner could sue the co-partners and also the company in the event of a conflict. They are also eligible for tax benefits underneath the rules of Income Tax Acts
Frequently Asked Questions
You can register a Partnership firm just by following these steps. Visit Finaxis.in/contact-us and Fill up a simple form providing basic contact information and our team will contact you.
No. It is completely optional, but registering for it will have its benefits like government subsidies, tax benefits, legal aid etc.
Dissolving a partnership firm entails ceasing to do business underneath the partnership business’s title. All liabilities are ultimately resolved in this scenario by selling assets or passing it to a specific partner, resolving all accounts with the partnership business.
A partnership deed is a contract among a firm’s members that spells out the clauses of their partnership. Among the most common forms of organisations for launching a new business is a partnership firm.
Any number of money could be used to create a partnership business. There really is no such thing as a minimal requirement.
It is not essential to submit audited financial information every year for Partnerships. Nevertheless, depending on turnover as well as other factors, a tax audit might well be required.
A person who is an Indian citizen could form or become a partner in partnership firm. Nonresident Indians and those of Indian ancestry could only participate in a Partnership with the government’s permission.