A partnership is a contract between the partners of the business.
Under partnership business, All partners shall execute an agreement or partnership Deed among the partners on a stamp paper about the objective of the company, place of office, duties of partners, capital structure, profit/ loss sharing, continuity of the business in the event of death, do's and don'ts etc.
Under Partnership Act 1932, the partnership is not a separate body; it merely represents the relationship between the partners.
Partnership business is best for non-risk-oriented services, where the partner's responsibility is unlimited to the associated decision taken by the Firm.
A partnership Firm is an agreement among the partners of the business, just similar to a contract.
It has a minimum of two partners to manage the Firm.
Steps in Firm Registration
· Select the unique Business name for the Trade Name of the business
· Obtain the documents from each partner (Pan, Aadar, photo)
· Get the Rental agreement for the office place of the Firm
· Finalize the capital clause, profit sharing, and other terms and conditions
· Registration of the Firm
· Apply for a new Pan card in the name of the Firm
· Get the GST registration
· Get the MSME for the Firm
· Open a Current account in the firm name
Before proceeding with Firm Registration, we must make sure the below.
Get the unique business name without copying any Brand or existing Tradename, and get it vetted with the firms' register for the name's availability.
Once the Firm name is available, we can proceed with the Firm's Registration.
Steps involved in Firm Registration
There are three main steps in the LLP registration
· Name finalization with Registrar of Firms
· Registration of the Firm
· Applying for Pan, Tan, Gst
Below are the essential documents must for Partnership firm registration.
· Pan and aadhar of each partner
· Capital and profit sharing of each partner
· Get the business rental agreement in the Firm name
· Utility bills like electric bills or phone bill
· Partners consent letter
· Deed drafting and finalization with Partners' consent
Partnership firm Features
As the partnership firm is a contract agreement among the partners of the Firm, the main features of the Firm are
· A partnership firm is an agreement between the partners
· Partnership firm allows sharing of the profit of the Firm. Each partner
· A partnership firm is a mutual agency kind of agreement
· A partnership firm has unlimited risk
· Partners have contractual relationships due to the agreement
Partners of the Firm responsibility
A partnership Firm's main character is its partners are exposed to unlimited liability to the business.
The agreement between the partners laid out the dos and don'ts, along with profit and loss sharing.
Also, the partnership law Act doesn't give separate legal entities to the Firm.
If any unforeseen vent happens and the business gets the loss, the partners are liable for the company's risk.
Partnership firm Filings
The Firm, as a business, must comply with the income tax, Gst, PF and ESI rules and regulations for compliance.
The Firm must comply with the TDS provisions as and when TDS is to be deducted and issue Form 16/16a
Non-filing of TDS liable for late fee and penalty
If the partnership firm business cross Rs.20Lac, then GST registration and filing is a must.
PF and ESI filings
If you have an employee count of more than 10, you must have PF and ESI compliance in place. The partnership firm business must file the monthly PF and ESI return with the help of Team IN filings.
Benefits from Partnership Firm
· Minimum capital required for Firm Registration
· Start the Firm instantly no need for any separate license
· Significantly lower cost to register the Firm
· No statutory audit is required for your Firm
· Easy to operate and manage the books
Income tax returns filings the partnership business.
Every year, the Firm's ITR filed before the 31st of July
Form ITR 5 is to be used to report the business's net profit or loss along with capital, liability, assets etc.
The partnership Firm Income tax rate is 30% of the net taxable income after adjusting the partner's remuneration interest payment etc.
Benefits from our Firm's in-house consultants
· Professionally qualified consultants
· Expert in the partnership Act and filings
· Error-free Firm ITR tax filings from the last ten years
Apart from tax return filing, they are engaged in handling tax department notices, advising clients about resolving tax disputes, etc.
Partnership Firm Registration fee
Partnership registration fee is relatively lesser compared to other Companies.
· Partnership Firm Registration fee: Rs.5000 plus govt. fee
· Time required: 15 days from the date of receipt
Difference between Partnership Firm & LLP
The main difference is given below
· LLP has a separate legal business, but the partnership has no such different legal status
· Under LLP, the partner has limited risk, whereas in partnership partner has unlimited risk
· In LLP, there is no limit for the number of partners, but in partnership, it has 100 only
· LLP can hold property in its name, but a partnership cant hold property in its name
· you can form LLP with foreign nationals, but in a partnership firm, no such option
· Law creates LLP, but the partnership is created by Contract with partners.
Our expert team of Firm registration consultants have worked with Big MNCs in the Firm's Registration, taxation, and Accounting department for more than ten years; they hold LLP Act, taxation and financial management degrees from reputed institutes, including ICAI and ICSI etc.
They are giving benchmark advisory services at affordable fees across Bangalore.
They properly review the partnership Deed, Firm accounting, invoicing, purchase, etc., before taking a call on the tax planning and filings.
They have a good network with MCA, Roc and Tax office to minimize the litigations to clients.
We have a partnership firm registration and filing process with a benchmark fee.
Our partnership firm experts do quick checks.
· Review the required documents and advise accordingly
· Internal assessment and update to management
· Advise on the best option for management
· Handover the finalized report for finalization of Firm books
The Team In filings Bangalore based consultants Firm comprised team members from CA and CS professionals practising for the last 10+ years in Bangalore, providing a host of services including partnership firm advice, tax advisory services, Company Registration, Trademark registration, Trademark objection filing, Trademark hearing, Company Registration, GST services, Tax return filing as well as Gst advice Service, Tax consultancy, and Management have been providing various tax planning, business setup filing-related services from the 15 years in India.
Find your Team IN Filings partnership management consultant to get the assured LLP Registration and LLP tax filing service on time with the best tax plans fast and efficiently with our Team members and get expert advice to help you with minimized risk advise Trademark renewal update. This includes LLP law periodical updates, Trademark status reports, Firm tax compliance, GST support invoicing software and free filing software. GST invoicing, cloud-based filing software, as well as Accountants Assistance. Partnership Firm Registration 5K+ is processed. Rapid and reliable Company tax filing service provider in Bangalore. Karnataka
Contact Team IN Filings
Trust our dedicated Team of professionals to get your Partnership Business service today.
Get in touch with our Team today and get a FREE consultation!
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Call at +91-7019827351 team@teamIndia.co.in to get your Firm Registration done!