Get General Partnership Firm Registered @ 3,499/- (All Inclusive)
Partnership firms in India governed by the Indian Partnership Act, 1932. A Partnership Firm is Owned, managed by an partners. Partnership firms are comparatively easy to start are is prevalent among-est small and medium sized businesses in the unorganized sectors. Since two or more partners join hands to start a partnership business, it may be possible to pool together more resources as compared to a Sole Proprietorship. The partners can contribute more capital, more effort and more time for the business. Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into Partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.
⇒ PAN Card of All Partners
⇒ Passport Size Photo of All Partners
⇒ Latest Electricity Bill of Business Premises
⇒ Latest Bank Statement of All Promoter & Directors
⇒ Aadhar Card/ Voter ID/ Passport / Driving Licence of All Partners
Advantages Of A Partnership Firm
General Partnerships do not need to appoint an auditor or, if unregistered, even file annual accounts with the registrar. Annual compliances are also fewer as compared to an LLP. General Partnerships do need to file Income Taxes and, depending on turnover, service and sales tax.
Easy to Start
It can be started with just an unregistered Partnership Deed in 2 to 4 days; registration is, however, a wise choice. It would enable you to file suits in court against another firm or partners in the firm for the enforcement of rights arising from a contract or right given by the Partnership Act.
A General Partnership is cheaper to start than an LLP and even over the long-term, thanks to the minimal compliance requirements, is inexpensive. You would not need to hire an auditor, for example. This is why, despite its severe shortcoming (unlimited liability), home businesses may opt for it.
Legal Compliance For Partnership Firm
1. Income Tax Return : – Partnership firm at end of financial year need to prepare it financial statements such as Profit and loss statement and Balance sheet. And apply for filing income tax return.
2. GST Returns : – If Partnership firm who applied for GST registration then , need to file GST Returns on month or quarterly basis