Partnership firm


Being a rising and leading company in market, we are engaged in offering Partnership firm services to our clients. It is popular form of business constitution for businesses that are owned, managed and controlled by an association of people to earn profit. Apart from Proprietorship firm, Partnership firm comprises of two or more members, to carry out the same kind of business. All the profits and loses were supposed to collectively shared by the partners and they are said to be responsible for any of the liability. Under Indian Partnership Act 1932, all the rules and regulations for the registration of partnership firm is controlled and maintained. We are bringing forth the most simplest ways of carrying business without any risk. The partnership firm should be registered to get the added advantages provided by the government. Moreover, our offered service is highly appreciated for lesser paper work and early approval. We offer end-to-end solutions to meet the clients' Partnership firm needs.

Procedures one needs to follow for getting registered under a Partnership Firm are following;

  • First procedure of getting registered anywhere is to file an application for company registration of partnership form with required information, full name and full addresses of partners, partnership date, name of firm, duration and placer of firm. All the details need to be verified by all the partners.
  • The number of partners should be in the range of between 2 to 10. One should also take care of the fact, that name of the firm should not coincide with name of any organization, trust name, department, government company etc.
  • The application must be submitted under prescribed form.
  • All the important documents, such as proof of place of business, partnership deed, and specimen of affidavit need to be attached with the form.
  • After receiving the confirmation for registration, apply for the certification of partnership firm.

Eligibility

A team of Indian citizens can start a partnership firm in India. Registrar of Firm can register partnership registration with deed, or can unregister based on a deed.

Compliance

New or existing partnership firms can avail complete business accounting and income tax return filing service, starting from Rs.9899/- per year.

Important Elements of a Partnership

To form a partnership, following elements are essential:

  • An Agreement
  • Sharing Profit of Business
  • Running the Business

Types of Partnership

The two types of partnership are explained below:

  • Partnership by will: This type of partnership involves no contract between the partners for the period of their partnership, or the determination of their partnership.
  • Particular Partnership: This type of partnership is when an individual becomes a partner with other individual for a specific business venture or undertaking. This type of partnership ends when the task is completed.

Types of Partners

There are seven different classes of partners on the basis of the extent of liability in a partnership firm:

  • Active/ Actual/ Ostensible Partner
  • Sleeping or Dormant Partner
  • Nominal Partner
  • Partner in Profits only
  • Sub-Partner
  • Incoming partners
  • Outgoing Partner

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