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Partnership

Partnership

Partnership firms are relatively easy to start are is prevalent amongst
small and medium sized businesses in the unorganized sectors. At
least two members are required to start a partnership business. But
the number of members should not exceed 10 in case of “banking
business” and 20 in case of “other business”. If the number of members
exceeds this maximum limit, then that business is not called as a
partnership business legally.


Advantages

  • 2 Partners can start the business.
  • More Capital so better growth as compare to proprietorship business.
  • Easy to start.Registration is not compulsory however if the firm is not registered, it will be deprived of certain legal benefits.
  • Partners share responsibilities and duties of the business.
  • Annual Filing not Required.

    • Disadvantages

  • Unlimited Liability of the partners.
  • Maximum 20 Members are allowed.
  • Raising Fund is not easy.
  • Restriction on transfer of interest.
  • Disagreement among the partners

    • Registration

    There are two types of Partnership firms, registered and un-registered Partnership firm.
    It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners.
    In order to register a partnership firm:-
  • ISelect the desired partnership firm name.
  • Apply for PAN in the name of the partnership firm
  • Partnership Deed(link to take the visitor to the part where we will help him to create partnership deed/registration)
  • Bank account can be opened with the PAN and Partnership deed.
Documents
  • Address Proof and Photo ID of Partners
  • Rent Agreement of the registered Office
  • No objection certificate from the owner
  • PAN card
Traditional
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  • 100 Database
  • 1000 Email Addresses

Faq's

Is it necessary to Register for GST ?

All existing taxpayers registered under any of the following Acts :
a) Central Excise
b) Service Tax
State Sales Tax or VAT (Except exclusive liquor dealers if registered under VAT)
a) Entry Tax
b) Luxury Tax
Entertainment Tax (Except levied by Local Bodies)
have to register for GST. The enrolment for GST will ensure smooth transition to the GST regime.

Is the Registration process different for taxpayers registered under Centre, State or Union Territory Tax Acts ?

No. The Registration process is common for all taxpayers registered under Centre, State or Union Territory Tax Acts

Do existing taxpayers required to enrol separately with Central and State authorities under GST ?

Registration under GST is common for both GST and State GST. Also there is common Return and common Challan for Central and State GST.

When will Provisional Registration Certificate be issued ?

The Provisional Registration Certificate will be available only if the Registration Application is submitted successfully.

When will be the Final Registration Certificate be issued ?

The Final Registration Certificate will be issued within 6 months from the date of verification of documents by Authorised Center/State officials of the concerned Jurisdiction.

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