Partnership Registration

All inclusive Fee Rs. 12,000 Only

Package Inclusion :

  • Free Advisory on Partnership Features
  • Stamp Beauty of the Deed of Partnership
  • Tax Deduction A/c Number (TAN)
  • Bank A/c Opening Support How it works
  • Drafting of Partnership Deed
  • Pan Card of the Partnership Firm

BEST PRICE GUARANTEE

BUSINESS REGISTERED

NO HIDDEN CHARGES

YEARS OF EXPERIENCE

REQUIREMENTS TO START A PARTNERSHIP FIRM

NO FDI is allowed

Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.

Minimum Two Person

Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business).

Unique Name

Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.

No Minimum Capital

No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital.

Partnership Registration Procedure Company

To start a Partnership Registration Procedure, To start a Partnership business, partners need to enter into an agreement which is popularly known as Partnership Deed. Different states impose stamp duty on the partnership deeds, it means while creating a partnership instrument (Deed) the partners must purchase stamp paper of appropriate value to be annexed with the agreement Partnership Firm Registration in Bangalore . An agreement can further be notarized register a partnership firm bangalore. To bring more credibility to the document which is admissible under the law without any doubt the same can be registered as a document by filing the same before the registrar of documents Proprietorship Registration company in Bangalore. Such an act of getting the deed stamp beauty or registered with the registrar of documents does not amount to the registration of partnership procedure bangalore firm as such. Though registration of partnership Firm has not been mandatory under The Partnership Act, 1932, however, section 69 of the act specifies the effect of Non-Registration, which means an unregistered firm shall not be able to recover any sum more than Rs. 100. Thus it is strongly recommended to the partners to get the firm registered partnership deed registration in Bangalore. The registration of Firm can be obtained by filing the deed and Know Your Customer (KYC) Documents of the partners and KYC of premises where the address of firm shall be situated Registration For Partnership Firm in bangalore.

Documents Required to Register a Partnership Firm

  • No objection certificate in the form of an affidavit from the owner of the premises.
  • Pan Card, ID Proof and Address Proof (Aadhar is Must) of all partners.
  • Signature of all the partners on Form No 1 duly attested by CA / Advocate.
  • A signed copy of the Partnership Deed, duly notarised.
  • Colour Photographs of all the partners of the firm.
  • Premises Proof where registered office of the firm shall be situated.

Partnership Firm Procedure

Selection of Name

A Partnership firm needs to be started with a separate name by declaring the same in the agreement to be the name of the firm by the partners. However, care should be taken while deciding the name of the firm to avoid any conflict with someone else trademark. We advise that the name of the firm should be cross checked with the registry of marks to avoid any infringement or passing off the others Trademark or brand name.

Partnership Deed Drafting

The Partnership Agreement is the constitution of the firm which determines the relationship of partners among themselves as well as the relation of partners visa is firm. The agreement also lays down the methods of admitting a new partner or for removal of partner. The capital, Interest on Capital, Partners Salary, and profit sharing ratio are some of the predominant items in the agreement which needs to be carefully drafted.

Partnership Deed Notarisation

A Partnership Deed must be well drafted, and the signature of the partners be made on the agreement in the presence of witnesses before a Notary Public. This brings certainty and establishes that the agreement of partnership is made with the free consent of the parties and in the presence of witnesses so that no one backs out later on that he is not the party of the agreement.

Partnership Firm Registration

Though the partnership act 1932, does not make the registration of firm mandatory, However because of limitations imposed by section 59 of the act. It is strongly recommended to get the firm registered by applying to the registrar of the firm in prescribed manner. While making an application for registration the KYC of the partners, the copy of the deed, KYC of the premises and an NOC from the owner of premises is submitted.

PAN Card of the Firm

PAN is the abbreviated form of Permanent Account Number, which is a ten digit alphanumeric number allotted to the assessee of the income tax by the Revenue Office ( ITO). It is a unique number which identifies the firm before the IT Department. Form No 49A need to be filed along with the copy of partnership deed to get the PAN Card. It takes around a week time.

TAN Number Allotment

A liability is created to deduct the tax while making payments in the course of business. The TDS rates are specified separately which ranges between 1 - 20% depending upon the transaction. The TDS so deducted is deposited with the Income Tax Department and details are filed with the quarterly return of TDS. To comply with the provisions of TDS, a TAN number is allotted by the Income Tax Department.

PRICING TO START PARTNERSHIP BUSINESS IN INDIA

Economy
12,000
Partnership Deed Drafting
Partnership Deed Stamp Beauty
Pan Card for the Firm
Allotment of TAN for the Firm
Bank A/c Opening Support
Shops and Establishment Registration
GST Registration
Professional Tax
Book Now
Deluxe
17,000
Partnership Deed Drafting
Partnership Deed Stamp Beauty
Pan Card for the Firm
Allotment of TAN for the Firm
Bank A/c Opening Support
Shops and Establishment Registration
GST Registration
Professional Tax
Book Now
Ultimate
32,000
Partnership Deed Drafting
Partnership Deed Stamp Beauty
Pan Card for the Firm
Allotment of TAN for the Firm
Bank A/c Opening Support
Shops and Establishment Registration
GST Registration
Professional Tax
Book Now

Advantages of Partnership Registration

Easy to Start

A partnership business begins with the creation of an agreement by the partners. As the registration is not mandatory, the business can start within the same day of understanding/agreement of the partners. However, the Notarization of the agreement or its registration with the register of documents may be taken up later on. Similarly, the registration of firm with the register of firms can also be taken up in due course of time.

Annual Filing NOT Required

Unlike Limited Company or LLP, there is no need to file the annual return for a partnership firm. However, income Tax Return shall be necessary to be submitted at the end of the financial year and within Due Date of filing. There is no provision of audit under the partnership, Act hence a firm does not require to get its books audited. However, if the turnover crosses 2 Crore, then tax audit is mandatory.

Flexibility in operation

The law dealing with the affairs of the partnership business does not require for any particular method of doing things like the article of association in case of a company. Thus the affair of the partnership is regulated by the agreement of partners which lays down the procedure of running day to day operation of the firm. In real sense, there is enough flexibility in operation of the partnership.

Business Name

A Partnership is started by its partners with a separate name in the deed, which is known as the name of the firm. Which over a period acquires goodwill and value. While deciding a name, the care should be exercised to check if it conflicts with some one's else trademark. Our specialists shall be providing you with free consultancy on Name Check and how to protect Business Name, its Logo, Punchline, etc.

Decision Making

Under partnership form of business, there is no separation of ownership and control. Partners monitor and manage the firm without any interference. The partners act in confidence to each other and act of one partner is binding on another. The decision making in case of a firm is relatively a fast process in comparison to that of private Limited company, Limited Liability partnership (LLP).

More Capital Available

In contrast with the proprietorship business where only one person invests in the capital of the business, In the case of the partnership firm, as there are many partners, this means that with more partners more money can be introduced as capital in the firm. Further, in due course of time, another partner can be added to introduce the fresh round of capital.

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