Propel your business with Probal Consulting Group.
WHAT IS PARTNERSHIP FIRM?
Two or more partners can establish a partnership firm after entering into a written agreement. The partners owe full responsibility for all the financial happenings in the firm. A partnership firm can be registered at any time, irrespective of the date of initiation.
WHO SHOULD OPT FOR PARTNERSHIP FIRM?
Partnership firms are best suited for small and medium businesses with average capital investment. They are audit-free(under certain conditions) and relatively inexpensive. Said that legal documentation for partnership firms could be a challenging task. It’s better to hire experts like us to handle all the nitty-gritty of the legal process!
Benefits
Easy to incorporate
There is no specific registration that needs to be obtained to incorporate a Partnership firm. It can be done just with a Partnership deed and PAN card in the name of the firm.
Easy availability of funds
Some businesses need a considerable amount of investment that cannot be obtained by a Sole proprietor. But, in the partnership firm, every partner can infuse necessary funds to solve any financial problem.
Absolute control
In partnership firms, virtually every control rests with the partners. This makes decision making the task very simple and prompt as compare to Companies. Partners hold wide-ranging power in a partnership firm.
High accountability
As all the partners hold a substantial share in the firm, they work more diligently for the success of the business. This can ensure a better chance of running a successful business.
Required Documents
► PAN card of the Partnership firm [ Permanent Account Number, mandatory for all business activities]
► Address proof [ Voter ID, Adhaar Card, Driving License of the applicant ]
► Signature [ A signature specimen of the applicant ]
► Passport Photo [ Clear photo of the applicant ]
► Consent letter if the place is acquired by consent [ Consent letter with the proof of ownership, signature, and ID proof of the owner of premises.]
► NOC of the Owner [ No objection certificate by the Owner allowing deemed business activity]
Our Sole Proprietorship Package Consists
Consultation session
We will arrange a consultation session for you with the field expert to guide you through the whole registration process. We believe in keeping our clients up to date with the complete information about their process.
Registration under Shop and Establishment Act
In some cities, registration under this act is mandatory. The registration fee for different states in different.
PAN registration
We will help you with PAN registration for your business.
Help in opening Current Account
After the completion of the registration process, we will help your prepare an application to submit to the bank for the account opening.
Registration under GST act
If your business is crossing the threshold limit of aggregate turnover limit, or you are an e-commerce firm or supplying goods to various states, we will help you register your firm under the GST regime.
A GOOD START IS THE WORK HALF DONE !!!
Frequently asked questions
No, Government does not allow NRIs and PIO(Person of Indian Origin) to invest in a partnership firm. Though, with the prior approval from the Government of India, they can invest in a Proprietorship firm in India.
The law mandates that the minimum number of partners in a Partnership firm can be two, and the maximum number of partners can be 20.
There is no law about the minimum amount that is needed to start a Partnership firm in India. You can start it with any amount.
No, except Partnership Agreement, there is no other certification for a Partnership firm.
Yes, under the law, a partnership firm is not treated as a separate legal entity. So partners are entirely liable for any losses that may be incurred by the firm. Any debts will be paid off by selling assets of the partners
Yes, rights can be transferred to anyone else with consent from all the partners. If even a single partner objects, the process of transfer cannot be completed.
Partnership firms are mandated to file their annual returns with the Income-tax department. On the nature of their business, they might have to file GST returns as per the law. Partnership firms are not liable to file a regular audit report.
Related Services
Propel your business with Probal Consulting Group.
Kick-start your business with our full-suite accounting and legal services.
Lead India’s transformation with your Entrepreneurship!
Register your company as a “Private Limited” entity and reap benefits of the Start-up India initiative!
No worries get yourself registered as One Person Company (OPC) and march on! Initially, a minimum of two members and two directors were necessary to establish a company.
Register your firm as an LLP(Limited Liability Partnership) and get the dual benefits of a partnership firm and a company!
