A Partnership Firm could be an in style sort of business constitution for businesses that square measure closely-held, managed Associate controlled by an Association of individuals for profit. Partnership Corporation’s square measure comparatively straightforward to begin square measure is prevailing tiny and medium sized businesses within the unorganized sectors. With the introduction of liability Partnerships in Asian nation, Partnership corporations square measure quick losing their prevalence thanks to the benefits offered by a liability Partnership.
There square measure 2 varieties of Partnership corporations, registered and unregistered Partnership firm. It’s not mandatory to register a Partnership firm; but, it’s better to register a Partnership firm thanks to the benefits. Partnership corporations square measure created by drafting a Partnership deed among the Partners and Ali Tax World will facilitate begin a registered or unregistered Partnership firm in India.
Reasons to Register a Partnership
Easy to Start
A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.
Since the name of a Partnership firm isn’t registered, a Partnership firm will prefer to have any name – as long because it doesn’t infringe on a registered trademark. However, since the name isn’t registered, the other person may also use a similar business name unless trademark registration is obtained.
In a Partnership firm, the partnership deed can verify the possession of the firm, percentage magnitude relation, rights and responsibilities of every of the Partner. A partnership deed is registered with the Registrar.
Annual Filing NOT Required
A Partnership firm isn’t needed to file its annual accounts with the Registrar every year not like a financial obligation Partnership or Company. Financial obligation Partnership’s and Company’s square measure needed to file their annual accounts with Registrar of corporations every year.
Bank account is opened within the name of a Partnership firm. To open checking account, the partnership deed copy and KYC documents of the Partner should be submitted beside the other document PRN by the Bank.
DOCUMENTS REQUIRED FOR PARTNERSHIP REGISTRATION
Identity and Address Proof
Identity and address proof are needed for all administrators and shareholders of the corporate to be incorporated. Just in case of Indian nationals, PAN is obligatory. For foreign nationals, or notarised copy of passport should be submitted obligatorily. All documents submitted should be valid. Residence proof documents like statement or electricity bill should be but a pair of months previous.
Registered Office Proof
All firms should have a registered workplace in Republic of India. To prove access to the registered workplace, a recent copy of the electricity bill or land tax receipt or water bill should be submitted. Alongside the utility bill, rental agreement or sale deed and a letter from the owner with his/her consent to use the workplace as a registered workplace of an organization should be submitted.
How we help with partnership startup
Ali tax World can startup a Partnership in 7 to 14 days.
Partnership Deed Drafting
An Ali Tax World monetary skilled can 1st perceive your business, Partners, Partnership structure and different relevant details to draft a Partnership Deed that’s acceptable to any or all Partners.
Partnership Deed Registration
Based on your needs and also the service level you have got requested from Ali Tax World, we are going to assist you register the Partnership Deed with the relevant authorities to create the Partnership a Registered Partnership Firm.
Obtaining PAN & TAN
Based on the package you had chosen, we are going to assist you acquire PAN and TAN registration for your Partnership Firm from the relevant Authorities once the Partnership Firm is registered.
ALI TAX WORLD
Uttar Pradesh’s Largest Business Services Platform
Ali Tax World Mission
We help Entrepreneurs start and operate successful businesses
Ali Tax World is Uttar Pradesh’s largest online business services platform dedicated to helping people easily start and manage their business, at an affordable cost. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.
Ali Tax World partners with a network of experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers, Ex-Bankers and Financial Experts across India to provide a comprehensive range of services for small and medium sized enterprises.