Partnership Firm Registration

 

A Partnership is one of the most important forms of a business organization, where two or more people agree to cooperate to advance their mutual interests. They share liabilities as well as profits of the firm in a predetermined ratio. In India, Partnerships are widely prevalent because of their ease of formation and minimal regulatory compliance.

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Basic Plan Includes

• Partnership deed drafting
• Partnership deed notarization
• Company PAN Card
• Company TAN/TDS Number

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Basic Package Includes = • Partnership deed drafting • Partnership deed notarization • Company PAN Card • Company TAN/TDS Number

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advantages

Easy Formation
& Dissolution

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Formation of Partnership Firm is easy and not much legal formalities are involved in formation. Registration of Partnership Firm is not compulsory. So a Partnership Firm can start its business immediately after entering into Partnership Deed. However, registration of a Partnership Firm is always advisable as there are many add on benefits given to a Registered Partnership firm.

Winding up of a Partnership Firm can be done by simply entering into a dissolution deed. There are very less legal processes for winding up a Partnership Firm as compared to a Company.

No Annual
Compliances

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The Registrar of Firms does not require the Partnership Firms to file Annual Returns like the Ministry of Corporate Affairs in case of Companies or Limited Liability Partnerships. As the annual compliances are lesser, it reduces efforts and cost for the partnership firm. A Partnership Firm is not required to file Audited financial statements with the Registrar of Firms. Therefore a Partnership Firm is not required to get its books of accounts audited. However, it might be necessary as per the provisions of Income Tax Act, to do Tax Audit if turnover exceeds prescribed limits The annual and event based compliances and regulations to run business are considerably less in case of a Partnership Firm as compared to Company of LLP.

Risk
Sharing

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In partnership every partner bears the risks individually as it is easier compared to sole proprietorship. In a partnership firm interest of every partner is protected against any fraud.

Better
Management

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Due to the limited number of partners there is flexibility in the operations of business as the partners can amend any objectives or change any operations any time by mutual consent. Business of a partnership firm is very well managed by all the partners as they take interest in the daily affairs of business because of the ownership, profit and control.

limitations

Unlimited
Liability

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Partnership firm does not provide its Partners with limited liability protection. The liability created by a partner in the partnership firm will also make each partner personally liable. Every partner is jointly and severally liable for the losses of a partnership firm.

Each partner is ‘jointly and severally’ liable for the Partnership’s debts; that is, each partner is liable for their share of the Partnership debts as well as being liable for all the debts.

Trust
Issue

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A Partnership firm is easy to start and does require any registration. The Firm can also operate without much of a structure or regulations. Hence, it often leads to distrust amongst the general public.

Raising
Capital

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The ownership structure of Partnership firm does not allow for investment from Angel Investors, Venture Capitalists or Private Equity Firms. Banks, Financial Institutions also prefer to lend to Companies than Partnership Firms as Companies are separate entities and the regulatory requirement for financial reporting of Companies – makes a company more transparent and structured.

Abrupt
Dissolution

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A partnership firm would be dissolved due to the death or insolvency of a partner. Such an abrupt dissolution will hamper a business.

FAQ's

For simple questions, simple way of answer.

How long does it take to set up a Private Limited Company?
Once all the documents are in order, it will take no longer than 15 days. However, the processing period is dependent on the workload of the registrar.
Who can be a Director/Shareholder of a Private Limited Company?
Any individual over the age of 18 years, having a valid PAN Card, can become a director in a company. Also, since there are no conditions for residency or citizenship, even NRIs and Foreign Nationals can quickly begin and operate a private limited company in India.
What documents do I require to complete the process of registration?
All directors are required to present identity and address proof, as well as a copy of the PAN Card (for Indian Nationals) and Passport (for foreign nationals). No-objection Certificate (NOC) must be submitted by the owner of the registered office premises for having the registered office in his/her premises and must present his/her identity proof and address proof.
Do I need to be physically present during the Company Registration ?
Company registration is a 100% online process, no need to present physically at our office or ministry of corporate affairs. We will send our personnel to your home or office for a doc. signature.
Can the director of a Private Limited Company also be a salaried person?
Yes, a salaried person can become the director in private limited, LLP or OPC private limited company. One needs to check the employment agreement if that allows for such provisions. In many cases, the employers are quite comfortable with the fact that their employee is a director in another company
Can I use a residential address to register my Private Limited Company?
Yes, you can register a Private Limited Company at a RESIDENTIAL ADDRESS.
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