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Partnership Firm

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

  • Ideal forHome businesses

  • Time Required10-15 days

  • FeesStarting at Rs.500 onwards

The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach.

Many a time it is seen that family members like husband and wife, father and sons, brothers themselves, who know well their likes and dislikes, choices and aspirations, nature and risk appetite, form and manage a partnership business. Understanding the current of thought of the partners plays a key role behind every successful business. The moderate and big partnership business enjoys the benefit of some deduction as an expenditure, like remuneration paid and payable to working partners, the interest on the balance of capital of partners. The provisos regarding allowance of remuneration and interest as a business expenditure can be utilized towards excellent tax planning of the family as a whole, provided certain conditions are fulfilled in drafting the Partnership Agreement and certain management decisions are undertaken on the issue of undergoing audit in the case of the mid-sized firms with turnover up to 2 crore. The Liability of a partner is unlimited though .

Included in our Package

  • PAN Card Registration
  • Accounting/Bookkeeping
  • Partnership Deed
  • Filing of Income tax return

Documents Required

  • Pan card of the partners
  • Address proof of the partners
  • Two colour photos of the partners
  • Rubber stamp of the partnership
  • Digital signature
  • Partnership deed

  • Partnership Deed, Signature of minimum two persons, Photos of minimum two persons

Procedure/Step for Registration

  • 1

    Partnership Startup

  • 2

    Partnership deed Drafting

  • 3

    Partnership Deed Registration

  • 4

    Obtaining PAN and TAN

  • 5

    Obtaining Trade License

  • 6

    Obtaining Professional Tax Registration

Advantage of Partnership Firm

  • The partners bear the risks involved in running a business as a team
  • The partners share amongst themselves the responsibility of decision making and control of day to day activities. Decisions are generally taken with mutual consent.
  • Partnership is characterized by lack of continuity of business since the death, retirement, insolvency or insanity of any partner can bring an end to the business.
  • Mutual agency enables every partner to carry on the business on behalf of others.