A partnership is an agreement in which two or more persons share the profits and liabilities of a business or unit. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability. Not every partner is necessarily involved in the management and day-to- day operations of the venture. In some jurisdictions, partnerships enjoy favorable tax treatment relative to corporations.
DOCUMENTS REQUIRED TO OBTAIN PARTNERSHIP REGISTRATION
Form 1 with the prescribed fees
Notarised and Signed by all partner true copy of the Partnership Deed
Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and License Agreement of Business Place)
Copy of PAN Card of partners
Copy of Aadhaar Card/ Voter identity card
ADVANTAGE OF PARTNERSHIP FIRM
- Comparatively Reasonably priced
- Nominal Compliances
- Easy to launch
- Minimum 2 Partners
- No fixed minimum Capital Requirement
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 is not registered, a Partnership firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
Annual Filing NOT Required
A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.
STEPS FOR REGISTERING PARTNERSHIP FIRM
Step 1 :-
Choose Partnership Firm Name.
Step 2 :-
Create Partnership Agreement or Deed with the help of Monitrix Professionals.
Step 3 :-
Apply for PAN Card on the name of Partnership Firm.
Step 4 :-
Opening of Current Bank Account on the basis of PAN Card and Registered Partnership Deed.
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