Partnership Firm REGISTRATION
Partnership firm registrations service is provided by TaxHills.We have made Startup registration services online,simple and easy for India.
what is partnership firm
A Partnership firm is a business entity created by persons who have agreed to share profits or loss of the business. Partnerships are a very good choice of business entity for small enterprises wherein two or more persons decides to contribute to a business and share the profits or losses. In India, Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance.
HOW to start partnership firm registration
To start a partnership firm, the partners need to enter into a partnership deep. The deed should ideally be in writing and get it notarized. The registration of the firm is not mandatory, however, strongly recommended.
Draft Partnership Deed and Getting Notarized
Apply for Pan Card of the Partnership Firm
Obtain TAN Number
Open Bank Account
GST Registration & MSME
DOCUMENTS REQUIRED FOR PARTNERSHIP FIRM REGISTRATIONS
WHAT ARE ADVANTAGE AND DISADVANTAGE OF PARTNERSHIP FIRM REGISTRATION
No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the capital of the firm.
Minimal compliance requirements. For instance, a Company or LLP requires the annual filing of its financial statements with the Registrar of Companies.
Partnership Firm does not provide the limited liability protection. So the partners would be held personally liable in case of any loss or liability.
A partnership cannot raise equity funds from angel investors, venture capital firms or PE funds. Banks also tend to restrictions on the amount of credit they can lend.
Foreign investment in a partnership firm is not permitted. In the firm, only Indian citizen can become the partner and start the partnership firm.
Consultation with Advisor
Partnership Deed Drafting
Partnership Deed Notarization
PAN & TAN Allotment
Bank Account Opening Support