Partnership Firm Registration

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Partnership Company Registration

What is Partnership firm

A Partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.
That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses.

Why to choose Partnership firm

Legally the business is registered between the partners by way of an agreement
Legal compliances is very less.
Restrictions on Transfer of Share.
Easy Closure.

Importance of Partnership firm

Not a legal entity
Unlimited Liability
Limited Capital

When to commence Partnership

Partnership deed required, MSME, GST, Shop & Establishment.

Partnership Company Registration Packages

Partnership

Basic

~~Rs 6999/-~~

Rs 4999/-

Partnership Deed drafting (registration extra cost Rs.3000/- * tamilnadu only)

PAN

GST registration

Free Dmat account opening

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Premium

~~Rs 12999/-~~

Rs 9999/-

Partnership Deed Drafting (Registration Extra Cost Rs.3000/- * Tamilnadu Only

PAN

GST Registration

Free Dmat account

IE Code Registration

Free GST Monthly Return 3 Months

Free Tax Consulting

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Important Steps Before Formation of Partnership Company Registration

Knowledge of the business

Do you have the previous experience in the same business? how many years?
Product analysis with the questions whether the product under any restricted sales in India eg. Cement, Steel

Growth of the Business

Growth of the business in India for the next 5 to 10 years?
Feasibility report of the business and products
Business plans and projected Financial Product for 5 years

Marketing Strategy

Marketing strategy is available with target customers?
Pricing of products and margin available in the product ?

Funds – Working Capital

Sufficient working capital required for running the business for minimum period of 3 months. The funds can be own fund or bank funds.
How many months Investment in the business have required, return on investments and working capital funds are available for fixed expense months?

Documents required for Partnership Company Registration

ID Proof

Scanned copy of PAN Card of all directors and Voter ID/ Passport/ Driving License

Address Proof

Latest Bank statement/ Utility bill in the name of director which should not be older than two months

Photo

Latest passport size photograph

Registered Office Proof

No Objection Certificate (NOC) from the owner, Utility bill (should not be older than two months) and Notarized Rent agreement (in case of rented property)/ Registry Proof or House Tax Receipt (in case of owned property)

Compliance after formation of Partnership Company Registration

Accounts & Operations

Open a Bank account with one Private bank and one scheduled bank
Get one accounting software with GST facility

Compliances

GST registration
PF & ESI Registration if applicable
Profession Tax registration
Import & Export Code registration
STPI Registration / SEZ registration
Secretarial compliance required for passing resolutions, Change in Management, entering contracts, loan obligations etc

Performance

Review Financial Products performance by every 3 months
Compare the budget amount with actual Financial Products results

Statutory Obligations

File GST return every month without delay
PF & ESI return filing
TDS Payments & Return filings
Advance Tax payments
File income tax return by every year before due date