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Partnership

A partnership is a relationship existing between two or more persons who join to carry on a trade or business.

DealTax is providing an end to end cooperation with the partnership firms for the smooth operation of their businesses.

Everything you should know about a Partnership

  • Partnership firms are one of the easiest to start. The only requirement for starting a partnership firm in most cases is a partnership deed. Hence, a partnership can be started on the same day. On the other hand, it would take about 5 to 10 working days, as the digital signatures, DIN, Name Approval and Incorporation must be obtained from the MCA.
  • Decision making is the crux of any organization. Decision making in a partnership firm could be faster as there is no concept of the passing of resolutions. The partners in a partnership firm enjoy a wide range of powers and in most cases can undertake any transaction on behalf of the partnership firm without the consent of other partners.
  • When compared to a partnership firm can easily raise funds. Multiple partners make for a more feasible contribution among the partners. Moreover, banks also view a partnership more favorably while sanctioning credit facilities instead of a proprietorship firm.
  • Every partner owns and manages the activities of their firm. Their tasks might be varied in nature but people in a partnership firm are united for a common cause. Ownership creates a higher sense of accountability, which paves the way for a diligent workforce.
  • There are high chances of getting a sound fund for the company because investors prefer investing in Private limited companies as it has less interference.

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    FAQs

    I have just incorporated my Partnership. What are the MUST compliance(s) that I have to pay for?
    Once a Partnership gets incorporated, Annual Fillings, Income Tax Compliancewith the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual reports or accounts need not be filed with the Ministry of Corporate Affairs, which is required for Limited Liability Partnerships.
    Is it mandatory to have GST even after registering a Partnership?
    A new start-up registered under the Startup India scheme needs mandatory GST registration. If you are in E-commerce then acquiring GST is committal. Partnership incorporated in other special category states when exceeding the limit of an annual turnover of INR20 lakhs even. Get started
    Difference between an LLP and Partnership?
    The registration cost is more than of a Partnership other than that one of the major differences is in case of a Partnership Firm, if the number of partners at any time reduces below the mandatory minimum of 2 due to death, incapacitation or resignation of a Partner, the partnership firm would stand dissolved.
    What is the procedure for online registration of a Partnership in India?
    The Partnership needs a minimum of two partners. Get partners’ PAN Card and address proof, to begin with,the registration process. Ask for Assistance
    I am already running my business. Is it possible to change it into a Limited Liability Partnership?
    Yes, a partnership can be converted into an LLP. We will assist you with the decisions requiring less paperwork and complexities.
    Can a partnership be registered with any minimum amount?
    Yes, a partnership can be registered with any minimum amount. There is no mandatory introduction of capital needed in case of a partnership.
    Who will audit the business? Is this compliance mandatory for a Partnership?
    Partnerships don't need to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and another criterion.
    What is a Partnershipname search? Why is it important for new Partnershipregistration?
    Registrar of Companies expects all the applicants to follow a certain guideline before a name is applied. The applied firm name is suggested to have a Brand Name, Business Activity, title. Check for more updates.

    Minimum requirements to begin with a Partnership

    • Minimum 2 Partners
    • PAN Card of Partners
    • DIN of Partners
    • Address Proof of Firm
    • Partners must be resident of India


    DealTax Deliverables

    • Certificate of Incorporation
    • DIN of Directors
    • Bank Account Opening Document Support
    • Digital Signature of Directors
    • PAN Card
    • Customized Incorporation Master File
    • MOA + AOA
    • Company TAN/TDS Number
    • GST Certificate (If Needed/Applicable)
    • Application filling for Certificate of Commencement of business
    • Assistance with further compliances