Partnership Firm Registration Consultant

Two or More Individual Person Can Start Partnership Business with Partnership Firm Registration. We Provide Partnership Firm Registartion Service.

According to Mutual Understanding, Partners Required to Make Partnership Deed.

Simple Way to Start Joint Ownership Business in India.

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Partnership Firm Registration

Are you interested in starting business with multiple partners? Legal Adda is best consultant for partnership firm registration in Ahmedabad, Gujarat, India.

Partnership firm registration is concept of business partnership with mutual understanding of two or more person. Initiating co-owned business with agreed term helps in getting synergy benefit of two or more person skills. Registration of Partnership Firm is simplest procedure and can be registered with partnership deed containing agreed terms and sharing ratio of profit or loss. Partnership may be operational, financial, educational etc.

Alternately you can start LLP – Limited Liability Partnership which is more recognized Partnership firm mode compared to normal partnership Firm.

Partnership Firm Registration Features and Benefits

Document Required For Partnership Firm Registration

Procedure and Steps for Partnership Firm Registration

Decide Work and Sharing Terms of Partnership
Most important thing while starting partnership firm is to decide terms and conditions of working and sharing. Therefore, among all partner there must be mutual agreement for each term before initiating process of registration for firm.
Preparation of Partnership Deed with the help of Experienced Consultant
Once all partners agreed with terms decided mutually, Experienced Partnership Firm Registration Consultant will prepare finalised partnership deed.
Notarisation of Partnership Deed
Finalised partnership deed need to notarised before legally authorised notary person. All Partners PAN and Identity need to attached with Deed. All Partner will sign before Notary.
Application for Firm PAN Card & Opening of Bank Account
After Notarisation of Deed, First we need to apply for PAN from Income Tax Department. Further, Bank account with name of partnership firm need to be open for doing financial transactions.
Obtain Applicable License & Registration
According to type of business activity and requirement partnership firm must obtain license & registrations. example, Food License, Import Export Code, Goods and Services Tax Registration, etc
Maintain Records and File Returns
Partnership firm required to maintain books of account on compulsory basis. Also income tax return Filing is mandatory for partnership firm. thus partnership firm must file return on due time.

FAQ's of Partnership Firm Registration in India

Document Required for Starting Partnership Firm In India

Following Document Required for Creating Partnership Business In India.

Passport Size Photo(s) of Partner
Adhar Card of Partners
Pan Card of Partners
Business Address (Rent Agreement, NoC etc)
Partnership Deed Duly Signed By Partner. (Get Professional help For Drafting Partnership Deed).
Office Seal (Partnership Firm Seal)

Steps of Creating Partnership Firm and How to start activity under Partnership Firm/LLP?

Once, you are ready with the Document Like Passport Size Photo, Adhar Card, Pan Card of partner etc with Drafted Partnership Deed. Follow the following steps.

Notarise Partnership Deed
Apply For PAN with partnership deed and Office Seal
Once you receive PAN you can apply for GST Number, or Other Applicable License
Open Current Account of Partnership Firm
Start Receiving and Payment of Firm/activity.

Can Foreigner(s) Form the partnership Firm In India? Can he be a Partner?

No, Foreigner (Non Resident of India) cannot form partnership firm in india. However he can be a Partner with Indian Nationalist Partnership Firm.

Who Can be a Partner In Partnership Firm

Any of below can be a partner in Partnership Firm.

Individual (Person)
Hindu Undivided Family (HUF)
Partnership Firm
Company
Trust

What is the Allowable Remuneration to Partner as per Income Tax Act?

Allowable Remuneration to partners as per Income Tax Act (Tax will not apply to partnership Firm).

In Case of Loss in Partnership Firm : Rs. 150,000

In Case of profit

Upto Rs. 300000 : 90% Allowable

Plus+

300001 to Unlimited : 60% Allowable.

Can Minor Be a Partner?

No, Minor Cannot be a Partner, But if All the partner Agree for admitting minor as a partner then with his guardian authority he can be a partner. Minor is partner only incase of profit. he will not share loss of partnership.