Ask 4 Compliance | Partnership
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PARTNERSHIP

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PARTNERSHIP FIRM

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnerships firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and ask4compliance can help start a registered or un-registered Partnership firm in India.

Our team of highly qualified professionals at Ask4compliance.com can help you to establish a Partnership Firm to start your business in association with other partners.

Process & Timeline

8-12 days

Professional Fees

Rs. 4500

(GST, Government Fees and other Out of Pocket Expenses Extra)

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ADVANTAGES OF PARTNERSHIP

  • 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.
  • Business Name: 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 Companies are required to file their annual accounts with Registrar of Companies each year.
  • Easy Formation: A Partnership Firm can be started just by executing a partnership deed between the partners, even the Registration of the Partnership Deedis not compulsory.
  • Easy Dissolution: A Partnership Firm can be easy dissolved just with the consent of the partners.

DOCUMENTS REQUIRED FOR REGISTRATION OF A PARTNERSHIP FIRM

  • Passport size photographs of Partners: Two passport size photographs for each of the Partner (JPEG format)
  • Proof of residence of Partners: Self attested copy of Voters Identity Card/Aadhaar Card/Passport/Driving license/Bank Statement/Electricity Bill/Mobile Bill/Telephone Bill.
  • E-Mail id and Mobile number: For each of the Partner and the Partnership Firm.
  • Registered Office Address Proof
    • If Rented: Rent Agreement and utility bill likely electricity bill, telephone bill, etc. and No Objection Certificate from owner.
    • If Owned: Ownership proof, Receipt of Municipality tax paid etc. and No Objection Certificate from owner.

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