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At BizSetupGlobal, we provide comprehensive accounting and compliance services designed to empower partnership firms like yours to thrive and succeed.
Decoding Partnership Firm
A partnership firm is a dynamic business entity created by individuals who have come together to share profits and losses. It is an ideal choice for small enterprises seeking simplicity and minimal regulatory compliance.
In India, partnerships are widely prevalent due to their ease of formation and flexibility. According to the Indian Partnership Act 1932, the crucial criterion to commence a partnership is the finalisation and execution of a Partnership Deed between the partners.
Unlock the Benefits of Partnership
At BizSetupGlobal, we offer a range of tailored solutions to cater to your specific needs.
We’ve got your back with comprehensive support at every step.
Key Registration Services: Tailored to Your Needs
Our dedicated team offers a range of registration services to cater to the unique requirements of your partnership firm:
Establish your partnership’s credibility by obtaining MSME or Udyog Aadhaar registration from the Ministry of Micro, Small, and Medium Enterprises.
Ensure compliance with the Income Tax Act by obtaining a Tax Deduction and Collection Account Number (TAN) if required for TDS deductions.
If your partnership firm crosses the GST turnover threshold, obtain GST registration to comply with the tax regulations. We’ll guide you through the process seamlessly.
Shop & Establishment License
If your partnership firm meets the criteria, we can help you obtain the necessary Shop & Establishment license.
For partnerships involved in the sale or handling of food products, secure FSSAI registration from the Food Safety and Standards Authority of India (FSSAI).
Open a dedicated bank current account in the name of your partnership firm to streamline your financial operations.
PAN of Partnership Firm
We’ll assist you in applying for a PAN for your newly constituted partnership firm, enabling seamless financial transactions.
Applicable Taxes and Annual Compliance
Our comprehensive services cover all aspects of tax and annual compliance, ensuring peace of mind and smooth operations:
Pay as You Grow
Pay as You Grow: Flexible Payment Options
Choose a plan that suits your partnership firm’s needs and pay conveniently:
- Partnership Deed
- PAN Application
- Bank Current Account
- GST Registration
- MSME Registration
- 3 Months GST return filing
- TAN Registration
- Import Export Code
- 1 Year ITR filing
Note: Fees are subject to change based on turnover and income tax requirements. For accurate and up-to-date information, please contact our experts.
Here's What You Need To Do
Fill the Form
Start your journey by filling out a simple form on our website. Provide the necessary information to initiate the process.
Once you've submitted the form, proceed to make a secure payment online. Our services are affordable and transparent.
Our experienced experts will connect with you to guide you through the registration process, ensuring a smooth experience from start to finish.
Indian Business Structure Requirments Comparison
|Criteria||Private Limited Company||One Person Company||Sole Proprietorship||Limited Liability Partnership||Partnership Firm|
|Ideal for Business||Startup & Growing Companies||Single Promoter||Small Traders & Manufacturers||Professionals Service Firms||Small businesses & Home Businesses|
|Requirements||2 Directors/Shareholders||1 Director/Shareholder||1 Proprietor||2 Partners||2 Partners|
|Initial Investment||Not Required||Not Required||Not Required||Not Required||Not Required|
|Tax Advantages||Few benefits||Few benefits||Minimal||Most efficient||Minimal|
|Limited Liability Protection||Yes||Yes||No||Yes||No|
|Investment Options||Very easy to accommodate||Possible but unlikely||Not possible||Possible but unlikely||Not possible|
|Managing Cost||High||High||Very Low||Moderate high||Very Low|
|Paper Work||High||High||Very Less||Moderate high||Less|
|Time Taken||5-10 days||5-10 days||5-7 days||5-10 days||5-10 days|
To make your journey even smoother, gather the following documents for a seamless registration process:
- PAN Card and Address Proof – Submit the PAN card and address proof of all partners involved in the partnership.
- Proof of Principal Place of Business – Provide the necessary documents establishing the principal place of business for your partnership firm.
- Application for Registration of Partnership (Form 1) – Complete and submit the application form for partnership registration.
- Certified Original Copy of Partnership Deed – Include the certified original copy of the partnership deed, outlining the terms and conditions agreed upon by the partners.
- Affidavit – Submit a specimen of an affidavit certifying the accuracy of the partnership deed and accompanying documents.
Frequently Asked Questions
Your Queries, Our Answers
A partnership deed is a legally binding agreement that outlines the terms and conditions agreed upon by the partners, including profit sharing, decision-making, and more.
Limited Liability Partnerships (LLPs) are governed by the Limited Liability Partnership Act 2008.
A partnership deed is necessary as it establishes the partners' rights, responsibilities, and obligations, ensuring clarity and preventing disputes in the future.
To register a partnership firm, you can submit the required information and documents through our website. Our experts will guide you through the process and ensure a hassle-free registration.
An LLP offers limited liability protection to its partners, whereas a partnership firm does not. LLPs also have a separate legal identity, distinct from their partners.
An LLP exists as a separate legal entity from its partners. It can enter into contracts, own assets, and sue or be sued in its own name.