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Firm Registration?
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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.
Ease of Setup
Partnership firms can be formed within 2 to 4 days with an unregistered deed. Registering the deed provides additional benefits and safeguards.
Fast Decision-Making
Partnership firms benefit from faster decision-making processes, eliminating the need for passing resolutions. Partners can undertake any business activity with the consent of fellow partners.
Minimum Compliance
Enjoy a hassle-free business journey with minimal compliance requirements for most partnership firms.
Sense of Ownership
As partners, you collectively own and manage the firm's activities, fostering a strong sense of ownership and a common purpose.
Inexpensive Process
Our streamlined process involves minimal fees and paperwork tailored to the specific regulations of your country, state, or province of residence.
Raising Funds
Partnership firms have the advantage of raising funds quickly compared to sole proprietorship firms, providing opportunities for growth and expansion.
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:
MSME Registration
Establish your partnership’s credibility by obtaining MSME or Udyog Aadhaar registration from the Ministry of Micro, Small, and Medium Enterprises.
TAN Registration
Ensure compliance with the Income Tax Act by obtaining a Tax Deduction and Collection Account Number (TAN) if required for TDS deductions.
GST Registration
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.
FSSAI Registration
For partnerships involved in the sale or handling of food products, secure FSSAI registration from the Food Safety and Standards Authority of India (FSSAI).
Current Account
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:
GST Return
We handle the timely filing of your GST returns, keeping your partnership firm compliant with tax regulations.
Tax Audit and Financial Statements
We assist in tax audits as required by the Income Tax Act, 1961, and prepare accurate financial statements for your partnership firm.
Income Tax Return of Firm
Our experts prepare and file the income tax return of your partnership firm, ensuring accurate and timely compliance.
Sale and Purchase Invoice Documentation
Our team ensures meticulous documentation of sale and purchase invoices, maintaining accurate financial records for your partnership firm.
TDS Return
If your partnership firm is required to deduct TDS, we take care of the preparation and filing of TDS returns as per the Income Tax Act 1961.
Self-Assessment Tax
We guide you in calculating and paying self-assessment tax based on your partnership firm's profits.
Pay as You Grow
Pay as You Grow: Flexible Payment Options
Choose a plan that suits your partnership firm’s needs and pay conveniently:
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.
Make Payment
Once you've submitted the form, proceed to make a secure payment online. Our services are affordable and transparent.
Expert Guidance
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 |
| Compliances | High | High | Minimal | Low | 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 |
| Perpetual Existance | Yes | Yes | No | Yes | No |
| Time Taken | 5-10 days | 5-10 days | 5-7 days | 5-10 days | 5-10 days |
Documents Required
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