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About This service

A Partnership Firm is a business entity where two or more people come together to carry out a business. Partners mutually decide the terms of operations and put it in form of a partnership deed. This deed becomes main document that forms the base for regulating the relationship between partners and how the affairs of business are to be conducted. The plan can also be used by existing partnerships that wish to get their business registered.
Consult MyTax will provide you a platform for perfect legal services for faultless registration of all types of firms and companies in all economic sectors. We provide refined and impeccable services in connection with all disciplines.

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Includes/exclude

in service

  • PAN Application
  • Partnership Deed Drafting
  • Filing of deed and other documents with the Registrar of Firms
  • Issue of Registration Certificate
  • Affidavit filing with the registrar
  • Tax filing for salaried individuals with single or multiple Form 16

Whom

it’s beneficial

  • A group of at least 2 people having a business idea
  • Small businesses looking to using pool of resources contributed by multiple people
  • Any existing unregistered Partnership Firm

Process

  • Purchase Plan
  • Provide necessary information and documents
  • Get draft deed to partnership
  • Filling application with registrar
  • Get deed to partnership

Information/Documents

needed

  • Address proof of partners
  • Photo ID proof of partners
  • No objection certificate from the owner
  • Ownership proof
  • Rent agreement of your registered office

Other Information

A Partnership Firm is not generally recognized as a separate legal entity, apart from the legal identity of the owners or partners. Hence, the Partnership Firm is deprived of the benefits of limited liability that Partnership Firm or limited companies avail.
The significant Acts pertinent for Partnership Firm are the Indian Partnership Act, 1932 and the Shops and Establishments Act of the State. Formation of the firm, demands at least two promising partners. By the Section 4 of the Indian Companies Act of 1956, maximum number of them should be constrained to 20.

Who can become a partner in LLP?

Any individual/organisation can become the partner in LLP including foreigners/NRI’s. However, the individual must 18+ above in terms of age and should have a valid PAN card.

Can LLP be converted in a Private Limited Firm?

You can’t convert your LLP into a Private Limited Company as it is not MCA. Both the LLP Act, 2008 and the Companies Act, 2013 don’t have any provisions on conversion of LLP in a private limited company. However, if you want to expand your business you can register a new Private Limited Company with the same name as that of the LLP. The LLP company just needs to issue a no objection certificate.

What will happen if you don’t register your Partnership?

  • Partner Cannot sue firm: A partner in an unregistered partnership firm cannot sue the firm for enforcing any rights under the Indian Partnership Act, 1932.
  • You cannot claim Setoff in a dispute with a third party.
  • The firm cannot sue third parties whereas the third parties would be able to sue the firm irrespective of registration.

For Proprietary Firm Registration Details Click Here :  [source]

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