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PARTNERSHIP FIRM

Partnership firm is very old form of business organisation where two or more person join together to run and manage business. Terms and conditions of partnership are mentioned in Partnership Deed; Partnership Deed may be registered and unregistered where registered partnership deed avails some benefits over unregistered partnership deed therefore it is always advisable to get partnership deed registered. Partnership firm in India is governed by Indian Partnership Act,1932.

BENEFITS OF REGISTERED PARTNERSHIP FIRM

  • Power to file case in a court by a partner against the firm or co-partner
  • Power to file case in court by firm against third party
  • Power to claim set-off

REGISTRATION PROCESS

Deed Drafting

We will collect all the information regarding your business and its partners. The information will be used by our lawyers to draft a partnership deed covering the various aspects of the business on stamp paper (charged as per actual). The soft copy will be ready in 2 working days.

Registration of partnership Deed

We will appoint an affiliate to take you through the process. All the partners would need to go to the registrar's office and bring along a passport-size photograph and identity proof and address proof. The whole process takes only a day. If you do not wish to register the partnership deed, you can skip this step and move on to the next step.

PAN & TAN Applications

Every business needs a registered Permanent Account Number (PAN) and Tax Account Number (TAN). We will make the application online ourselves, but you will need to courier hard copies of the required documents yourself. The PAN and TAN will be courier to the your registered office address in 21 working days.

COMPARISION WITH OTHER BUSINESS SET UP OPTION

PRIVATE LIMITED COMPANY LIMITED LIABILITY PARTNERSHIP ONE PERSON COMPANY (OPC) PARTNERSHIP FIRM
TAX RATE Rate- 30% Surcharge- 7% / 12%* *(If income exceeds 1 cr- 7% If exceeds 10 cr- 12%) Cess- 3% of tax & surcharge AMT. Note- Above rate apply after allowing remuneration to director. Rate- 30% Surcharge- 12% (If income exceeds 1 cr) Cess- 3% of tax & surcharge AMT Note- Above rate shall apply after allowing remuneration to partner. Rate- 30% Surcharge- 7% / 12%* *(If income exceeds 1 cr- 7% If exceeds 10 cr- 12%) Cess- 3% of tax & surcharge AMT. Note- Above rate apply after allowing remuneration to director. Rate- 30% Surcharge- 12% (If income exceeds 1 cr) Cess- 3% of tax & surcharge AMT Note- Above rate shall apply after allowing remuneration to partner.
Liability Limited liability Limited liability Limited liability Unlimited Liability
Minimum no. of person required 2 2 1 2
Maximum no. of person allowed 200 No limit 1 20
Can Body corporate can be member? Yes Yes No No
Statutory Compliance Moderate Less compliance in comparison to OPC and Private Limited Company Less compliance in comparison to Private Limited Company Very less compliance
Perpetual Existence Yes Yes Yes No

OUR CLIENTS