Register a Partnership Firm so you can manage, control, and start your own business!
Partnership firm is easy to register and with less compliances and documentation process. Partnership firm is suitable for medium size undertaking business, where personal efforts and ideas of partners are very essentials. Partnership Firm Registration Online also involves right to own, manage and control business among partners.
Types of Partnership firm
A. Partnership at will
At the time of Partnership at will formation the expiration of partnership firm is not declared it will call as Partnership at Will. According to Indian partnership Act 1932, Section 7 the partnership at will should Qualify the below two criteria mentioned.
1. Deed should not carry any fixed period of time of partnership firm.
2. No Provision In regards to determination of their partnership.
B. Particular Partnership
A Partnership firm formed to carry a particular scope of business such partnership firm is known as particular Partnership.
After completion of particular business firm get dissolved. In order to continue business partners can enter into agreement again to carry partnership firm.
Sole proprietorship has complete responsibility and decision making power this result in faster taking decision for business
Sole proprietor has complete access and ownership of business. He is not obligated to share his Business earning to anyone.
A sole proprietorship is a single decision maker in business he is not binds by law to public his any business A.
The structure of partnership firm is very flexible, with complete freedom to agree how the business to be managed and financed. The nature and place of business and be altered at will. In partnership firm, existing partner can exit and new partner can be joined whenever required.
Partners can bring their expertise, knowledge which will help other to take good decision in firm, though all partners are similarly responsible for taking wrong decision and losses. All Partners are compelled to take careful decision and caution path for firm, Partners are forced to take all the necessary steps which is beneficial for partnership firm.
Proprietorship entity has unlimited liability against his proprietorship firms ends to his personal property. Limitation of management skill into his proprietorship entity though it has single decision maker. Limited scope of expansion due to lack of capital.
Unlimited liability refers to the full responsibility of owners and partners for debt of entity and this liability cannot be capped. Every partners of the firm are jointly liable for debt of the firm.
Partnership is good and so far it can be started with small capital investment by its partners. But when it comes to expansion it become handicapped though limitation on numbers of partners and limited amount investment in partnership fir. After Beyond the point the Expansion of it business get stopped.
Partnership is built on trust and mutual consent amount partners. The dishonesty of one partner can ruin entire business and can put firm into serious problem. This is not mandatory the partners started the partnership business on mutual consent will have similar opinion on all various decision. Though the partners will have to choose the best decision amount it which can help firm to grow in future.
The firm will have to close down the shutter on death of one partner, insolvency, lunacy of any one among the partners, new partners can only be inducted in firm only when all partners agree to do so.
The transferability of interest of one partner to other outsider partner is not possible unless existing partners unanimously agree to do so. Though an investment in a partnership business, therefore, becomes an illiquid asset to firm.
| BASIC | STANDARD | PREMIUM |
|---|---|---|
| Drafting of Partnership Deed | Drafting of Partnership Deed | Drafting of Partnership Deed |
| PAN of the Entity | PAN of the Entity | PAN of the Entity |
| TAN of Partnership firm | TAN of Partnership firm | TAN of Partnership firm |
| Company Stamp | MSME Registration | MSME Registration |
| GST Registration | GST Registration | |
| Company Stamp | IEC Registration | |
| Company Stamp | ||
| Rs. 3499 | Rs. 4999 | Rs. 6999 |
Answer: As per partnership act 1932, Minimum 2 and maximum 20 members are allowed to form any partnership firm.
Answer: For opening current account following documents is required partnership deed, pan card of partnership firm, pan card of all partners, pan allotment letter, aadhar card of all partners, Photo of all partners.
For Opening a current account in the name of sole business you should be having at least two documents and in the name of entity.
Below are few list of documents for sole proprietorship.
1. MSME / Udyam Registration.
2. GST Registration.
3.Shop & Establishment Act Registration popularly Known as Gumasta License.
4. Food License (If Applicable).
5. TAN Registration.
Apart from this Pan card, Aadhar card, And Passport size photo are also required for opening current account in the name of sole trader.
Answer: Authorized signatory is a person who is being authorized by all partners to act on behalf of partnership firm.
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