Partnership

Partnership

Rs. 5000/- All inclusive

Partnership

"With the Introduction of LLP in India, Partnership Firms are fast losing their prevalence due to the added Advantages offered by a LLP"

A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirement make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships.

The formation of a partnership requires a voluntary “association” of persons who “co-own” the business and intend to conduct the business for profit. There are two types of Partnership firms, registered and un-registered. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages.

Persons can form a partnership by written or oral agreement, and a partnership agreement often governs the partners’ relations to each other and to the partnership.Generally, each partner is jointly and severally liable with the partnership for the obligations of the partnership and for the wrongful acts or omissions of a copartner.

Partnership FILING PROCESS

Partnership Startup

Partnership Startup

Allindiataxfiling.com can help you start a Partnership in 6 to 12 days.
Drafting of Partnership Deed

Drafting of Partnership Deed

An Allindiataxfiling.com Financial Expert will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is acceptable to all Partners.
Registration of Partnership Deed

Registration of Partnership Deed

Based on your requirements and we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm.
Obtaining of PAN & TAN

Obtaining of PAN & TAN

We will help you obtain PAN and TAN registration for your Partnership Firm from the Income Tax Authorities once the Partnership Firm is registered.

FAQ'S On Partnership

A minimum of two Persons i.e. partners is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.
No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.
A partnership is not considered separate from its partners for tax purposes. Generally, this means the partnership itself does not pay any income taxes; instead, partnership income “passes through” the business to each partner, who then reports his or her share of business profits or losses on an individual federal tax return. Each partner will need to estimate the taxes he will owe at the end of the year and make four quarterly estimated tax payments.
PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.
Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.

Not necessarily. However, unless a partnership firm is registered with the registrar of firms and societies, the rights of the partners inter-se or against strangers cannot be enforced in a court of law. Only a registered Partnership firm can file a suit in any court. Hence, it is advisable for Partnership firms to get it registered sooner or later.

It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criteria.

No, it is not necessary. However it is often prudent to make a partnership deed to produce to the bank, income tax authorities and to clients with whom the partnership firm deals with

Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.

Yes. The firm and all the partners are liable for the wrongful act or fraud that causes loss or injury to any third parties.

A person may sue a partnership firm but the he has to disclose the name of all the partners who constitute the firm. However under the Income Tax Act, a firm can be assessed to tax independently of its partners. A partnership firm therefore enjoys a quasi-independent status.

Any property can be treated as the property of the firm by simply showing it as such in the book of accounts. This would constitute partnership property and all partners are joint owners of the partnership property as increased or decreased by profits in the course of business. Property belonging to an individual partner does not become the firm’s property simply by being used for the purpose of the partnership.

There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.

Just like a sole proprietorship, the liability of partners in a partnership firm is also unlimited. This means, if the assets of the firm are insufficient to meet the liabilities, the personal properties of the partners, if any, can be utilized to meet the business liabilities.

Benefits Of Filing Taxes With AITF

File it Right

A wizard which guides you through every step of the tax filing process, along with online support to ensure your filing is done right.

Security

we work in a secured environment where all your information is secured and always protected.

Expert Advice

we have got specialised
experts to look after
your work.

Low Cost

You spend the lowest amount of money
to file with us.

Fast Turnaround

we don't keep orders lying
around.

100% Customer Satisfaction

you get a personal experience and excellent customer service from our team members.

Client Review

“ AllindiaTaxfiling.com expert Helped Me at every stage of My Company Registration.I am Very much Satisfied with there Service.They At All time Updated with My Company Registration.They Provide The Lowest Price For Company Registration.I will Look For Same Performance From Them In Future. “

Arjun Malik ( Algofox Technologies Pvt Ltd }


Enquire Us

Our Address