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A partnership firm is a business entity established with the aim of generating profit. It involves two or more parties coming together under a formal agreement, known as a Partnership Deed, to co-own and manage the business. The risks and responsibilities are shared among the partners, reducing the burden on any one individual. Additionally, combining capital and expertise from multiple partners helps the business achieve its goals more efficiently.
You are required to place the Enquiry and fill your details in our simple questinnaire
You can submit the documents by email or whatsapp and we will verify the same
After verification of documents, we shall draft your partnership deed
We will make application with Registrar of Firms and get it registered
We will make application of PAN And TAN with NSDL
A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm.
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.
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.
Partnership firms are registered by the Registrar of Firms, under the Indian Partnership Act, 1932.
Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like GST Return, Professional tax return, TDS Return, etc. 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.
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 criterion.