Company Partnership-Firm/ Start Up Servcies Partnership
What is Partnership Firm?
Partnership Firm is a business structure in which at least two people oversee and work a business as per the terms and destinations set out in an Association Deed that could conceivably be enlisted. In such a business, the individuals are separately accomplices and offer the liabilities just as benefits of the firm in a foreordained proportion...
Documents Required for Partnership Registration
- Form No. 1 (Application for registration under Partnership Act)
- Original copy of Partnership Deed, signed by all partners
- Affidavit declaring intention to become partner
- Rental or lease agreement of the property/campus on which the business is set
What are the features of Partnership Firm Registration in India?
It is good to form partnership Firm in India, because of the below-mentioned features:
- Minimum two persons are required
- Easy to set-up as partnership firm registration is optional
- Minimal legal formalities
- A minor cannot become a partner
- Responsibilities and duties are shared among the partners of the Company
- Flexibility in decision making
- nexpensive to establish
- Fewer Compliances
What are the Tax compliances for Partnership Firm in India?
It is mandatory for partnership firms in India to obtain Permanent Account Number and Tax Deduction Account Number from the Income Tax Department after Partnership Firm Registration.
Partnership Firm has to file a return of income irrespective of the revenue or loss. In the case of a partnership firm, the income tax rate on the total income will be 30% and surcharge on income tax.
What are the Post Partnership Firm Registration Requirements?
Once the Partnership Firm registration is completed, you have to take the necessary steps in order to make a strong place in the industry.
- Bank Account Opening
- Intellectual Property Registration
- Drafting Documents
- Stationary
- GST Registration
First, you have to open a bank account on the name of the partnership firm within 30 days of the partnership firm registration. For bank account opening you would have to submit PAN and other documents as required by the bank.
Intellectual property registration gives protection to the trademark and patent from infringement and duplication. With this, competitors cannot affect your brand and market value. The logo provides protection under the Trade Marks Act.
The growth of the firm depends upon standardized policies and procedures. The partnership firm shall set up policies and enter into certain agreements on the basis of its structure.
The next step is the printing of stationery such as billheads and letterheads, consisting of the name of the firm.
GST (Goods and Service Tax) registration is required for Business with annual turnover exceeds Rs. 40 Lakhs (Rs 20 Lakhs for Northeast states).GST registration is mandatory for particular businesses like Export-Import, E-commerce, and Market Place Aggregator.
