Partnership Firm

PARTNERSHIP FIRM

Partnership Firm is legal concern where two or more individuals come together and join hands to function, manage and control the business operations, according to a mutually agreed agreement. Legal entities may also become partners in such firm. With introduction of Limited Liability Partnership (LLP), this concern seems to lose its relevance, but it still possesses some benefits over LLP like minimal cost of incorporation and compliances. Hence, it is more suitable for small family businesses.

Key Points

Basis of partnership firm is Partnership Deed
Minimum 2 partners are required
Tax Audit is required when-
• For Business- Turnover > Rs. 1 crore;

• For Profession- Gross Receipts > Rs. 50 lakhs

Maximum partners can be 20
Liability of partners is unlimited. Therefore, personal assets of partners can be attached
Must have a PAN Card and a Bank Account in the name of the partnership firm

Requirements

Proposed name of the partnership firm
Office address from where such firm will operate and its nearest police station
Capital contribution by each partner
Profit sharing ratio among partners
Name of partner authorized to operate bank account
If partner is a legal entity, then details of such authorized person:

• Name;

• Address;

• Designation;

• Mobile number

Specific duration of the firm, if any

Details of the partnership firm-
• Mobile Number;

• Email Id;

• Website (if any)

Witness Details-
• Name;

• Address;

• Mobile number

Detailed business activities
Date of partners joining the firm, in case of existing firm

Requisite Documents

Proof of Identity of Partners and witnesses (whatever available):
• PAN Card;

• Aadhaar Card;

• Voter ID Card;

• Driving License;

• Passport;

• Latest Utility Bills

Two colored passport size photographs of the partners
Copy of scanned signatures
Certified copy of resolution of the legal entity to act as partner, if any

In case of late registration, i.e., after incorporation-
• Partnership Agreement;

• Trade License;

• Professional Tax Enrollment Certificate and latest challan;

• PAN Card of the firm;

Proof of Office Address-
• Title Deeds; or

• Lease/ Rent Agreement and rent receipt; and

• Copy of any utility bill not older than 2 months

NOC from owner or landlord of office premises

Registrations and Licenses

Depending upon the nature of business, several other licenses may be required during incorporation. Some of the prominent ones are:

Shops and Establishment License
Professional Tax Registration
PAN Card
GST Registration, if required under GST law
Udyam Registration, if required
We also provide services for obtaining such registrations and licenses.

Note

Identity documents should be Self Attested.
The premises of office should either be in commercial use or mixed land use.
Other requisite documents shall be drafted and finalized by our team for the process and will be requested for signing.

Further, details and documents, if any required, can be called for during the process.
We also provide service for making application of PAN Card of firm, Trade License and Registration under other given acts, if required.
We also provide services of Filing Income Tax Return and other related services for the firm.