A well-drafted partnership deed is essential to have a proper disclosure of the rights and duties of partners, their share in profit and remuneration. Our team makes a customized deed for every client to ensure the right drafting of the partnership deed as per the requirement.
Our team of trained and experienced graduates takes care of your registration process. Independent qualified professionals further verify the process. We follow a strict concept of Maker and Checker.
We provide a Legal Compliance Dashboard that acts as your secretary for legal work. It intimates you about the upcoming compliances and hence makes sure that you do not miss any of it.
You need to submit our company registration form so that we help you for further procedure.
Send scanned copy of documents and details requires for registration procedure.
We prepare a Partnership agreement and send the same to you for review.
You will take the print of final deed on the stamp paper and get the same notarized by the nearest notary in your area.
Our team shall collect the final deed from you and then shall apply for the PAN and TAN number.
We will provide you with all the deliverable and registrations, as stated in the package.
When two or more people come together to start a business and share its profit and loss is known as Partnership Firm. The Indian Partnership Act, 1932, governs a partnership firm in India. The partnership agreement can be for a specific task or a job. It can be for a specified period or a general partnership agreement that exists until it is dissolved.
A partnership firm registration in India can be both registered or unregistered as a firm under the Partnership Act. However, an unregistered partnership firm cannot sue anyone as it does not have any Identity.
Starting a partnership firm in India is a simple process and requires a list of compliance amongst all the other forms of organizations. But, unlike other companies or LLP, a partner in a partnership firm in India carries an unlimited liability towards the creditors and debt of their partnership firm. All partners in a partnership firm are jointly held liable for debts and losses incurred by the firm. They also have a principal and agent relationship between all the partners.
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- A partnership consisting of more than ten people for a banking business or more than 20 people for any other company would be considered as illegal. Hence, these figures are the maximum limits to the number of partners in a partnership firm.
- A partnership firm is not recognized as a legal person having a separate legal entity from its partners. The company cannot be a part of any other partnership with other firms or individuals.
- The purpose of a partnership firm is not to carry on some charitable work.
- The agreement to carry on with the business must be to share profits amongst all the partners.
- The share of both the profits and losses must be expressed clearly in the partnership deed.
Establishing a Partnership Firm is easy as there is a requirement of only a few legal formalities in its incorporation. Partnership Firm registration is not mandatory in India. Yet, it is advisable to register a partnership firm as there are many legal and financial advantages for the same. At Legal Workmate, we have a team to carry out the partnership firm registration in India in an organized manner.
A partnership firm does not need to file ROC returns and conduct regular board meetings, unlike the other forms of organization. Due to this factor, it is more cost-competitive as compared to a Private Limited Company.
The business partners or directors are free to opt for any name for their partnership firm, as there are no stringent naming guidelines. Yet, partners should assure that their company’s name is not similar to a registered trademark or copyright of the third party.
A Partnership Firm is not required to file financial statements with the Registrar of Firm. Hence it is not mandatory to get the account book accounts audited by a Chartered Accountant. Nonetheless, if the turnover exceeds the specified limits or the profit is below a certain percentage, then it becomes mandatory to get a Tax Audit done under Income Tax Act.
When two or more people come together to start a business and share profit for the same is called a partnership. The business in a partnership can be by all the partners or a few of them acting as a representative of other partners.
As per the Partnership Act in India, a minimum of two partners are required to incorporate a partnership firm. The maximum limit of the members shall not exceed beyond 20 in the case of regular business and 10 for banking business.
Anyone who fulfills all the criteria given below can become a partner
(I) Should be a Major
(More than 18 years of age)
(II) should be sane (Not of unsound mind)
(III) Should not be
disqualified by law from entering into a
contract by court.
The Partnership Act does not prohibit a non-resident from joining an Indian partnership firm in India.
No, there is no minimum capital requirement to start a partnership firm. A partnership firm can be started with a capital of INR 5000/- also. Further, the capital in the partnership firm can be introduced in any form that is in cash or kind.
In a partnership firm it is not necessary for each partner to contribute capital in the ratio of profit. Contribution is based on the agreement between the partners, and the profit-sharing ratio is indicated in a separate clause.
A partner has the following rights in the partnership firm:
(I) To take part in the day to day
business of firm.
(II) To share profit and loss of the firm.
(III) To inspect and verify
the books of firm and contracts.
(IV)
To receive remuneration and Interest on capital as per the partnership deed of the firm.
In a partnership firm any conduct of one partner applies to all the partners of the partnership firm.
A partnership firm cannot become a partner of another partnership firm because it is not a legal person. Neither a Partnership firm becomes a partner in an LLP.
A partnership firm can be dissolved in any of the following manners:
(I) By agreement of
dissolution entered by partners.
(II) By compulsory dissolution, if specified in the
partnership deed.
(III) On the happenings of certain
events specified in the partnership deed.
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor should be according to the partnership deed. A new partnership deed is required to be executed in aces of change in partners.
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor is according to the partnership deed. Further, a new partnership deed is required to be executed in aces of change in partners.
A limited Liability Partnership firm is a much more organized business structure and has a bit more compliance than traditional firms. However, the primary advantage of LLP is that the partners have a limited Liability till the amount of their contribution.
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