A partnership is a structure of business in which two or more people manage and operate a company in accordance with the Partnership Deed's provisions and objectives. This type of business registration is best for small and medium-sized firms since it is simple and cost-effective to manage. Partnerships have been legal in India since 1932, making them one of the country's oldest types of business formations. Even after it has been founded, a partnership firm can be registered.
To register a partnership, you must first agree on a firm name and then create a partnership deed. It is a written contract that states the partners' respective rights and obligations, and it must be written rather than spoken to be valid. Although partnership registration is not mandatory, it is highly risky and is not encouraged by the department or professionals.
The following requirements must be satisfied in order to register as Partnership Firm: Address proof of business office Minimum two partners Partners should be the citizens of India No fixed minimum Capital RequirementMinimum Requirements
Below is the process of registering your business as Partnership Firm -
The first stage in forming a partnership is to draft a partnership document that must be agreed upon and signed by all the partners. This is the most significant step in the partnership registration process because it contains all of the relevant terms and conditions.
Following the registration of the partnership deed, the Income Tax Department must be contacted to request a PAN card. Registration with the Income Tax Department and the issuing of a physical PAN Card takes about 7-10 working days.
Application for GST registration must be lodged with the Department based on the needs of the business and the GST Law. GST registration takes 10-15 working days on average.
The partnership firm should open a current bank account once all of the stages have been completed. For the purpose of opening and administering the bank account, a single partner or all of the partners can act as an authorised signatory.
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The procedure of forming a partnership firm is entirely online, so you won't even have to leave your house to get started. We are known to complete the registration process on time with the help of our experienced and knowledgeable staff -
A partnership is a legal agreement in which two or more people agree to consent on a common purpose, such as starting a business.
The registration of a partnership takes about 10-14 working days.
A partnership firm must have a minimum of two members and a maximum of twenty partners.
Individuals who live in India can only join a partnership firm as partners or members.
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