We offer Partnership Registration
Partnership Firm
- Easy Formation
- Lower Taxes
- Employement
- Easy to Close
- Complete Control
Partnership Firm
A partnership firm is a popular form of business organization. It is owned, managed and
controlled by two or more individuals with a motto to generate profit. This is most
common form of business setup after sole proprietorship where two or more persons
come with same profession or different expertise to run a business. The best part of
partnership business is sharing of capital, profit, Loss, risk, responsibilities, works etc. It
overcome some inherent business risk such as someone having capital but don’t have
business idea, someone is having business idea but don’t have capital, someone know
the manufacturing skill but don’t have marketing skill. This type of challenges may
overcome by partnering only. Partnerships firms are relatively easy to start, are
prevalent amongst small and medium sized businesses in the unorganized sectors.
With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast
losing their prevalence due to the added advantages offered by a Limited Liability
Partnership.
The partnership business is regulated by Indian Partnership Act, 1932. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm under Indian Partnership Act due to the added advantages and
privilege.
Key Features
- Partnership business can be started with less legal formalities. However if you choose to get registered then it takes few days to get registered under Indian Partnership Act.
- Partnership Deed is an important document that contains the rule, regulation etc. which the partners are agreed to follow during the tenure of the partnership business.
- Like Proprietorship, a Partnership firm can choose any trade name for business as long as it does not infringe on a registered trademark. Here it is advisable to take registration of Trade name under trademark.
- A Partnership firm is considered as a separate legal entity hence separate PAN shall be allocated. Further, it is not required to file its annual return before the registrar like that applicable to LLP and company.
- There is a separate tax rate applicable for Partnership business. Annual Income tax shall be payable on Net Profit after considering all expenses and deduction available.
- This form of organization isn’t helpful for startup businesses as defined under startup India.
Triode Financial helps you in choosing the best form of organization based on
your requirement & business ideas. We can help in drafting partnership deed,
registration under Indian partnership Act and provide proper guidance in term of
legal, financial and taxation during the tenure of business.
