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If you need help paying property tax, wish to apply for a property tax refund etc., our tax specialists are here for you

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Business?

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Partnership Firm

According to section 4 of the Partnership Act of 1932,”Partnership is defined as the relation between two or more persons who have agreed to share the profits of a business run by all or any one of them acting for all”. … 1) A partnership firm is not a legal entity apart from the partners constituting it.

Benefits

Better Management: Business of a partnership firm is very well managed by all the partners as they take interest in the daily affairs of business because of the ownership, profit and control. Sharing of Risk: In partnership every partner bears the risks individually as it is easier compared to sole proprietorship.

Name of a Partnership Firm is not registered. Partners are free to select any name of their choice for the firm. However, partners should be always be very careful make sure that the chosen name does not infringe any trademark or copyright of third person. It is also advised to get trademark of the name chosen for a Partnership Firm, otherwise some other person may also use the same name for his company.

The Registrar of Firms does not require the Partnership Firms to file Annual Returns like the Ministry of Corporate Affairs in case of Companies or Limited Liability Partnerships. As the annual compliance’s are lesser, it reduces efforts and cost for the Partnership Firm.

Due the more number of members the partnership firm has larger resources for the business operations as compared to sole proprietorship.

Documents Required for Partnership Firm Registration

  • Partnership Deed.
  • PAN Card in the Name of the Partnership Firm.
  • Address Proof of the Partnership Firm.
  • Identity Proof of all Partners.
  • Partnership Registration Certificate (if Registered Partnership)

Procedure


Buy EAdvisors Partnership Firm Registration plan


Session with EAdvisors Expert on registration of Partnership Firm for detail discussion on nature of business entity, activity and other requirements.


Submit all the documents required for Partnership Firm Registration, Preparation and submission of application for Partnership Firm Registration with department.


Issuance of Partnership Firm Registration Certificate by email.

Pricing

We work round-the-clock to ensure the taxpayer’s problem is resolved. Check out the price table below
and choose a plan the most suitable for you.

Free
000

  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions
  • Refund of GST credits application
  • Publications and forms, including individual tax return instructions

Basic
5995
Fuel tax credits registration

Publications and forms, including individual tax return instructions

Premium
9995
Buisness income tax refund

Publications and forms, including individual tax return instructions

What Clients Say

I am very satisfied with your service for GST registration. I have good experience with you.

Accounting was always challenge for us before we met EAdvisors. Now compliance and accounting is smooth for us.

I got my ESI and EPF registration in just 3 days, coordination with customer care is impressive.

FAQ’s

What is a Partnership?

Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.

What are the necessary elements that are required to form a partnership?

Three elements are necessary to form a partnership: 1. There must be an agreement between two or more persons. 2. The agreement must be to share the profits of the business. 3. All partners together, or any one, on behalf of the others must carry on the business.

What is the capital of a partnership firm?

Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.

Is a deed of partnership necessary?

It is not compulsory for a partnership deed to be in writing. Partnerships can also be oral.

Who can be partners?

Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract

I have a minor son. Can he be a partner in my partnership firm?

No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred.

I am a partner in a firm. What are my rights ?

The following are the rights of a partner:

  1. To take part in the business.
  2. To share the profit or loss of the business.
  3. To inspect and make copies of the books of the firm.
  4. To receive remuneration for taking part in the business if specified in the partnership deed.
  5. To receive interest on capital if specified in the partnership deed.
What is Partnership at will?

If a partnership deed does not provide for duration or for dissolving the partnership in any manner, it is a Partnership at will.

I am a partner of a firm. I have been served a notice. What are its implications?

A notice served on any one of the partners who manages the affairs of the firm is treated as a notice on the firm under the law. However, in case of fraud being committed on the firm by or with the consent of the managing partner it shall not be treated as a notice to the firm but as a notice to only that partner who has committed fraud on the firm.

Can a partner nominate a successor?

A partner can nominate a successor to take his place in the event of death or retirement of the partner. The mode of introducing a new partner or successor is based on provisions in the partnership deed. A new partnership deed is required once the new partner is admitted into the firm.

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