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Auriga Accounting has a team of registration experts who can provide complete guidance to register your Partnership Firm.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for registration
Your Partnership Firm is registered
Auriga Accounting has a team of registration experts who can provide complete guidance to register your Partnership Firm.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for registration
Your Partnership Firm is registered
Partnership firms entail shared ownership and liability among partners, while private limited companies have separate legal identities and limited liability for shareholders. Limited Liability Partnerships (LLPs) combine features of partnerships and companies, providing limited liability to partners with flexible management. One Person Companies (OPCs) allow single ownership with limited liability, unlike sole proprietorships where the owner bears unlimited liability. Each business form has distinct advantages and compliance requirements, catering to varying needs of entrepreneurs and businesses, from shared responsibility in partnerships to single ownership with limited liability in OPCs and LLPs, and separate legal identity in private limited companies.
A partnership firm is a type of business structure where two or more individuals come together to carry out a business with a shared objective of profit. Partnerships are typically based on a written or oral agreement outlining the terms of the partnership, including profit-sharing, decision-making, and responsibilities. In a partnership, each partner contributes capital, skills, or resources to the business and shares in its profits and losses. Partnerships can vary in size and scope, from small businesses like local shops to larger professional services firms such as law or accounting partnerships.
The Indian Partnership Act of 1932 governs the formation and operation of partnerships in India. It defines a partnership as the relation between persons who have agreed to share profits from a business carried on by all or any of them acting for all. The Act lays down rules regarding the rights, duties, and liabilities of partners, as well as the dissolution and settlement of partnership affairs. It covers various aspects such as registration, partnership agreements, admission and retirement of partners, conduct of business, and resolution of disputes, providing a legal framework to govern partnerships in the country.
Mutual Agreement: Partners must mutually agree to form the partnership and conduct business together.
Legal Capacity: Each partner must have the legal capacity to enter into a contract, which usually means being of sound mind and not a minor.
Consent of All Partners: All existing partners must agree to admit a new partner into the firm.
Contribution: Partners must contribute to the partnership either financially, through capital investment, or through skills, labor, or property.
Good Faith: Partners are expected to act in good faith, honestly, and in the best interest of the partnership.
No Legal Disqualifications: Partners should not have any legal disqualifications, such as being declared bankrupt or convicted of certain offenses, which could affect their ability to participate in the partnership.
Confidentiality: Unlike public companies, partnership firms are not required to disclose their financial statements or other confidential information to the public. This provides privacy and confidentiality for the partners and their business operations.
Submission of documents: Submit the following documents along with the application for registration:
Record-keeping: Maintain proper books of accounts, including records of income, expenses, assets, liabilities, and other financial transactions. Partnership firms should also maintain records of meetings, decisions, and any changes in the partnership agreement.
Compliance with other applicable laws: Partnership firms must comply with various laws and regulations that are applicable to their specific industry or business activities. These may include labor laws, environmental regulations, licensing requirements, and any other industry-specific regulations.
Compliance with other applicable laws: Partnership firms must comply with various laws and regulations that are applicable to their specific industry or business activities. These may include labor laws, environmental regulations, licensing requirements, and any other industry-specific regulations.
Auriga Accounting Private Limited in India provides Company Registration at a reasonable price or if Partnership Firm Registration from us then we give you a special discount. Our services are value for money and you never paid a penalty. Our clients are all over India i.e., Chhattisgarh, Assam, Maharashtra, Uttar Pradesh, Delhi, Madhya Pradesh, Bihar, and many other states, and they are very happy with us. We also give you time-to-time updates with full transparency.
Steps | Fees |
Government fees ( Stamp Duty) | ₹ 2,000 |
Professional Fee | ₹ 8,999 |
Total cost | ₹ 10,999 |
AURIGA Accounting, known for its efficiency and reliability, simplifies the registration process for partnership firms. With intuitive software and expert guidance, AURIGA ensures seamless documentation and submission of necessary forms, such as partnership deeds and registrations with authorities. Its user-friendly interface streamlines the process, saving time and reducing errors. AURIGA’s comprehensive approach covers all aspects of partnership firm registration, including compliance with legal requirements and tax regulations. By choosing AURIGA Accounting, partners can embark on their business journey with confidence, knowing that their registration process is handled with professionalism and precision.
Auriga Accounting Private Limited is always with you we give the best advice related to sole Proprietorship. If our guidance is helpful to you then we are always thankful. Our services are very fast. Our team Communicate with all our clients personally. And solve their problem which related to accounting.
To register a partnership firm in India, you need several documents, including:
1. Application for Registration (Form 1).
2. A duly signed and notarized Partnership Deed.
3. Proof of the principal place of business (like rent agreement or property documents).
4. ID and Address proof of all partners.
5. Affidavit stating the willingness of the partners. Please consult a legal advisor for comprehensive information.
Yes, a partnership firm can be converted into a company in India. This is governed by Section 366 of the Companies Act, 2013. There are specific procedures and requirements to be followed for the conversion.
Yes, An audit is mandatory for all partnership firms in India. As per the Income Tax Act, only those firms whose turnover exceeds ₹1 crore in case of a business, or ₹50 lakhs in case of a profession, during a financial year need to get their accounts audited.
No, the preparation of a Partnership Deed is not compulsory for registering a partnership firm. It is a document that outlines the rights, duties, and responsibilities of each partner and the terms of the partnership. But it is recommended to draft a deed. Get in touch with our legal experts today!
The timeline can vary, get in touch with our expert and get basic legal advice.
Converting a partnership into a private company involves several steps:
1. Obtain No Objection Certificate (NOC) from the secure creditors, if any.
2. Apply for the Director Identification Numbers (DIN) for all partners.
3. Apply for the Digital Signature Certificate (DSC) for all partners.
4. File Form URC-1 with the Registrar of Companies.
5. Submit all necessary documents (like the Partnership Deed, Statement of Accounts, etc.).
6. Once approved, the Registrar of Companies will issue a Certificate of Incorporation, which signifies the completion of the conversion. Consult our compliance expert today!
To formalise a partnership firm in Tamil Nadu, specific prerequisites must be met:
Minimum Number of Partners: The formation of a partnership requires a minimum of two partners.
Drafting a Partnership Deed: The partners are obligated to prepare a partnership deed, which delineates the terms and conditions of their cooperation.
Partnership Deed Stamping and Notarization: It is crucial to have the partnership deed stamped and notarized, signifying its legal validation.
Obtaining a Permanent Account Number (PAN): The partners must secure a PAN for the firm, which serves as its unique tax identification.
Additionally, certain necessary documents are required from the partners. These include:
These prerequisites and documents collectively enable the formal registration of a partnership firm in Tamil Nadu, ensuring it functions within the legal framework
Yes, a partnership firm registered in Delhi can operate in other states as well. However, if you plan to establish branch offices or carry out business activities extensively in other states, you may need to comply with additional requirements, such as obtaining necessary licenses or registrations specific to those states.
The stamp duty for partnership deeds in Haryana is generally a fixed fee of INR 1,000, regardless of the amount of capital involved in the partnership. However, rules and rates can change, and the stamp duty can vary based on factors like the nature of the partnership, the total capital involved, and other specific details.
To register a partnership firm in Madhya Pradesh, the following criteria must be met:
Partners should retain a copy of the partnership deed. According to the Andhra Pradesh Partnership (Registration of Firms) Rules, 1957, partners are required to download and complete Form-1. This form is to be submitted in conjunction with the registration application to the Registrar of Firms. Form-1 can be found appended at the conclusion of the aforementioned Rules.
Non-registration of a partnership firm can result in various consequences such as the firm cannot sue or file a case against third parties or partners, partners cannot sue each other, and the firm cannot claim setoff in a dispute. The firm may also face difficulties in obtaining loans or raising capital.
The partnership firm registration number is a unique identification number allotted to a registered partnership firm by the Registrar of Firms. It is used to identify the partnership firm for various purposes.
Yes, filing income tax returns is required for partnership firms. Annually, income tax returns must be submitted by the Income Tax Department's deadline.
Yes, a person can transfer to a partnership firm by becoming a partner. The transfer process involves signing the partnership deed, contributing capital, and obtaining the consent of all the partners.
It is a legal document that outlines all the terms and conditions on which the partnership firm functions. It also provides clear cut information on the total number of partners. It includes the name of the firm, the name and addresses of the partners, the capital contribution of each partner, profit-sharing ratios, rules for admission and retirement of partners, and dissolution procedures.
A partnership deed is necessary to avoid any disputes among the partners and to establish a clear understanding of the roles and responsibilities of each partner. It also helps to protect the interests of the partners in the event of disputes or dissolution of the partnership.
The transfer to a partnership firm involves signing the partnership deed, contributing capital, and obtaining the consent of all the partners. The transfer process may also require the transfer or to fulfil other obligations under the partnership deed and the law.
Yes, a partnership firm can be converted into a Company or LLP (Limited Liability Partnership) by following the necessary legal formalities and procedures as per the Companies Act, 2013 or LLP Act, 2008.
The following paperwork is typically needed to open a bank account for a partnership firm:
A minimum of two partners is required to form a partnership firm.
Any individual or entity capable of entering into a contract can become a partner in a partnership firm.
There is no minimum capital requirement for a partnership firm.
A partnership firm is liable for audit if its turnover exceeds ₹1 crore in a financial year.
Factors to consider before forming a partnership include mutual trust, understanding, complementary skills, and shared goals.
To prepare a partnership balance sheet, the assets, liabilities, and capital of the partnership are listed and balanced.
Partnership registration number is a unique identification number assigned to a partnership firm upon registration with the registrar of firms.
Yes, it is compulsory for a partnership firm to file income tax returns.
The income tax of a partnership is calculated on the basis of its total income, which is divided among the partners as per their profit-sharing ratio.
The rate of taxation for a partnership firm is the same as that for an individual taxpayer, based on the applicable income tax slab rates.
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