Partnership Registration in Delhi NCR

Register a Partnership

If you have a business to be owned by two or several individuals under legal terms and agreement,then you register your company under the partnership. The partnership is a traditional regular formation of the business. Have you observed that partnering is just a cakewalk in the business model but all the partners must have the sync and right motivation always lift them up?

Partnership is governed by “THE INDIAN PARTNERSHIP ACT’ 1932” Section.4 of the Indian Partnership Act, 1932 defines Partnership as “ Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”

Creating a partnership is just simple steps with One point compliance, even the small-scale business owners will be able to understand and follow them up. However, it is always said that the partnership need not necessarily be registered but then registering has helped the firm honored with various other advantages. The contribution of the fund is more because you have multiple owners, at the same starting of the business with the smaller extent of capital investment is also possible. The addition of partner is acceptable at any time but the capital account remains same for all of them.

Partnership Registration

Partnership are of two types:

  1. Registred Partnership and
  2. Unregistered Partnership

It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners. Partnership deep is the most important written document for anyone to register the firm.. You might have started the business as an individual but later if you feel that there is a space that you want to create for partners, you still can do it and register it compulsorily.

The registration is important, also because the deed acts as a fact and answer "What if" questions in a typical scenario of the company. It supports all the partners equally and tries to resolve by standing in the shoes of one another.

Registering a partnership company is no more a cumbersome formality with One Point Compliance as it demands only some simple essential documents which you might already have it. The partners must submit the Identity proof and address proof which they are currently residing. Aadhar card has become mandatory in the recent times. Also in case of the Indian citizen, you may be asked to submit your PAN card. There are various procedures followed in different states

LEGAL COMPLIANCE TO BE MET

Bank Account: The owners should start a bank account in the firm name. It should be started by submitting your deed copy. You have to decide on who has to take care of the bank operations, hence that should be clearly mentioned in the bank account.

Business license: The Firm  should have a registered Office. To prove that you are running the Firm  in a particular place, you must submit a recent copy of electricity bill or water tax bill. The legal agreement signed with your landlord or a deed related in partnering for space shall also be an additional proof of the documentation.

PAN  & TAN: The PAN and TAN on the name of the Firm shall also be registered to make the establishment stronger.

Tax registration: (GST Registration)

From 1st July 2017, the government of India imposed the GST on all the businesses. GST is basically a uniform tax which replaces the various taxes like Service Tax | VAT/CST Registration or TIN Number etc.

Depending on the yearly turnover, getting registered under GST has become mandatory. With a yearly turnover of more than 20Lakhs (10 lakhs for northeastern states) the companies are required to register for GST.

Documents Required for GST registration:

1 Aadhar Card Copy

2 Pan Card Copy

3 Personal Bank Statement Copy/Cancelled Cheque

4 Copy of Electricity Bill of owner's office or business premises.

5 Passport Size Photograph


Why Have A Partnership Firm

No worries for Capital Investment

You don't have to worry about capital investment. As long as you have the capacity to maintain and add more partners to your firm, there is the high chance of rotation in money. It will not be a burden on an individual since everyone can put money which will result in the potential growth in the longer term.

Share the Responsibility

The partners can share the responsibility according to each and everyone's ability. Rather than just sharing the management, the skill sharing will result in producing the quality of your business model and structure. You can also learn from one another and decision-making power lies in the hands of every partner. The liabilities to take risks are also shared via partnering.

Free from Legalities

There is no annual report filing in the partnership firm and auditing is necessary only when there is a huge flow of cash. The other Limited Liability company and Private Limited companies have to submit the annual accounts with the registrar.

Flexibility in Operations

At any time, the partners can decide to change the size and nature of the business. The niche can well experiment before you choose the business. There is a no legal procedure for the changes but then consent from all partners is mandatory.

Most Competitive Pricing

Documents Required for GST registration:

1 Aadhar Card Copy

2 Pan Card Copy

3 Personal Bank Statement Copy/Cancelled Cheque

4 Copy of Electricity Bill of owner's office or business premises.

5 Passport Size Photograph

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