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Create your Partnership Firm Registration

Partnership Firm Registration

  • Easy to create firm. Also, any name may be chosen
  • Can be registered as well as unregistered.
  • Ideal for small business in unorganized sector. However, LLP has more advantage than firms
  • Less statutory compliances as compared to Companies and LLP

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    Inclusions in this package

    Partnership Deed executed on non-judicial stamp paper and notarized
    PAN / TAN Registration
    Firm’s Stamp
    Assistance in opening current account in Bank

    Time Involved in the Process

    • Approx. 2 working days for drafting and execution of deed
    • Approx. 6 working days in getting PAN

    Documents Required for Partnership Firm

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    At what rate profit from Partnership is taxed in India?

    • Partnership firm is taxable @30% + 3% 
    • Minimum 2 partners are required. There is no limit for maximum number of Partners. Minors cannot be partner in a firm.
    S.N Basis Traditional Partnership Firm  Limited Liability Partnership
    1 Liability of Partners  Unlimited  Limited
    2 Separate Legal Entity  Not Exists  Exists
    3 Registration in ROC  Optional  Mandatory
    4 Registration status  Unregistered  Registered

    With Income Tax Department:

    • Partnership firm and Partners have to file Income Tax Return annually in forms ITR 5 and ITR 3 respectively.
    • Advance tax needs to be paid periodically
    • Tax audit has to be got done by CA and audit report needs to be collected in case annual turnover is more than Rs 1 crore in case of trading business or Rs 25 lakh in case of professional business.

    Others

    • VAT/CST return to be filed online quarterly [In case of trading concern if TIN no. is taken]
    • Service tax return to be filed online half yearly [In case of service providers if service tax no. is taken]
    • Sales tax/VAT, Service tax, TDS, Excise duty has to be deposited monthly
    • TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
    • Excise return needs to be filed monthly/quarterly [In case registration taken]
    • Other need based compliances
    • Every partnership firm has to prepare balance sheet and profit and loss account and file Income tax return, even if there is no transaction or there is loss.
    “You may never know what results come of your action, but if you do nothing there will be no result” Mahatma Gandhi