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
Inclusions in this package
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
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.
- No limit. Can be started with even Rs 10,000.
| 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.