Partnership Firm
Registration
Easy to form a partnership firm
- 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
What's Included 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
2 Working Days
Drafting and execution of deed
10 Working Days
Getting PAN
Documents Required for Partnership Firm
Partner Details
- Name
- Father Name
- Date of Birth
- PAN No.
- Residential Address
Firm Details
- Name and address of proposed partnership
- Nature of business of partnership
- Partnership ratio between partners
- Amount of capital with which partnership firm has to be registered.
FAQ
At what rate profit from Partnership is taxed in India?
Partnership firm is taxable @30% + 3%
How many Partners are required for starting a Partnership Firm?
Minimum 2 partners are required. There is no limit for maximum number of Partners. Minors cannot be partner in a firm.
What is the minimum capital with which a partnership firm can be started?
No limit. Can be started with even Rs 10,000.
What are the Statutory Compliances that Partnership Firm and Partners has to comply?
With Income Tax Department:
- Partnership firm and Partners have to file Income Tax Return annually
- 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
- GST return to be filed online quarterly
- TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
- Other need based compliances
Do I need to file returns and do other compliance even if there is no operations in the Partnership Firm?
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.