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Partnership Firm Registration

    Partnership Firm Registration in Delhi, India

    Rs.5,299

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    Partnership firms are very much in operation all over India. The entity of partnership depends on the mutual trust among partners and the agreement of the partnership or the deed if you want to term it legally. The concept of the partnership business is quite prevalent in various sectors ranging from small to medium-sized businesses. Starting a partnership firm with another person can be very easy.

    However, to maintain it and attain safety during the challenging situations of the firm, registering it is very important.

    You should know that registering a partnership firm according to the Partnership Act 1932 is not a cakewalk there are many legalities involved in it. Only an experienced professional can help you in a proper way to register your company without facing any legal consequences due to certain mistakes that can be made during firm registration. At TaxOnTrack, we are the finest place of experienced and trained professionals for years to help you in registering your company in a comprehensive way. We surely make company registration a cakewalk.

    Advantages of Registering

    Your Company as a Partnership Firm

    Easy to Start

    Partnership firms are one of the easiest to start business models that you can follow. The registration process of the firm is also very simple and you will only need the partnership agreement to get going. That is why so many partnership firms are getting registered and doing their business in a legal way.

    Sharing Responsibilities

    When you are running a company, you have the burden of multiple responsibilities. However, if you have decided to start a partnership firm with someone else, you will not have to be the bearer of the entire burden because you can distribute responsibilities to other partners as well.

    Huge Chances of Growth

    As you know that in a partnership firm, you have several partners working in unison, the firm will have the access to the knowledge, experience, skills, and contacts of the partners which will help the partnership firm to grow at a rapid pace. That is why partnership firms are very much beneficial.

    Good Decision-Making

    One of the biggest challenges that a person faces while running a business is the problem of decision-making. Wrong decisions will invite unwanted and catastrophic consequences for your business. As you will have many partners to decisions in the partnership firm, the decisions will generally be good.

    Privacy and Secrecy

    In most of the companies, the affairs and the documents are accessible for public assessments. It is something that the business owners do not want. You would want to have privacy and secrecy in running your business. By registering your company as a partnership firm, you can have exactly that.

    Lack of Monopoly

    In most of the business forms, the control power of the firm generally gets vested on a single person that leads to the monopoly of power. However, in a partnership firm, this sort of situation cannot arise because the power and the control will be nicely divided among various partners of the partnership firm.

    More Capital to Invest

    When you are running a company individually, one of the problems you will face is the lack of capital. You might have to go to the investors to raise capital. But, that is very difficult to do. However, in a partnership firm, you have multiple partners who can invest in the company and so, there is more capital.

    Easy to Get the Profit

    In a partnership firm, the profit is paid directly to the partner and not to the partnership firm. It is one of the most important advantages that will instigate you to register your company as a partnership firm because you will be able to see and get the profit easily from the partnership firm which is terrific.

    The Process of Partnership Firm Registration in Delhi, India

    • Gather all the important and essential documents of the partners for the registration.
    • Get the DIN and DSC of all the directors of the firm by filling up the form online.
    • Submission of the forms along with the approval of the name of the business.
    • The process of reserving the name of the company will take around 2 to 6 and the directors have to wait patiently for that amount of time.
    • Filing of the incorporation form and submission of the documents along with the ROC.
    • Obtain the certificate of your LLP registration along with the valid stamp of the state.

    Mandatory Documents

    Need for the Registration of a Partnership Firm

    Statement in Form 1 with the required amount of the fees.

    The original copy of the partnership deed done through a notary.

    The ownership proof of the place where the business will be done.

    For rented space, rent agreement, electricity bill, NOC from the landlord are needed.

    For owned premise, sales deed, electricity bill with the owner’s name is needed.

    Pan Card copies from each of the partners need to be submitted.

    Aadhar Card copies from each of the partners need to be submitted

    2 copies of the address proof with self-certification of all the partners.

    FAQ

    Frequently Ask Questions

    Who is the Primary Decision-Maker in a Partnership Firm?

    There is no such thing as a primary decision-maker when it comes to partnership firms. The partners support and agree with the decisions of each other. Therefore, in a partnership firm, the business process runs very quickly.

    Do you need to File an Annual Return to the Registrar of the Firms?

    One of the best things about partnership firms is there is no need to file an annual return to the registrar. However, the firm has to file income tax returns failing to which certain legal consequences will emerge in front of the firm.

    Is It Easier to Start a Partnership Firm than Any Other Type of Business?

    Yes, it is a bit easier to start partnership firms because you only need to have partners with you who have agreed to the partnership terms. Registration is not a primary thing for partnership firms whereas, in case of other forms of business, registration becomes a key thing.

    What are the Different Types of Partnership Firms in India?

    Primarily, there are two types of partnership firms in India. The partnership firms are regulated as per the Indian Partnership Act, 1932. It describes the existence of two types of partnership firms; registered and unregistered.

    What is the Basic Difference Between a Partnership Firm and Any Other Firm?

    There are several advantages to running a partnership firm over any other firm. Once you register your partnership firm, you will get plenty of tax benefits. Moreover, the statutory compliance is low and the registration fee is also very low for partnership firms.

    How many Partners are Required to Start a Partnership Firm?

    To start a partnership firm, only two partners are required in a business firm. Moreover, you can have a maximum number of 20 members as partners in a partnership firm. Partners will jointly carry the activities of the firm.

    How can TaxOnTrack help you with Partnership Firm Registration?

    TaxOnTrack is the best place from where you can register your partnership firm. We have a team of professionals who can help you with the registration process from start to end. That is why we provide comprehensive help.

    Is It Possible to Convert a Partnership Firm to an LLP or Private Limited Company?

    Converting a partnership firm to a Private Limited Company or LLP is a very easy job. The partnership business form is an old way of doing business. However, it is always recommended to register your company as a Private Limited Company.

    How Important is the Name of the Firm?

    The name is an important part of the registration process. You have to make sure that the name, punch line, and logo of the company do not conflict with any existing firm. The experts of TaxOnTrack will help you in this regard. Contact us through WhatsApp

    Is the Stamp Duty Same in Every State in India?

    No, the stamp duty varies from state to state in India. So, the state in which you live may have a different stamp duty as compared to other states. We will guide thoroughly on the stamp duty and notary of the deed.

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