Partnership - Taxpert Consultants

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Considering a business venture with a partner? Registering a partnership firm can provide a legal structure for sharing profits and losses. at INR 2999/- only.

Partnership Registration Services

A partnership firm is a business structure where two or more individuals join forces to manage and operate a business. They agree on terms and objectives outlined in a legal document called a Partnership Deed. This agreement governs how the business will be run and profits will be shared.

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Basic

^INR 2999

Drafting of Deed
PAN
TAN

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Standard

^INR 4999

Drafting of Deed
Help in Execution of Deed
PAN Application
TAN Application
GST Registration
Help in Opening Current Account

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Enhanced

^INR 9999

Drafting of Deed
Help in Execution of Deed
PAN Application
TAN Application
GST Registration
Help in Opening Current Account
SSI/MSME Registration
Accounting Services for 3 month

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Benefits of Partnership Registration

Legal Recognition and Protection:

Registration grants your partnership legal recognition, making it a distinct entity from its partners. This strengthens your position in contracts and legal matters.

Enhanced Credibility:

Registered firms appear more credible to potential customers, investors, and banks. This can give you an edge when seeking funding or attracting business.

Easier Dispute Resolution:

A registered partnership has a clear framework outlined in the Partnership Deed. This can help resolve disputes between partners more smoothly and efficiently.

Improved Access to Resources:

Banks and other financial institutions are more likely to provide loans and credit lines to registered firms. This can be crucial for growth and expansion.

Potential for Limited Liability:

While some variations exist, some registered partnership structures (like Limited Liability Partnerships or LLPs in some countries) offer a degree of liability protection to partners. This means personal assets are shielded from business debts, up to a certain point

Simplified Legal Processes:

Registration can streamline various legal processes, such as opening a business bank account or suing third parties for breach of contract.

General FAQ on Partnership

Is partnership registration mandatory?

No, registering a partnership firm is not mandatory in most jurisdictions. However, there are significant advantages to registering, as discussed earlier.

Do I need a lawyer to register a partnership firm?

While not always mandatory, consulting a lawyer can be helpful to ensure the Partnership Deed is drafted correctly and complies with regulations.

What are the ongoing compliances for a registered partnership firm?

Compliance requirements are usually minimal compared to other structures. Typically, you'll need to file annual income tax returns.

Can I convert an unregistered partnership into a registered one later?

Yes, usually you can convert an unregistered partnership into a registered one by following the registration process in your jurisdiction.

How Many Partners Can a Partnership Have?

here used to be limits on the number of partners depending on the business type: Banking: Up to 10 partners were allowed. Other Businesses: A maximum of 20 partners was permitted. However, these specific limits have been revised in most jurisdictions. Currently, the most common restriction is a maximum of 50 partners for any type of partnership firm.

I'm planning a partnership with someone overseas. How does that affect registration?

Foreign Partner Considerations: Additional documentation and legal requirements may apply depending on your location and your partner's country of residence. It's advisable to consult a lawyer specializing in international business law.

My partnership operates online. Do online business registration processes exist?

Online Registration: Many jurisdictions offer online registration options for partnerships. Check with your local government authority for details.

What happens if I don't register my partnership and later need to take legal action?

Difficulties in Unregistered Partnerships: Unregistered partnerships may face challenges enforcing contracts or suing third parties in court.

What is a Partnership Firm?

Two or more people can join forces to run a business as a partnership. These partnerships can operate with or without formal registration, following the terms outlined in a legal agreement called a Partnership Deed.

Still have questions?

Contact info@Taxpertconsultants.com today for a free consultation and expert guidance on your Partnership!

Call: +917008853241 Email: info@taxpertconsultants.com