PARTNERSHIP FIRM

A partnership firm is a kind of business structure in which two or more individuals manage & operate a business in accordance with the terms & objectives set out in a Partnership Deed. In such a business, the members share the liabilities as well as profits of the firm in a predetermined ratio. A Partnership Firm registration is governed by ‘The Partnership Act 1932’ and involves two or more Individuals who enter into an agreement called “partnership deed” to carry on a specified business. Partnership deed is an agreement between the partners in where the rights, duties, profits shares and other obligations of each partner is mentioned. Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance.

Frequently Asked Questions​

Indian Partnership Act, 1932 governs the partnerships. Registration of partnership firm is optional and at the prudence of the partners. Registration of partnership firm can be done at the time of starting the business or during the business partnership. It is always advisable to register the firm because a registered firm avail special rights which are not available to the unregistered firms. 

HOWEVER IT IS PERTINENT TO NOTE THAT, IF YOU WISH TO NOT TO GO FOR PROPER ORGANISED REGISTRAR OFFICE PARTNERSHIP REGISTRATION, THEN IT CAN BE SIMPLY FORMED WITH ADDRESS PROOF AND KYC PROOF OF ALL PARTNERS WITHOUT APPROACHING REGISTRAR OF FIRMS.

Minimum Compliance

There is no need for an auditor to be appointed or, if the company is still in the process of registration or in case unregistered, annual accounts filing with the registrar is not necessary either. 

Simple to Begin

Partnerships can begin easily with an unregistered deed of the partnership within 2-4 business days. 

Easiest Business Structure

Partnership firms are one of the easiest business structures that can be started by formulating a partnership deed for which partnership firm registration is necessary. 

Fund Raising 

Funds can be easily raised in a partnership firm as compare to other firms such as proprietorship firm. Multiple partners can make more feasible contribution; banks also consider a partnership firm more favourable for sanctioning credits and loans.

Easy Management 

In partnership firm, all the partners can assign works and responsibilities as per their capability, as mentioned in the partnership deed. Partnership deed helps in avoiding any type of conflicts between the partners.

  1. Proof of Identity - PAN Card /Passport/ Driving License
  2. Address Proof - Aadhar Card/Voters ID
  3. Application for registration of partnership (Form 1)
  4. Specimen of Affidavit

 

Proof of the principal address of business can be established by submitting the following documents:

  1. Sale deed in case one of the Partner owns the place of business
  2. Copy of Rental agreement if the premises are rented
  3. Copy of latest electricity bill or water bill or property tax receipt

Sharing Between the Partners

In partnership firm, partners are designate to share the profits as well as bear the losses if any in the course of business.

Existence of an Agency Relation

All partners or any particular partner acting on behalf of others can undertake partnership business. This means each partner is a principal in himself/herself who can act in his own right. Further, he/she can also act on behalf of other partners by acting as their agent.

Unlimited Liability of the Partners

Each Partner is personally liable for all losses arising during business that means their personal assets can be used to pay off the outstanding debts of the partnership firm.

Combined Management

Each partner is entitled to participate in the day to day operations of the business. However, it is not compulsory for each partner to participate in daily operations of the business. But partners running the business need to take assent of other partners for making the requisite decisions.

Duration of the Partnership Firm

The partnership Firm may continue as long as the partners want to keep continue. However, as per law, the partnership can end if any of the partners dies, retires, or becomes insolvent. But the remaining partners can continue their partnership and doing business under the same name after sorting out the due share of the outgoing partner.

The entire Process of Company registration generally takes 2-4 working days. But it may take more days sometimes, due to deficiency in documents, if any.

The partnership firm Registration process is completely online though CA Mantra, so you do not even have to leave your home to get your entity registered. 

We can assist you in these processes: -

  1. Preparing the Documents
  2. Drafting of Partnership
  3. Guiding You to Choose A Well-Suited Name
  4. Notarization of Partnership Deed
  5. Getting PAN Number & TAN Number
  6. Obtaining GST Registration
  7. Taxation Formalities

4 Step for Partnership Firm Registration

In this form, you need to mention the details of the business and partners’ personal details. You need to mention the Name of your partnership firm along with “Co.” suffix at the end of the desired name. However, you can also use the term “Enterprises, Associates, Trading Co., etc not use these terms such as Limited, Private Limited, Foundation, Chamber.

Name Approval is not complicated in the case of Partnership Firm structure. You can choose and keep whatever name you wish to. No Need to go for prior approval with MCA or any authority.

Our expert team drafts a partnership agreement for you wherein all the specifications by the partners are specified. You can verify all the documents and the partnership agreement. After that the final application is forward to the registrar of firms.

Complying to all the guidelines of Indian partnership Act. A certificate of Registration is then issued, by the registrar of firms and a copy should be given to all the partners. Along with PAN & TAN of the firm with opening of a bank account of your partnership firm.

Why Select Us?

OUR STRENGTH LIES IN PROVIDING REAL WORLD PRACTICAL SOLUTIONS

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Our foremost priority is to provide Instant Support and are always very particular on adherence of timely delivery so that you don’t miss out on deadline. We have worked with some most time strict clients and we have never missed our target. Our one thumb rule says that “If we miss a deadline we are out”. Accounts and Finance function need always alert eagle eye approach!

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Our prices are most reasonable and under budget that you never realize any cost burden in your organization in comparison of value addition we bring in. We believe in adoption of your business first and fee shall take care of itself mantra. We never bill for disappointment and take ownership. It is how we like to be treated and that is how our customers are served.

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SOLUTION

We at AVS & Associates only recruit experienced, skilled professionals who have proven expertise in their field. With a diverse Team of Chartered Accountants, Company Secretaries, Lawyers, and various other consultants on board, we offer end to end financial and legal service under one roof saving time and energy and bring synergy effect between various functions.

TRUST & RELIABILITY

Having over 20+ years experience in the leadership team ensure we maintain highest ethical standards and never go out of trust with you. We always believe in long term relationship with our clients hence integrity is something we value the most. We ensure transparency in communication, service and cost. Our specialized experts helps in maintaining high quality.

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SAM GETSUGA
SAM GETSUGA
2020-09-06
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AVS and associates is extremely professional. They take care of all The things abiding by law and integrity whether it’s a tax management or company registration. They have registered a company and took care of the taxes without me breaking a sweat, they took care of everything proactively. I’m extremely satisfied and would recommend to anyone and everyone.
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2020-09-02
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AVS and associates is a very professional team. They handle all things abiding by law and takes out your burden of tax management , assets and all very very precisely up to the point. It’s great working with the team.
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