Partnership deed drafting , mSME with GST registration
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Partnership Deed Drafting , MSME With GST Registration , 1-year GST return filing
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Market Price : ₹.
Smartfiling Price : ₹.
You save : ₹.
Government Fee :
Partnership Deed Drafting , MSME With GST Registration , 1-Year GST Return Filing , income tax filing
Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business and share both the profits and losses.
Registering a Partnership is the right choice for small enterprises as the formation is straightforward and there are minimal regulatory compliances.
The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for non Registration of a Partnership firm. But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of non Registration of Partnership firms.
Depending on the extent of the liability while Partnership firm registration, we can derive the different classes of partners.
Partnership Firms can be classified into two types registered and unregistered Partnership firms. The Indian Partnership Act states that the only criterion to commence the business as a Partnership firm is a finalization and the partnership deed's execution between the Partners.
Under this act, the Partnership firms don't need to be registered. As an outcome of this lot of partnership businesses exist as unregistered partnership firms.
There are no penalties for the nonregistration of the partnership firms. Also, a partnership firm can be registered even after formation. But the unregistered partnership firms have been denied certain rights in Section 69 of the Partnership Act, which deals majorly with the effects of the non-registration of the partnership firm.
Here are the reasons why an individual should opt for a registered partnership firm:
A registered firm partner cannot file suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act.
No suit to enforce a right arising from an agreement can be instituted in any court by or on behalf of a firm against any third party unless the firm is registered under the Partnership Act.
An unregistered firm or any of its partners cannot claim set-off or other proceedings in a dispute with a third party.
Therefore, it is better to register a Partnership sooner or later.
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The application for the Partnership registration form must include the prescribed documents like the Identity proof, address proof, a real copy of the Partnership deed entered into and the proof of the Principal place of business.
Any of the following documents can be submitted as identity proof and address proofs.
Proof of Business premise can be established by submitting the following documents:
Minimum Compliance
For General Partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or incase unregistered, annual accounts filing with the registrar is not necessary either. When compared to LLP, annual compliances are also fewer. Further, taxes depending on turnover, service and sales tax also need not be filed in General Partnerships.
Simple To Begin
General Partnerships can begin simply with an unregistered deed of the partnership within 2-4 business days. However, having registration for the same has its own perks and advantages. The primary advantage for having a registered firm is that it will allow you to book lawsuits in courtrooms opposing another business or the business associates in the firm for the administration of rights addressed in the Partnership Act.
Comparatively Economical
In comparison to LLP, a General Partnership is much cheaper to begin. Even in the longer run, it will still work out inexpensive as the compliance requirements are very minimal. For example, there is no need for an auditor. Therefore, Home businesses still opt for this, although it offers unlimited liability.
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