Partnership Firm Registration
Get register your partnership legally and enjoy registration benefits.
Pay just Rs. 99 and remaining payment when documentation begins.
Get register your partnership legally and enjoy registration benefits.
Pay just Rs. 99 and remaining payment when documentation begins.
Drafting of Partnership Deed
?Partnership Deed refers to the agreement made between the partners of the firm containing manner of working of firm. We will provide you with partnership deed.
PAN Application
?We will provide you with Permanent Account Number (PAN) of your firm.
TAN Application
?We will provide you with Tax Deduction Account Number (TAN) of your firm.
Udyog Aadhar Registration
?Udyog Aadhar Registration for small business entities to avail various government benefits and schemes.
Call, Chat, Email Support
?Contact us at call, chat or mail for updates and guidance.
No hidden charges
?LEGALDISHA provides you transparency in charges. No hidden extra cost required.
Free Business Consultation By expert
?Get free business consultation from highly experienced experts team.
Drafting of Partnership Deed
?Partnership Deed refers to the agreement made between the partners of the firm containing manner of working of firm. We will provide you with partnership deed.
PAN Application
?We will provide you with Permanent Account Number (PAN) of your firm.
TAN Application
?We will provide you with Tax Deduction Account Number (TAN) of your firm.
Udyog Aadhar Registration
?Udyog Aadhar Registration for small business entities to avail various government benefits and schemes.
GST Registration
?Get your business registered under GST to avail credit for the tax paid on business purchases.
Call, Chat, Email Support
?Contact us at call, chat or mail for updates and guidance.
No hidden charges
?LEGALDISHA provides you transparency in charges. No hidden extra cost required.
Free Business Consultation By expert
?Get free business consultation from highly experienced experts team.
Drafting of Partnership Deed
?Partnership Deed refers to the agreement made between the partners of the firm containing manner of working of firm. We will provide you with partnership deed.
PAN Application
?We will provide you with Permanent Account Number (PAN) of your firm.
TAN Application
?We will provide you with Tax Deduction Account Number (TAN) of your firm.
Udyog Aadhar Registration
?Udyog Aadhar Registration for small business entities to avail various government benefits and schemes.
GST Registration
?Get your business registered under GST to avail credit for the tax paid on business purchases.
Trademark Application & Objection Reply (if any)
?Trademark refers to registration of brand name for protection from infringement. We will provide you with trademark application filing of band name along with objection reply filing (if any). Package excludes hearing charges (if any).
Call, Chat, Email Support
?Contact us at call, chat or mail for updates and guidance.
No hidden charges
?LEGALDISHA provides you transparency in charges. No hidden extra cost required.
Free Business Consultation By expert
?Get free business consultation from highly experienced experts team.
1. Fill the form and make nominal payment.
2. Our experts will collect and verify the necessary documents.
3. Make the balance payment.
4. Preparation and filing of application along with all the documents.
5. You will receive all the registration documents.
Aadhar card /Voter identity card /Driving License /Driving License /Passport.
Passport size photo of partners.
Photograph of premise with firm’s name.
A partnership firm refers to a business entity where two or more partners come together to do business upon terms which are mutually agreed Partnership registration is easy process and is preferred among small and medium sized business.
Partnership firms is an easy form of business to start with group of people with less compliances. Partnership firm is only required make deed defining the power, duties and manner of working.
Decision making in a partnership firm could be faster than other registered form of business. Due to strict compliances.
Unlike sole proprietorship, partnership firm can raise more funds from partners contribution and from the banks.
Partnership firm having multiple partners helps in sharing of losses incurred in the business.
An individual who is an Indian citizen being resident of India can become partner in a Partnership firm. Individuals belonging to Indian Origin and Non-resident Indians and can only invest in a Partnership only with the Government government’s approval.
The terms upon which partners are mutually agreed are specified in the partnership deed otherwise Partnership at will.
Essential elements of the partnership deed are as follows:-
Advantages of partnership firm are-
For smooth running of the Partnership following license may be obtained:
The licenses helps the firm with various benefits and avoid legal consequences which may arise.
Process for registration of partnership firm are-
There is no minimum requirement of capital. A Partnership firm can be started with any amount of capital.
No Partnership firm doesn’t have separate legal existence of its own. The Partnership firm and the partners are the same in the eyes of the law.
For opening a bank account for a Partnership firm following are required to be provided-
A Partnership Firm is required to file the returns of Income mandatorily irrespective of the number of profits or losses made by the Partners.
Transfer of ownership interest in a Partnership Firm is subjected to restriction. A Partner without the consent of all other partners, cannot transfer his interest in the firm to any person.
Yes a partnership firm can be converted into LLP or company by following the procedure as mentioned in the respective acts.
BASIS OF DIFFERENCE | PRIVATE LIMITED COMPANY | ONE PERSON COMPANY | LLP | PARTNERSHIP FIRM | PROPRIETORSHIP CONCERN |
|---|---|---|---|---|---|
| Meaning | Private Limited Company Private company means a company which is formed by coming together of people for a profit motive. |
One Person Company One Person Company (OPC) means a company which is formed with only single person as a member. |
LLP LLP is a body corporate which is hybrid of partnership firm and company. |
Partnership Firm A partnership firm is not a separate legal entity distinct from its partners. It is merely a collective name given to the individuals composing it. |
Proprietorship Firm Proprietorship is a type of business that is owned, managed, and controlled by one person – who is the proprietor. |
| Prevailing laws | Companies Act Companies are governed by ‘Companies Act, 2013’& rules made under. |
Companies Act Companies are governed by ‘Companies Act, 2013’ & rules made under. |
LLP Act Limited Liability Partnership are prevailed by ‘The Limited Liability Partnership Act, 2008’ and various Rules made there under.
|
Partnership Act Partnership is prevailed by ‘The Indian Partnership Act, 1932’ and various Rules made there under.
|
NA |
| Charter Documents | MOA & AOA Memorandum and Article of Association is the charter of the company which provides its main object clauses & scope of operation. |
MOA & AOA Memorandum and Article of Association is the charter of the company that defines its scope of operation. |
LLP Agreement LLP Agreement is a charter document of the LLP which denotes its scope of operation and rights and duties of the partners vis-à-vis LLP. |
Partnership Deed Partnership Deed is a charter document of the firm which denotes its scope of operation and rights and duties of the partners. |
MSME (Udyam Aadhar) Udyog Aadhar (MSME) is certificate which signifies that the entity is micro, small or medium enterprise. |
| Limit of Members | 2-200 It must have at least 2 and maximum 200 members. |
1 OPC is manages by one person only hence it requires only single person. |
2-Unlimited There is no maximum limit on number of partners but must have at least two individuals as Designated Partners. |
2-20 At least 2 partners are required for it and which can’t exceed 20 partners. |
1 Single owner i.e. proprietor required for Proprietorship firm. |
| Directors /Designated Partners | 2-15 It requires At least 2 Director and maximum 15 and further can be increased by special resolution. |
1-15 It required At least 1 Director and maximum 15 and further can be increased by special resolution. |
2-Unlimited Minimum 2 designated partners and there is no maximum limit for LLP. |
NA |
NA |
| Separate legal identity | Yes Company has separate legal identity from its subscribers of MOA. |
Yes Being single owner still have separate legal identity from the company. |
Yes LLP has separate legal identity from its partners and designated partners. |
No Partners and the partnership firm are treated as single identity. |
No Proprietor and proprietorship concern have same legal identity. |
| Limited Liability | Yes The liability of Members are limited up to the amount of share capital which is subscribed by them. |
Yes The sole Member of the company is liable only up to the amount of capital introduced by him. |
Yes Designated Partners and Partner’s liability is restricted to the amount of capital contribution as mutually decided at the point of Agreement. |
No Partners are jointly and severally liable for any liability of the firm as their liability is unlimited. |
No Single owner has unlimited liability for any losses or debt in the proprietorship concern. |
| Perpetual Life of the entity | Yes Entity’s life is not based on the shareholder’s life. It continues by changing of the owner’s share. |
Yes In case of death of the shareholder the company is run by the nominee of the company. |
Yes On death of partner or designated partner, Share of them will be transferred to their legal heir but this may not result in dissolution. |
No It does not have perpetual succession as this depends upon the will of partners. |
No Perpetual existence does not exist with the death of the proprietor concern. |
| Annual Statutory Compliance | High Annual Filling of Company, Directors compliance, Audit, Income tax Return, Meeting and other Filling GST compliances. |
High Annual Filling of Company, Directors compliance, Audit, Income tax Return, Meeting and other Filling GST compliances. |
Low Annual Filling, Income tax Return, GST compliance is to be required and Audit is not mandatory. |
Low Income tax Return and GST compliance Audit in case of Turnover crosses the limit. |
Lowest Compliance with Income tax and GST only(if any). |
| Transferability | Yes Shares are easily transferable from one to other. |
Yes Share can be transferred by one person to other but nominee needs to be changed. |
Yes Addition and deletion of partners are possible through change in share of capital contribution. |
Yes Addition and removal of partner is possible new deeds with the changes in capital and profit sharing needs to be done. |
No It cannot be transferred. |
| Foreign Direct Investment (FDI) | Yes FDI is available under automatic route. |
No Single owner hence FDI is not possible and not allowed. |
Yes FDI is permitted subject to prior approval by the central government. |
No FDI is not permitted in partnership firm. |
No Small scale Business organization hence no FDI is permitted. |
