Partner, Partnership Firm and Partnership Firm Name

-

 Partnership firm is a business entity which has been created by persons who have agreed to share the profits and losses in a predetermined ratio of a business. Get your Partnership Firm registered at nominal costs from TaxHelpdesk!


Package of Partnership Firm includes

– Free Consultation on selection of name of Partnership Firm

– Registration fees

– Drafting of Partnership Deed

– Applying for Firm’s PAN

– Opening of current account in bank


Overview of Partnership

As per Section 4 of Indian Partnership Act, 1932 “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.” Therefore, partnership firm is a business entity which has been created by persons who have agreed to share the profits and losses in a predetermined ratio of a business.


Partner, Partnership Firm and Partnership Firm Name

As per the governing Act, partner has been defined as persons who have entered into partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.


Note:

A partner must be of sound mind and should have reached the age of majority. However, a minor can be admitted to the benefits of the partnership.


What are the various types of Partnership?

Under the governing Act of 1932, partnership are of following types:


Partnership at Will and Particular Partnership: As per Section 7 of the Act, where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is known as “partnership-at-will”. On the other hand, Section 8 of the Act defines Particular Partnership as a partnership which is carried for particular adventures or undertakings.


Registered Partnership and Unregistered Partnership:- The Act does not mandate compulsory registration of the partnership firm. The Act does not attract penalty if the firm is not registered. However, the partner of unregistered firm cannot file a suit in the court. No suit can be filed in the court by or on behalf of a firm against any third to enforce a right arising from an agreement, unless the firm is registered. Also, an unregistered firm or any of its partners cannot claim set off or other proceedings in a dispute with the third party.



Details of documents required for Partnership Firm Registration


Following are the documents required for the registration of Partnership Firm:

– Details of the name of the firm

– Address of the place of the business

– Full name of the partners

– Full address of the partners

– Identity proof of the partners

– No Objection Certificate from the landlord, where the firm is situated

– Date on which each partner joined the firm

– Duration of the firm

– Partnership Deed

Comments

Post a Comment

Popular posts from this blog

GST SERVICES

-
Image
 GST SERVICES • GST Registration + GST Entire Year Filing • GST Registration Sole Proprietors • GST Registration LLP/Partnership • GST Registration Company • GST (Nil) Monthly Return Filing Regular Schemes • GST (Nil) Return Filing Composition Scheme • GST Annual Return (GSTR 9/9A) • GST Cash REFUND • GST Composition to Regular Scheme • GST E-Commerce Return (GSTR 8) • GST Final Return (GSTR 10) • GST Monthly Return Filing Regular Scheme • GST PMT-09 Form Submission • GST QRMP Scheme-(Nil) for Regular Return • GST QRMP Scheme for Regular Return • GST Reconciliation (Upto 3 Months) • GST Regular Return filing(Annual charges) • GST Response of Notice • GST Return Filing Composition Scheme • GST Return Filing in Composition Scheme (CMP-08) • GST Surrender • GSTR-7 Return • Revocation of Cancellation of GST License • Letter of Undertaking
Read more

ALL BUSINESS SERVICES

-
Image
 INCOME TAX RETURNS • ITR (For Salaried Person / 1 House Property / Other Source) / ITR-1 • ITR (Capital Gain/ House Property / Other Source) / ITR-2 • ITR (Proprietor Business) / ITR-3 • ITR-4 • ITR-5 • ITR (Form 10E) • ITR (Response of Notice) • ITR Correction • ITR U ( Previous Year) DSC (DIGITAL SIGNATURE CERTIFICATE) • DSC Class 3 Combo(2 Years) (With Token) • DSC Class 3 Combo(2 Years) (Without Token) • DSC Class 3 Govt. Combo (2 Years) (With Token) • DSC Class 3 Govt. Combo (2 Years) (Without Token) • DSC Class 3 Signature for Individuals (2 Years) (With Token) • DSC Class 3 Signature for Individuals (2 Years) (Without Token) • DSC Class 3 Signature for Organization (2 Years) (Without Token) • DSC Class 3 Signature for Organizations (2 Years) (With Token) • DSC Token COMPANY REGISTRATIONS • Sole Proprietorship Registration • One-person Company Registration • Partnerships Firm Registration • Limited Liability Partnership (LLP) Compa...
Read more

INCOME TAX AND GST SERVICES

-
Image
  Company Registration * Sole Proprietorship * Partnership * Partnership Deed * One Person Company * Limited Liability Partnership * Private Limited Company * Public Limited Company * Nidhi Company * Section 8 Company * PAN and TAN * Digital Signature * MSME Registration * Trade License * Professional Tax * LUT File * Trust Audit CA Services * Accounting * Advance Tax * CA Certification * DIN * RERA Registration * ROC-E-FILING * FSSAI * GEM Registration * IEC Registration * Income Tax Audit * ITR * TDS * Trademark Registration * Balance Sheet * Profit/Loss Account GST Services * GSTR-10 * GST Reconciliation * GST Registration + Certificate * GST Return Filing * GST Return Filing(Regular) * GST Surreneder * GSTR-7 * IEC Ammendment * E-way Bill * GST Annual Return (9/9A) * GST Audit * GST Cash Refund * GSTR-8 Goverment To Customer (G2C) * Digital Life Certificate Jeevan Pramaan * Pradhan Mantri Jan Aushadhi Kendra * Pradhan Mantri Shram Yogi Maan Dhan Yojana Loans * Business Loan * H...
Read more