I. Partnership Firm Registration:
- Eligibility & Structure Guidance:
- Advise clients on the legal requirements for forming a partnership firm in India, including the number of partners required, eligibility criteria, and the implications of unlimited liability.
- Help clients choose the most suitable type of partnership firm (general partnership, limited partnership, etc.) based on their business needs and goals.
- Partnership Deed Drafting:
- Draft a comprehensive and legally sound partnership deed that clearly outlines:
- The rights and responsibilities of each partner.
- Profit and loss sharing ratios.
- Capital contributions.
- Decision-making processes.
- Admission and retirement of partners.
- Dispute resolution mechanisms.
- Dissolution procedures.
- Draft a comprehensive and legally sound partnership deed that clearly outlines:
- Registration Process Assistance:
- Guide clients through the registration process, including:
- Choosing a suitable firm name and checking for availability.
- Preparing and filing the registration application with the Registrar of Firms (RoF) in the relevant state.
- Compiling and submitting all required documents (e.g., partnership deed, PAN cards of partners, address proof, etc.).
- Obtaining the Certificate of Registration for the partnership firm.
- Guide clients through the registration process, including:
II. Post-Registration Compliance & Support:
- PAN & TAN Application:
- Assist in obtaining a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the partnership firm.
- GST Registration:
- Determine if the partnership firm is liable for GST registration based on its turnover and nature of business activities.
- Guide clients through the GST registration process if required.
- Bank Account Opening:
- Advise on choosing a suitable bank and assist in opening a bank account in the name of the partnership firm.
- Other Registrations & Licenses:
- Guide the firm on obtaining other necessary registrations or licenses, such as:
- Shop & Establishment Act registration
- Professional Tax registration
- Trade License (from the local municipal corporation)
- Industry-specific licenses (as applicable)
- Guide the firm on obtaining other necessary registrations or licenses, such as:
III. Partnership Agreement & Dispute Resolution:
- Partnership Deed Review & Amendment:
- Review existing partnership deeds to ensure they are legally sound and up-to-date.
- Assist in amending partnership deeds as needed to reflect changes in the business or partner relationships.
- Dispute Resolution:
- Provide mediation or arbitration services to help partners resolve disputes amicably.
- Advise on legal options and represent the partnership firm in case of legal disputes.
IV. Value-Added Services:
- Accounting & Bookkeeping: Offer accounting and bookkeeping services tailored for partnership firms, including maintaining accurate financial records, preparing financial statements, and filing tax returns.
- Business Consulting: Provide guidance on business strategy, financial management, and operational efficiency for partnership firms.
FAQs: Setting Up a Partnership Firm in India – Your Questions Answered by The CauseConnect Team
1. What is a Partnership Firm?
A Partnership Firm is a popular business structure in India where two or more individuals (called “partners”) come together to carry on a business with the objective of making a profit. It’s governed by the Indian Partnership Act, 1932.
2. What are the advantages of forming a Partnership Firm?
- Ease of Formation: Partnership firms are relatively easy and inexpensive to set up compared to other business structures like companies.
- Combined Expertise: Partners can pool their skills, knowledge, and resources.
- Flexibility: The partnership deed can be tailored to suit the specific needs and arrangements of the partners.
- Shared Profits: Profits are shared among partners according to the agreed-upon ratio.
3. What are the disadvantages of a Partnership Firm?
- Unlimited Liability: Partners have unlimited liability, meaning their personal assets are at risk if the firm incurs debts or faces legal issues.
- Potential for Disputes: Disagreements between partners can disrupt the business.
- Limited Growth Potential: It may be more challenging to attract significant investments compared to companies.
4. How do I register a Partnership Firm in India?
The registration process involves:
- Choosing a Firm Name: Select a unique name that complies with legal requirements.
- Drafting a Partnership Deed: A legally binding agreement outlining the terms of the partnership.
- Filing an Application: Submit the application for registration along with the partnership deed and other documents to the Registrar of Firms (RoF) in the relevant state.
5. What are the key contents of a Partnership Deed?
The deed should cover:
- Name and Address of the Firm
- Names and Addresses of Partners
- Nature of Business
- Duration of Partnership
- Capital Contribution of Each Partner
- Profit & Loss Sharing Ratio
- Rights, Duties, and Obligations of Partners
- Admission and Retirement of Partners
- Decision-Making Process
- Dissolution Procedure
- Dispute Resolution Mechanism
6. Is partnership firm registration mandatory?
While not mandatory, registration offers significant advantages:
- Legal Recognition: Registered firms have a separate legal identity.
- Access to Courts: Only registered firms can file lawsuits or defend themselves in court.
- Credibility: Registration enhances credibility with banks, suppliers, and customers.
7. What are the steps involved in obtaining a PAN and TAN for a partnership firm?
We assist you with:
- Applying for PAN: Obtain a Permanent Account Number (PAN) from the Income Tax Department, which is essential for tax purposes.
- Applying for TAN: Get a Tax Deduction and Collection Account Number (TAN) if the partnership is required to deduct or collect taxes at source (TDS/TCS).
8. Do partnership firms need GST registration?
If the firm’s turnover exceeds the threshold limit (currently INR 40 lakhs for goods and INR 20 lakhs for services), GST registration is mandatory. We can determine your GST liability and guide you through the registration process.
9. What are the other compliance requirements for a partnership firm?
Depending on your business activities and location, you may need:
- Shop & Establishment Act Registration
- Professional Tax Registration
- Trade License
- Industry-Specific Licenses
10. How can The CauseConnect Team help me set up and manage my partnership firm?
We provide end-to-end support, including:
- Guidance on Choosing the Right Partnership Structure
- Partnership Deed Drafting
- Registration Assistance
- Obtaining PAN, TAN, GST, and Other Licenses
- Compliance Advisory and Support
- Dispute Resolution
11. What are your fees?
Our fees are competitive and transparent. We offer customized packages based on your specific needs. Contact us for a free consultation and a personalized quote.
12. How do I get started with The CauseConnect Team?
Contact us today!
Sincerely,
The CauseConnect Team
+91 8076222021
WhatsApp: https://wa.me/918076222021
causeconnect@trustngoprojects.org
https://trustngoprojects.org/ngo-support/
https://trustngoprojects.org/professionals-support/
Trustngo Projects and Innovation
310, Wadhwa Business Center, D-288-289/10, Laxmi Nagar, Delhi – 110092 India