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Partnership Firm

Partnership Firm

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership can be oral or written as per the law, but in market scenario only written partnership prevails and effectively there is no oral partnership firms. Partnership Deed is required to register a Partnership Firm and the procedure for doing so is fairly simple to avoid any future conflict. For the purpose of Deed businessman needs to arrange Stamp Papers, as per the respectively state law. CA4GLOBE will take care all other proceedings.

There are 3 Important Factors under partnership firm registration

  • Partnership Deed on Stamp Paper with Notarised - This deed, notarized on a Non-Judicial Stamp paper with minimum value of Rs. 200 or more and signed by all partners, is 'THE' charter or blueprint of the firm.
  • PAN & TAN of the Partnership
  • Registration under other act like MSME Act 2006.
  • Why to choose Partnership Firm?

  • Assures flexibility of Operations and Administration
  • Partners can come together for pre-defined period and completing specific Object or Project
  • Unregistered Firm can be registered at any time after formation.
  • Tasks and Responsibilities are shared among Partners as per Agreement
  • Various types of Returns to the partners (deductible under Income Tax up to limit prescribed)
  • Easy admission and resignation of Partners
  • Easy Transfer of Ownership with or without diluting share of Profit
  • Easy dissolution or conversion into corporate form such as Pvt Co & LLP
  • Least Compliance Requirements compared to other entity